Exam Content
As a health care manager, you must be able to analyze financial and economic issues in the health care industry. In this assignment, you will demonstrate problem-solving skills as you choose an issue and address the financial impact in your analysis.
- Preparing for the Assignment:
Select 1 current financial or economic issue in the health care industry that you want to address.
- Assignment Directions
Write a 700- to 1,050-word paper about the financial or economic issue you selected in which you:
- Analyze the financial impact of this issue on the health care industry. Consider the following:
- What are the economic trends of the health care payment system?
- What are the supply and demand challenges for health care services?
- Why are costs increasing in the health care system?
- What regulatory issues are affecting, or will affect, the health care industry?
- Recommend at least 1 strategy to address the issue.
- Consider current strategies being used or presented for improving the issue.
- Discuss what you believe would be the outcome of these recommendations, if implemented.
- Pharmaceutical Cost
- Mergers & Acquisitions (M&A) in health care
- Disruption from established players and newcomers (think CVS, WalMart, Walgreens)
- Transitions in Payment/Reimbursement Models
- Provider Shortage
- Consumerism of health care
- Virtual or telehealth
- Increased patient responsibility (high insurance cost/deductibles)
- Baby Boomers
- Pricing transparency
- Electronic Health Records (EHR)
- Movement of health care service delivery from traditional settings toward more distributed settings
Here is an APA template specific for this assignment that may help. I’ve shared my two cents worth to help guide you as you tackle this assignment.
Expert Solution Preview
Introduction:
In the healthcare industry, it is essential to analyze financial and economic issues to make informed decisions. As a health care manager, one must have problem-solving skills to address various financial and economic issues that have significant impacts on the industry. In this assignment, students are required to choose one financial or economic issue in the healthcare industry and analyze its financial impact. This paper will provide a sample answer to the following question:
Question:
Analyze the financial impact of the consumerism of healthcare issue on the healthcare industry, and recommend at least one strategy to address it.
Answer:
Consumerism in healthcare refers to patients taking an active role in managing their health, making informed decisions, and demanding transparency and accountability from healthcare providers. The financial impact of consumerism in healthcare is vast, affecting patients, providers, and payers.
Consumerism has led to an increase in demand for high-quality, affordable healthcare services, which has put pressure on providers to improve the quality of care while reducing costs. The shift to consumerism is driving healthcare providers to invest in technology, communication, and infrastructure to meet patient expectations while ensuring patient safety, quality of care, and regulatory compliance adds additional costs to providers.
On the other hand, patients are taking responsibility for their health, which has led to an increase in preventive care, routine checkups, and wellness programs, reducing the cost of chronic care management in the long run.
One strategy to address the issue is to invest in patient-centered care models. Providers can leverage technology, innovative care models, patient engagement strategies, and community outreach programs to empower patients, improve care quality, and reduce costs. These strategies can help providers deliver personalized care that meets the needs of individual patients, improve health outcomes, and reduce waste, errors, and unnecessary costs.
In conclusion, consumerism in healthcare has had a significant financial impact on the industry, and providers need to adopt patient-centered care models to address the issue. These models will ensure that patients receive high-quality care that meets their unique needs, improve health outcomes, and reduce costs in the long run.
