CHANGES IN MEDICAL CARE 8
Changesin Medical Care
Changesin Medical Care
Thehealthcare industry has undergone lots of changes in the last decade.The market of the healthcare has been impacted on by various changesin technology and economic and financial revolution of the industry.This paper discusses the evolution of the healthcare from economic,finance and technology perspective
Changeover the last ten years
Therehas emerged digitization of patient experience and technology overthe past ten years. Doctors can perform surgery the electronicrecords are set immediately to the surgeon when there is anemergency. The smart fashion can monitor the exercise our habits andwhat people eat. A patient can understand what he/she is ailing fromand can pay his health bills through the mobile phone rather thanpaying over the counter. There are systems that can diagnose apatient and prescribe drugs regarding what the patient feed to thesystem.
Technologicalinnovation has grown thus changing health industry as it evolves.Technology is playing a pivotal role in all the processes fromregistration of the patient to monitoring of data and self-caretools. Tablets and Smart Phones are replacing the conventionalrecording and oversight system. People are given options of goingthrough a whole consultation at the privacy of their homes.Healthcare has been integrated with user-friendly and accessibledevices. The electronic health record is being used wheretelemedicine has enhanced the speed of the medical services(Jayanthi, 2014).
Economicsand Finance in the healthcare industry
Financeincludes funds mobilization, allocation of funds, and mechanism forpaying healthcare. The rising costs of health have dominated globalhealth policy agenda. Family and single premiums for theemployer-sponsored health have risen with an average of 4 percentevery year for the past decade. Incentives and screening haveincreased with 31 percent financial incentive for an employee inassessment completion. The new spending for Medicaid and Medicareservices has remained slow with a sluggish economic recovery.
Economicand Financial Tools
CostAnalysis of the program, illness and side effect. The CDC economisthas explored cancer costs over the last ten years, communicablediseases, hospital-acquired infections and the outbreak investigationfor the department in local health. Another method is the economicevaluationthatis used for comparison of at least two programs/interventionsregarding benefits or costs evaluation is inclusive of cost-benefit,cost-effectiveness, and cost-utility analyzes. The CDC economistsmade assessments on the options of screening for diabetes, diagnosticoptions for TB and HIV, injury prevention, and vaccine strategies.Tools are used to evaluate burden and cost of health problems.
PaymentSources and Mechanism
Forbetter health investment,attention has been made toward the fee for disbursement servicemodel. Having incentives for volume over value has evolved. Pay forservices payment system has also changed where we have many of themfor different providers each with own unique structure. Alternativepayment model has been authorized to be used for paying physicians.Another mechanism is designing of a payment system supportinghigh-value healthcare that enhances accountability spending (Hadley,Holahan, Coughlin & Miller, 2008).
Roleof technology in healthcare organization
Technologyplays a pivotal role in healthcare reforms to improve access, containcosts and save lives. A ubiquitous, smart electronic medical recordis part of the big package. Technology is being used to addressissues such as value, access and cost of the healthcare. Electronicmedical records are a portable version of the present paper filesystem accessible to all doctors. This has reduced filing endlesspaper forms since the doctor can access any information on thecomputer (Atrash& Carpentier, 2012).
Thecurrent health spends more on healthcare in a developed nation whereinfant mortality and life expectancies are low for men and women. Forinstance, 16 percent of the American population does not have healthinsurance. Many people believe that the recent medical industry is asuccess, and the success is regarding consumer choice andcompetition. There is an ongoing argument about making health careuniversal, but this would threaten capitalist democratic sensibility.More than 30 countries have a single payer universal system.
Economicand Financial tool and methods
Thecurrent financial and economic tools included transmission anddecision modeling that includes testing and developing regressionmodels. The CDC economists have made modeling on strategies of thevaccine, treatment and HIV diagnosis and state public health resourceallocation. Regulatoryanalysis isa tool for evaluating and participating the impact of costregulations or/and behaviors. The CDC economists work in this areincludes analyzing the effect of pre-travel medication consultation(Zelman,McCue, Millikan & Glick, 2009).
Currently,we have managed care transformation for commercial insurance. Manyemployers have shifted from conventional indemnity to less expensivemanaged healthcare plan. The managed health care delivery offerpotential for cost control by organizing the healthcare providersinto networks and integrating delivery and financing the medical care(Hadley,Holahan, Coughlin & Miller, 2008).
Roleof technology in coming decade
Genetictreatment and diagnosis will translate from cell to information,bedside and armamentarium available to the physician. Improved lessexpensive such as diagnosis of coronary alongside less invasivetreatment through catheter methods will present better functionaloutcomes. DNA chip technology will improve assessment of risk. Theknowledge on the risk will increase the ability of other forms oftechnology to extend life. Electronic technology will improveefficiency where it will be tied to billing (Atrash& Carpentier, 2012).
Economicand Financial issue
RegardingMedicare Funding, health system, and hospital have little control.CMS take control of the rates of reimbursement. Medicare issueoutnumbers the opportunities available for the hospital. The issue ofsequestration has tormented the health care industry putting moremoney on Medicare reimbursement at risk. Large scale Medicare will bea continual threat for the future. Hospitals have to embrace Medicarecuts from PPACA. More money will be siphoned from the hospital due toMedicare value-based purchasing program (Zelman, McCue, Millikan &Glick, 2009).
Financialand viable tool
BIA:budget impact analysis for estimation of the economic consequencesfor the adoption of new intervention for the regional, local andnational budget. BIA is added to cost-effectiveness analysis toprovide a comprehensive assessment of economy of a programmaticresponse or new policy. HealthImpact Assessment isanother method that brings together public health expertise,scientific data and input of the stakeholder to get potential healtheffects of the proposed plan, policy, project or program (Zelman,McCue, Millikan & Glick, 2009).
PaymentSources and Mechanism
Inthe next ten years, self-pay will be a standard method making thehospital more central to health care delivery. Indemnity Insurancehas transformed the role of hospital delivery through an expansion ofsome people accessing acute care. The results have heightened acutecare demand and the establishment of the hospital as the centralelement of health care delivery for paying hospital services (Hadley,Holahan, Coughlin & Miller, 2008).
BiggestChanges in Healthcare Industry
Oneof the most significant change is that consumers will take chargewhere they will be more empowered. As the patient has moreinformation, massive efficiency in the healthcare will be unleashedmore. The patient will have tools for monitoring their health statusand behavior, and they will gain more control over their care.The patient will be insured where customers will compare prices andplans. High-cost sharing and deductible will lead to awareness ofcare costs. Information will be everywhere thus the patient will bemore engaged (Atrash & Carpentier, 2012).
Jayanthi,A. (2014, January 28). 10Biggest Technological Advancements for Healthcare in the Last Decade.Retrieved from Beckers Hospital Review:http://www.beckershospitalreview.com/healthcare-information-technology/10-biggest-technological-advancements-for-healthcare-in-the-last-decade.html
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Hadley,J., Holahan, J., Coughlin, T., & Miller, D. (2008). Covering theuninsured in 2008: current costs, sources of payment, and incrementalcosts. HealthAffairs,27(5),w399-w415.
Atrash,K., & Carpentier, R. (2012). The evolving role of public healthin the delivery of health care. RevistaBrasileira de crescendo e Desenvolvimento Humano,22(3),396-399.