Week 7 final Project HSM 541 - THE INCREASING COST OF...

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THE INCREASING COST OF HEALTHCARE 1 The Increasing Cost of Healthcare HSM541 Donna Jones Professor Julie Dennis August 19, 2015
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THE INCREASING COST OF HEALTHCARE 2 Introduction The Affordable Care Act is the most popular and extraordinary attempt made to contain the cost of healthcare to date in the United States. The new law encompasses a variety of reforms to the manner in which health care is paid for, as well as, delivered. Apparently, the way of reforms that reward quality and value care, not just the quantity. Succinctly, the health care providers are already catalyzing change in the entire healthcare system. The cost of healthcare is still a significant challenge. Notably, the national health expenditure is anticipated to persist growing even at a faster rate than the economy, increasing from 18% of the economy to 25% by 2037. Even with the implementation of the new law, the federal health expenditure is anticipated to elevate form 25% of the entire national expenditure to approximately 40% by 2037. Ideally, these inclinations could squeeze out decisive infrastructure and education investments, contribute to untenable debt levels, and constrict wage raise for middle-class workers. Therefore, bold, as well as, innovative solutions to contain the cost of healthcare in the United States should be explored and implemented. The problem To make the coverage for health care more affordable, the U.S must address the increasing cost of medical care that progresses to elevate at unsustainable speeds. There is a need for an increased focus on the key drivers for the growth of medical cost. Statistically, about a sixth of the economy of the U.S goes to healthcare spending, and this portion continues to increase annually. Regrettably, the system is not delivering value proportionate to the
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THE INCREASING COST OF HEALTHCARE 3 approximated $ 3 trillion utilized yearly on health care. According to experts, about 20% to 30% of this expenditure is used for care that is redundant, inefficient or wasteful (Song et al., 2014). Some hospitals and physicians order unnecessary testing and procedures to make up for the cost of the patient on public insurance, and for a patient with no health insurance. Unfortunately not everyone with health insurance in treated fairly, some physician do not take a patient with public insurance. The increasing cost of healthcare punishes the people of America on numerous fronts. For seniors and families, the rising cost means less money at their disposal and causes hard choices regarding balancing rent, food and the required care. The Fortune 500 and similar employers and the small enterprises. It is more costly to have additional employees, and also more intricate to sustain retiree health insurance coverage. For the elderly on Medicare coverage if they rehabilitation coverage they will have to pay $148 per day after the first twenty days of stay. Some of the elderly patients cannot afford to pay the co-pay and often worried about the cost and not their health and recovery. It is very harder to contend in the international economy
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