Academic Master

Health Care

Health Care Cost Discussion Summary

The rising cost of healthcare in the United States is a major concern with the number of people who choose to pay out of pocket for medical care increases. As discussed in “A Dozen Facts about the Economics of the US Health-Care System” many factors have contributed to the increase in healthcare costs including the expansion of Medicaid and the development of new insurance options as well as the increased prevalence of health insurance-related expenses (Nunn et al., 2020). The expansion of Medicaid has been a key factor in the increase in the number of people paying for their own healthcare, although the shift to private health insurance has also contributed to this trend. However, a significant contributor to the rise in medical costs is the expense of prescription drugs. I have deduced from the reading that the growth of new insurance options has also contributed to the rise in the number of people who pay for their own healthcare although this is less of a factor in the rising cost of healthcare than in the increase in the number of people who pay for their own care. Thus, drug pricing and access to care are identified as the two factors that contributed to the increase in healthcare costs.

It has been discussed in the group after identifying the factors contributing to the rise in healthcare costs that health organizations need to utilize two strategies for quality care outcomes while lowering costs for the patients. First, the provision of accessible medical coverage should be ensured through preventive care initiatives which would keep patients healthier at the lower care costs possible. This strategy will help cope with the drug pricing factor which is a major contributor to the rise in costs in the healthcare sector. Second, physician and nurse training should be increased through a variety of training and virtual educational programs so that they are trained to utilize in-network and patient-focused care in a care facility at a lower cost (Siekman & Hilger, 2018). Other members of the group also agreed with these strategies and discussed further the positive impacts of these strategies on controlling healthcare costs. One of the members has also added another strategy of the virtual house doctor appointments to cut costs of transportation to accommodate the patients that do not have the facility of transportation for their medical appointments with physicians. Overall, the group agreed that these strategies would help improve the quality and access to the healthcare provided in in-patient settings as well as improves the health of the targeted population.

References

Nunn, R., Parsons, J., & Shambaugh, J. (2020). A dozen facts about the economics of the US health-care system. The Hamilton Project, Economic Facts.

Siekman, N., & Hilger, R. (2018). High users of healthcare: Strategies to improve care, reduce costs. Cleveland Clinic Journal of Medicine, 85(1), 25–31.

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