Healthcare Economic Challenge and its Potential Ramifications
The matter concerning the economy of healthcare is relevant to individuals, providers, organizations and even nations. NHS FPX 6008 Assessment 3 Business Case for Change healthcare insurance has severe repercussions on individual’s life that goes beyond the economic burden (McKinsey, 2022). At the individual level, not possessing adequate insurance translates to high chances of facing economic strain as well as restricted access to healthcare services. As for employers, this problem can result in high spending on health care services and low productivity as an employee can be absent from work due to illness or attend expensive treatments in emergency care facilities. The socio-economic class, lacking proactive medical attention, may spread areas of synergy that reduce economic productivity and increase health expenditure.
People lacking proper medical aid coverage can experience economic burdens and constrained access to healthcare in numerous ways (Peng & Zhu, 2021). For example, self-insurance forces individuals to bear the medical care expenses by dipping into their savings, which can be quite damaging for those requiring prolonged medical attention. In such a situation, people can abandon or postpone seeking essential healthcare, which would then result in worsening the person’s health condition in the long run. (Peng & Zhu, 2021).
NHS FPX 6008 Assessment 3 Business Case for Change
Organizations may suffer the consequences of providing healthcare services to uninsured persons, resulting in ever-increasing healthcare expenses and possibly higher employee insurance premiums (Karpman et al., 2021). In addition, lowered productivity becomes a real problem because uninsured employees are more likely to be absent from work as they are unable to afford expensive hospital treatment or expensive emergency care, which adversely affects organizational productivity.
The World Health Organization (WHO) understands the importance of the economic challenge of health care. It points out the challenge of making available necessary healthcare services while at the same time reducing costs and improving efficiency with affordable health insurance coverage (WHO, 2019). Thus, concerted efforts are necessary to achieve universal access to low-cost healthcare coverage regardless of economic standing or class.
Feasibility And Cost-Benefit Analysis
Dealing with the economic challenge of health care coverage draws on accessible and low-cost health insurance and requires proper attention to feasibility and cost-benefit analysis. Feasibility analysis includes consideration of the possibility of the provision of affordable healthcare insurance in the current political environment and economic conditions, as well as resource availability (Illinois Government, 2021). The Affordable Care Act (ACA) is a good example that shows an attempt to increase healthcare insurance never saw the light of day because, as expected, its implementation was hotly contested in several states due to political apprehension (Campbell & Shore-Sheppard, 2020).
With regards to the advantages and disadvantages, the impacts of integrating affordable healthcare insurance are expensive at the beginning but entail positive long-term benefits such as improvement in overall health and reduction in healthcare expenditures (Ruler, 2020). NHS FPX 6008 Assessment 3 Business Case for Change highlights how the evidence suggests that the coverage policies of the ACA resulted in a 33% drop in the gross annual expenses for patients who received care but did not have insurance, thus demonstrating an emerging potential for lengthened saves (Karpman et al., 2021). Moreover, the ACA also caused the active provision of more preventive care services, which provides further justification for cost-effective healthcare policies.
Mitigating Risks to Financial Security
Three measures can be considered in preventing a financial loss to healthcare institutions:
1. Improve Cost Management
Through these practices, stakeholders of healthcare institutions can ensure that scarce resources are not spent incompetently, just as standards of services are not deployed. Such a step would reduce the financial burden and promote organizational viability (Sturmberg & Bircher, 2019).
2. Diversity Revenue Streams
These provisions would offer a robust security blanket, allowing for further diversification while maintaining low dependence on administered payment systems (Kosala & Heengama, 2019).
Related Assessment: NHS FPX 6008 Assessment 2
3. Implement Risk Management Strategies
Making strategies to manage risk, like how financial risks can be handled during a pandemic or natural calamities, can help businesses a lot more (Auditboard, 2021).
Evidence-Based Research to Support Strategies
The scholarly literature including evidence-based sources validates these strategies. For example, concentrates published in the Journal of Healthcare Finance and the Journal of Healthcare Management indicate the revenue diversification and cost management strategies worked in regard to sustainability and healthcare issues performance (Truong 2022; Carney 2020). In addition, the Agency for Healthcare Research and Quality outlines certain risk management strategies for healthcare organizations (Sturmberg & Bircher, 2019).
In summation, tackling the issue of low-cost healthcare insurance should be done in a multifaceted manner considering practicality, cost-benefit analysis, as well as risk management strategies. NHS FPX6008 Assessment 3 Evidence-based research and scholarly sources proves to be essential implementation faced political opposition and hurdles in some regions (Campbell & Shore-Sheppard, 2020).When considered from a cost-benefit standpoint, low-cost healthcare insurance is challenging to execute.However the sustained outcomes include better health outcomes as well as reduced expenditures on healthcare services (Ruler, 2020).
Research shows there was a 33 percent drop in the annual payment required for the provision of uncompensated care to the uninsured due because arrangements under the ACA coverage plan (Karpman et al., 2021).Also, the ACA served to increase the number of preventive care services, and further advance the need for affordable healthcare.
Affordable Healthcare Insurance Solutions
The primary issue that needs to be addressed here is offering affordable healthcare insurance.
1. Expanding Medicaid
Medicaid covers low income individuals, therefore extending the coverage to supportive families will provide cost effective solutions. It will also allow families that currently stand unattached the ability to incorporate themselves. This, further aids in reducing the cost along with improving the healthcare results for the low-paying population (Graves et al., 2020).
2. Implementing a Public Option
Considering the above point, initiating a public option will also help as it allows self employed individuals to purchase health plans using the affordable administrative system. This will also encourage competition and improve the availability of low cost healthcare insurance along with allowing ease for access to healthcare facilities (Rapfogel & Calsyn, 2021).
3. Addressing a drug course
Taking steps to reduce the exorbitant costs of prescription drugs is a step that also merits consideration. By charging lower prices and controlling the pharmaceutical companies, we will be able to improve access to vital medicine and further reduce healthcare charges (KFF, 2019).
Unquestionably the above mentioned solutions stand to benefit the community and local areas tremendously. With better access to assisted healthcare services along with reduced expenditure, citizens will be able to focus on their health. Organizations will also face a drop in healthcare expenditures which in turn will boost their economic positions.
Implementation of the Provided Solution and Potential Benefits
These solutions, if implemented, would be beneficial to the organization, colleagues, and society as a whole. Companies can reduce healthcare expenses, improve economic profitability, and increase worker productivity and wellness. Colleagues and the community improve with less financial burden, improved health, and easier access to basic health services. NHS FPX 6008 Assessment 3 Business Case for Change explores how measures such as public option, Medicaid expansion, and lowering the cost of prescription drugs are taken. These solutions stand to gain a lot from coworkers, businesses, and society at large as they will greatly improve as a whole. It will also ensure primary healthcare services are accessible and dramatically improve health outcomes as well. There is a discussion of how the sources from empirical research and academic publications can ensure the implementation of these solutions.
Solutions Addressing Cultural and Ethical Considerations
Cultural admixture, as well as ethical and equity-related challenges, must be dealt with in order to fashion a solution that provides low-cost healthcare insurance and resolves the monetary hassles involved.
Research shows that a single ethnic culture and group blends together with other cultures in a distinct way to set them apart from the rest, which cultural sensitivity entails ((Georgetown University, 2019). A good example is how the public option is put forward. It is crucial to note how the coverage is communicated in terms of publicity and marketing to ensure its cultural acceptability.
Every single ethical issue needs to be well attended to when formulating a healthcare solution, and this is the most challenging aspect. The proposed answer is no longer unfairly disadvantageous to precise companies within the community. For example, when expanding Medicaid, it is important to consider the elderly, people with disabilities, or individuals with chronic illnesses. In addition to this, ethical dilemmas need to extend to other matters like infringement of an individual’s privacy, issues of confidentiality, informed consent, and the autonomy of the affected person.
NURS FPX 6008 Assessment 3 Business Case for Change
Some level of effort will need to be expended towards guaranteeing that the elderly, people with disabilities, or people suffering from chronic illnesses have value and freedom in choosing the nature and type of services they seek. This means serving every single member of the network in a careful and prudent manner, with utmost diligence in ensuring that healthcare services are priced reasonably (Nall, 2020).
When instituting a public option for health insurance, for example, one effort may include:Ensuring that cost sharing has low coinsurance and deductibles for low income families and individuals.
In surrendering, the need for cultural sensitivity, ethical issues, and fairness in access and cost as a way of overcoming the problem of low-cost slipping away healthcare coverage is important. This means taking into consideration cultural values, ethical standards, and access to free equity for all local community organizations. In doing so, health equity can be advanced, and the right to access essential healthcare services can be promoted for all members of the community.
Conclusions
The scope of the different and difficult problems of access to low-cost healthcare coverage can have far-reaching consequences for individuals, organizations, and businesses. NHS FPX 6008 Assessment 3 Business Case for Change emphasizes the need for practical, cost-effective, and ethically equitable solutions to address these challenges. This problem appears to be best approached in a way that takes into account practicality, cost-benefit, and ethical and cultural equitable considerations. Evidence-based approaches coupled with solutions such as Medicaid expansion, public options, and regulation of prescription drug prices can reduce economic burdens, increase health equity, and improve access to primary healthcare services for all community people.
References
Agency for Healthcare Research and Quality. (2021). Developing and implementing a risk management plan: AHRQ patient safety network. AHRQ.gov. https://psnet.ahrq.gov/primer/developing-and-implementing-risk-management-plan
Auditboard. (2021, February 18). 10 Types of risk management strategies to follow in 2021. Www.auditboard.com. https://www.auditboard.com/blog/10-risk-management-strategies-2021/
Campbell, A. L., & Shore-Sheppard, L. (2020). The social, political, and economic effects of the Affordable Care Act: Introduction to the issue. RSF: The Russell Sage Foundation Journal of the Social Sciences, 6(2), 1–40. https://www.jstor.org/stable/10.7758/rsf.2020.6.2.01
Carney, K. J. L. (2020). Practitioner application. Journal of Healthcare Management, 65(1), 71–72. https://doi.org/10.1097/jhm-d-19-00237
Georgetown University. (2019). Cultural competence in health care: Is it important for people with chronic conditions? – Health Policy Institute. Health Policy Institute; Georgetown University. https://hpi.georgetown.edu/cultural/
Graves, J. A., Hatfield, L. A., Blot, W., Keating, N. L., & McWilliams, J. M. (2020). Medicaid expansion slowed rates of health decline for low-income adults in Southern States. Health Affairs, 39(1), 67–76. https://doi.org/10.1377/hlthaff.2019.00929
Illinois Government. (2021). Feasibility report for coverage affordability initiatives in Illinois. Illinois.gov. https://www2.illinois.gov/hfs/SiteCollectionDocuments/04022021FeasibilityStudyReportFinal.pdf
Karpman, M., Coughlin, T. A., & 2021. (2021, April 6). Declines in uncompensated care costs for the uninsured under the ACA and implications of recent growth in the uninsured rate. KFF. https://www.kff.org/uninsured/issue-brief/declines-in-uncompensated-care-costs-for-the-uninsured-under-the-aca-and-implications-of-recent-growth-in-the-uninsured-rate/
King, J. S. (2020). Covid-19 and the need for health care reform. New England Journal of Medicine, 382(26). https://doi.org/10.1056/nejmp2000821
Kosala, G., & Heengama, B. (2019). Scholars work on revenue diversification to improve and maintain service offerings of nonprofit organizations as part of the finance and financial sectors.