Vital Connect a maker of wearable sensors for remote monitoring has raised millions to move forward with its remote monitoring platform and a medical-grade wearable sensor system. The company MVM Life Science Partners who have led the financing had been looking for a wireless technology that could have a greater return for investors and higher quality care for patients in which VitalConnect does just that. Approved and cleared by the FDA is their disposable peel/stick health sensor. These sensors can measure a range of data, including ECG, heart rate, respiratory rate, skin temperature, heart rate variability and even posture. The sensor sends data, via Bluetooth through either an application or hub, in which sends to a cloud-based …show more content…
Factor one is chronic disease, since it is 86% of all healthcare spending and it is expensive to treat. Factor two is healthcare technology. Designed to help lower costs, yet the technology is becoming more expensive and complex. Pricing is another factor because its unregulated and inconsistent. Another contributor is administrative obligations and this is just the costs that come with management of patient records and billing. The last, common factor five is when over-treatment is occurring from physicians and patients such as unnecessary treatments and tests. As a future healthcare administrator I believe with all the new technology we should be able to hopefully decrease over-treatment and manage chronic disease better. Previous articles discussed in week one, talk of sensors to help track certain conditions for their patients. These types of prevention's can reduce the number of re-visits to the doctor. It is not going to be a quick fix, but I definitely suspect over time we could notice a decrease. Healthcare firms need to focus on being proactive in preventing diseases as well as more thoroughly managing diseases. For example, offering free nutrition classes for diabetics, pamphlets, support etc. That can help with improved quality care for patients with chronic diseases. I believe diet and exercise is a massive factor in reducing and managing diseases. There are many factors we will have no control over, so being
Another one of the many factors that affect the rising costs of health care is the amount of health care administrative costs that hospitals
Seven in ten deaths in the United States, are attributable to chronic disease (“Leading Causes” 1). These diseases are not on account of bacteria or viruses, which could be treated with an appropriate prescription or vaccine. Chronic conditions are developed through unhealthy lifestyles and behaviors such as a lack of exercise, poor nutrition, poor sleeping habits, and substance use (e.g. tobacco). Consequently, seven in ten of every death can be prevented with changes in lifestyle. The CDC states that these conditions, “are among the most common, costly, and preventable of all health problems” (“Chronic Disease” 1). Although these conditions have clear and definite causes (knowing the exact reason and “cure” for them), they are becoming more prevalent rather than domesticated. According to Wu and Green, “Between 2000 and 2030 the number of Americans with chronic conditions will increase by 37 percent, an increase of 46 million people” (1). This increase comes with an increase in health care costs: the CDC reported that the U.S. spent three trillion dollars on health care in 2014 (“Health Expenditures” 1). 86% of these costs was associated with these conditions (“Prevention” 1). Despite there being a range of causes of why patients make these choices, one issue that may be less familiar to others is the lack of knowledge in preventative medicine among health care professionals. Current training standards are not adequately educating or equipping health care professionals
Not only has the cases of preventable chronic diseases increased over the years affecting half of the U.S population, they account for 86% of the health care costs. Programs and policies that address risk factors and causes of these diseases at their roots would not only promote public health but reduce the cost of health care both in treatment and hospitalization.
The movie fire escape emphasizes that America has the most expensive health care system in the world but is not one of the best in regards to healthcare outcomes and life expectancy. It spends more than what the whole world all together spends on pharmaceutical industry. 75% of the 2.7 trillion dollars were spent on treating preventable diseases which indicate that US health care is more focused towards disease management than prevention. The movie makes a point that there are frequent readmissions and 80% of health care budget goes towards these 20% patients who are frequently readmitted to the hospital due to an existing chronic condition. Health care professionals are paid on the basis of number of procedures carried out on the patient rather than their health outcome. So the focus is not on curing the disease by eliminating the risk factors but merely managing the disease and looking for quick fixes. That is how patients want it too. They want to be cured right away with a pill or surgery but are not really interested in learning the long term solutions and preventative measures.
There are three issues when it comes to the health care cost rising. The first is the rising cost in prescription drugs. The second area of rising cost is the increased technologies when it comes to the medical industry. The third problem
There are many elements affecting increases in health care costs. The proportion of old people in the US population increases and aging population can raise health care expenditures. Because, compared to younger people, older people use more health care services as they are more likely to have non-communicable diseases. Non-communicable
As consumers utilize smartphones, tablets, and other devices for other functions like social media and email, they are starting to look at these features to assist them with their healthcare. Mobile body area network devices will be a growing trend in the coming years as a way to get patients engaged in their healthcare and also to give providers routine updates on the status of patients with chronic conditions. As DeGaspari (2014) indicates, these devices can lead to improved functionality for other devices used in hospitals, such as sensors for monitoring patients that might get up and wander or be a fall risk. Telemedicine will continue to grow as payers, providers, and patients all start to realize the mutual benefits that can be
The Role of Technology in Rising Health Care Costs. What should or shouldn’t be done.
Another reason for the rising cost of healthcare is the cost of physician care, according to the American Hospital Association “the cost of physician care, both to insurance and patients, has risen 1.3% during the past year.” Because of this increase doctors are put in a corner, they are already locked into an agreement with the insurance companies and do not have much ‘wiggle’ room to negotiate fees and rates. So because of this the patients and consumers are forced to pay a much larger sum. Since there are higher costs and the insurers will not cover them, they are distributes to the customers through higher deductibles, co-insurance, and
When it comes to health care, cost is one of the biggest problems. Something needs to be done in order to make it possible for patients, families, and businesses to be able to afford health care. US does not always spend health care dollars in the most productive way. The cost of cancer treatments alone can cost up to hundreds of thousands of dollars, and the only way to pay for that is to raise the cost of the insurance to the patients. Cost is defined as the “price” of healthcare. The “price” or cost can come from various places such as, the physician’s bill, the cost of prescriptions, as well as what the employers pay to cover their employees. The cost of treatments, emergency room visits, medicines, the cost of newest technology and etc. is what is making our increase in cost rapidly. The rising costs leads to becoming a financial burden to families, even the ones that have health insurance, which can typically result in individuals not receiving the health services that they need.
A challenge that the healthcare nation is facing is to provide the quality of care that is expected and obtain low healthcare cost. Working hand in hand with the private sector and government is in hopes of improving the quality of care that each patient deserves and maintaining the cost so that research can continue. The purpose of this paper is to look into relationships between healthcare cost and quality healthcare.
Frech cited several keys to the high costs here including marketing by pharmaceutical companies; the incredible number (around 20 percent) of the people who work in the medical field but never come into contact with any patient and the lack of wellness programs and poor lifestyle
In order to specify the source of high healthcare expenditure, we need to know which factors consists of total US health spending. In U.S., most of the healthcare insurance is provided by the private insurance companies
One of the issues that is widely discussed and debated concerning the United States economy is the healthcare system. Unlike in the majority of developed and developing countries, the healthcare system in the United States is not public, meaning that the state does not provide free or cheap healthcare services. This paper addresses many of the factors contributing to the rising cost of healthcare.
LifeStat, developed by SaskTel, is a device that serves the purpose of fulfilling the communication gap between patients and their caregivers. It allows SaskTel’s clients to examine their own blood pressure, glucose levels, and heart rate levels without having to physically go to the hospital. The information gathered by the client is then transmitted to SaskTel’s data center where a professional caregiver or physician is able to monitor the client’s personal health at anytime of the day. SaskTel’s executive committee recently approved a proposal to launch LifeStat into the Canadian healthcare market place. Pat Tulloch, senior director of marketing for SaskTel, was given the task