Healthcare costs in the United States are constantly rising straining the budgets of families and employers. As a result of the rising healthcare costs, insurance premium rates have been also increased. The premiums rates are increasing more rapidly than income which is part of the reason why Americans aren’t able to have access to affordable health insurance. Although the Affordable Care Act has been passed, there are many people still uninsured. The purpose of the Affordable Care Act was to improve the quality of care, provide more Americans with access to affordable insurance, and minimize healthcare spending in the United States.
A company needs to go through extensive regulatory approval, licensing, high financial backing and investment, an effective distribution network, brand patents and strong brand presence make it a difficult industry to enter or exit. This is why the threat of a new entrant is low to moderate to existing companies. Based on factors mentioned above. But now many pharmaceutical companies are progressing in the market by shifting from traditional business approach to emerging new business approach. The new business technique includes contract research (drug discovery and clinical trials), contract manufacturing and co-marketing alliance.
Just like the The National Coordination Council for Medication Error Reporting and Prevention. Like it says in the name they are supposed to prevent errors. They say that many of these errors are being caused because miscommunication, wrong labeling, and lack of education. There is also the FDA or the Food and Drug Administration, but they only view errors from those that only come from drug manufactures. They are also supposed to check a drug before it goes out for marketing in which it takes about ten years.
As the baby boomer generation reaches retirement, which the numbers will double by 2030. they are wondering if there will be health care as they grow into their golden years. They are looking towards the government for the answer. With the cost of healthcare continuing to rise, the government which its divided Congress needs to come together to get healthcare on solid ground and make sure there is enough for everyone for years to come. Currently, the government cannot afford to pay for our insure access to healthcare without limitations. The rising cost of our healthcare is driven by some factors, including technology, the getting older population and the creation of healthcare as a market good.
Indeed, this drug is a potent and the drug shows to be very powerful. The government realized by the must intervene and control it’s use legally when it’s prescribed. The war on this drug is also surging and it may seem, they are losing the battle as it increases in popularity
In recent years the rate of refusal has been on the rise so this paper will discuss the pros and cons of mandated vaccinations as well as related ethical issues. Propionates Position Vaccines were developed in the early 1800s and to date are one of the most effective ways of controlling disease and protecting the general public. However, their effectiveness is dependent and their acceptance and the
However, if no appropriate technique is developed to ﬁnd great potential economic values from big healthcare data, these data might not only become meaningless but also requires a large amount of space to store and manage. Over the past two decades, the miraculous evolution of data mining technique has imposed a major impact on the revolution of human’s lifestyle by predicting behaviors and future trends on everything which can convert stored data into meaningful information. These techniques are well suitable for providing decision support in the healthcare setting. To speed up the diagnosis time and improve the diagnosis accuracy, a new system in healthcare industry should be workable to provide a much cheaper and faster way for diagnosis . Clinical Decision Support System (CDSS), with various data mining techniques being applied to assist physicians in diagnosing patient diseases with similar symptoms, has received a great attention
With taxes from healthcare slowly creeping into one’s income, a person under government healthcare is essentially paying the same, if not more, than a person under independent healthcare (Peikoff). Whether it is the scary policies in the PPACA or the destruction of market drive through government handouts, government healthcare is not the best route for the US. A free-market system provides much more advantages than a government system. A free-market system also puts more freedom in the hands of a consumer. A government healthcare system would even raise taxes and make the people pay more, opposite of its intended purpose.
The findings with 1:8 ratios showed the lowest labor cost but it was associated with high patient mortality rates. For every decline in nurse to patient ratio showed labor cost increased but mortality rates declined (Rothberg et al., 2005). To view the information in dollar amounts, the savings of even one life by lowering nurse to patient ratio from 1:8 to 1:7 would amount to $46,000. To compare, if nurse to patient ratio is decreased from 1:5 to 1:4, it would cost about $142,000 (Rothberg et al., 2005). In terms of saving in labor cost, it was found that if nurse to patient ratio increased from 1:6 to 1:7, this would save the hospital about $92 in labor costs on average per case but keep in mind that the more patients the nurse has the higher probability of a fatal error occurring increases, causing about 1.4 additional lives per 1,000 admission (Rothberg et al., 2005).
Grounds breaking scientific advances require complex and rigorous testing and investigation in laboratories and clinics. It is through research that we get all the possible answers about the safety and effectiveness of a new drug or a new therapy. Clinical trials are a branch from the research that helps answering the question about safety and benefits of a new intervention. Clinical trials should have more support from the government and the society since its main focus is to improve human health and his well-being leading eventually to the progress of the medical field and the economy of the country. When it comes to researches involving human subjects, grisly thoughts comes to mind remembering the unethical handling of human subjects participating
HF is not only detrimental to the patient but also impacts funding, reimbursement methods, economy, businesses and cost of our society. The rate of HF readmissions will continue to increase with time due to the aging population. Implementing strategies to offset these causes are important for the financial growth of healthcare today. Elimination of all probable causes prior to discharge will result in evidence based outcomes and promote a longer lifespan. Although, due to the recent presidential election, it is currently uncertain how HF readmissions may affect our future economic standpoint.
The hospital should cut down on expenses- the amount of money used for operations is very high. The hospital can enter into contracts with drug a supplier that allows them to buy the medicine discounted prices. 2. Liquefy assets- To increase the cash on hand the hospital can sell some of their assets in order to have more money for their operations thus discouraging borrowing (Langabeer, 2015). 3.
Increasing costs all around the globe due to economic downfalls is making this issue even more challenging. It is vital that we have some focus on revenue, but we can’t lose focus on the costs of running a business. In health care this can be very challenging because of all the changes involved with the government, in laws regarding health care reform. “Understanding the total costs of services will allow the redeployment of resources which provide a higher payback, or will facilitate the elimination of those resources altogether.” (Hughes, 2011). Responsibility centers are put into place to control costs by looking at the revenue and the expenses to minimize the overall costs.
Albert Johnson, Director of Compensation at Elite Financial Services, has some strategic decisions to make in an effort to decrease the costs of their current employer-sponsored health insurance plan. The company has not done much in the past to control the costs of healthcare, so employees are used to certain perks such as only paying 10% of the total costs of the health insurance premium, and low deductible and co-insurance expenses. Making changes to current benefits may be somewhat unsettling to employees, but there are times when it is necessary in order to drive costs down. Albert Johnson must find the proper balance between transferring some of the premium costs to the employees, and setting up wellness incentives to drive claim experience
The government is also supporting the movement. The Comprehensive Addiction and Recovery Act lets the National Institutes of Health speed up research on developing non-opioid painkillers. The Act also creates programs that give money to states for their addiction treatment. One program is medication-assisted treatment. They prescribe opioids that dull the addiction craving but don 't really produce a high, the medications are called methadone or buprenorphine.