As the case talks about the company BCBSMA (which is licensed insurance company)thats comes under healthcare sector , headquarters in Boston.
BCBSMA as per the case has more than 3 million members in the state and 106 million member in total .
In todays senario healthcare is the fastest growing industry in the world with 10% of the worlds GDP.
Healthcare consists of
1) hospital activities
2) health related activities
3) insurance department
Healthcare Services Industry
It includes various establishments dealing in different type of services like testing, outsourcing, transcription, quality assurance, validation, compliance, chemical analysis, and other types of services. The global market share of biotechnology services industry is worth US $ 50 billion, which is soon expected
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Ques 3. How Big Data Analytic was used and implemented back into the business. In the Business Big Data Analytics tools that were already being used within the business, as well as reviewing the other leading products available on the market. Ultimately, the team chose IBM Cognos BI as the best solution.
“Cognos Business Intelligence was by far the most popular solution, with more than 600 users across the business already reaping the value of its extensive capabilities,” explains Vangala. “This meant there was a lot of expertise that we could leverage, and the wider adoption of the solution was a natural evolution. Using IBM Cognos BI, we saw success very quickly, and the executive management team took notice, which led to the decision to make it the corporate standard.” After the initial implementation, the demand for analytics grew steadily within the business, and the Business Intelligence team continued to develop new solutions – not only reports, but also real-time dashboards and OLAP cubes for ad-hoc
Due to the rapid rise of health care, our country has great concern. Our annual growth
The U.S government spends about 17% of GDP on healthcare industry which is enormously high as compared to any other industrialized nation. President Obama
Over the recent years, healthcare in the United States has drastically changed. The industry has experienced continuous growth, due to an array of events. The introduction and passing of Affordable Care Act, the increase of Baby Boomers (individuals born between 1946-1960) reaching the age of retirement, and potential passing of immigration inclusion laws has impacted and will continue to impact America’s healthcare landscape. Numerous factors associated with the political, economic, social, technological, environmental, and legal aspects are key indicators into the potential success of the industry.
Healthcare spending growth rate trends show astounding estimates. Since 1960, spending has risen from $27 billion ($143 per capita, 5.1% pf GDP) to amazing $1,678.9 billion ($5,670 per capita, 15.3% of GDP, 2003 data) (HHS, 2005). Recent research estimated that by 2013, healthcare spending will be as high as 18.4% of the Growth Domestic Product. It is important to note that the gradual move from hospital to ambulatory setting has resulted in much higher spending on outpatient hospital services and prescription drugs. The spending growth for these two trends is much higher than the overall healthcare cost growth, which, in fact, increases faster than such important economic indicators as GDP growth, inflation growth, and population growth rates.
The American health care industry is one of the nation's largest and most profitable industries (Healthcare, 2011). The American healthcare industry "has consistently increased its share of GDP from only 7.2% in 1970 to more than 16.0% in 2008" and that figure is still growing (Van Horn, 2010). It is also one of the few American industries that is expected to grow in the next few decades. In fact, the healthcare industry in America is expected to generate 3.2 million new jobs through the year 2018, which is more than any other American industry (Healthcare, 2011). This industry includes everything "from small-town private practices of physicians who employ only one medical assistant to busy
Product Development, which has to do with pre-clinical trials and clinical studies. Manufacturing, which has to do with production and final manufacturing for the market. Also, Marketing and sales, which is based on distributing products and marketing to consumers. Altogether this plays the industries role in the economy because it focuses on caring for our environment for businesses focusing mainly in life and health science. according to http://www.ncglobaleconomy.com/biotechnology/overview.shtml in 2001-2010 the economy experienced the highest job growth rate which was %23.5. Biotechnology has opened i=up many jobs to people in our economy for example; pharmaceuticals, research, testing and medical labs, agricultural feedstock and chemicals vigorous growth. labor market, international trade and policy, is something that has factored into Biotechnology throughout the national economy. As stated: " Biotech patent holders engage in some/multiple form(s) of international business, ensuring patent protections are upheld and that the authenticity of patents are legitimized at national and international levels remains of crucial importance to the industry." patent tend to be an importance in the Biotechnology industries globally around the world. Also, At both the national and international level, IP protection is the prime public policy issue for the biotech industry. Outsourcing has shown a growth around the world in trade with countries out side of themselves. Concluding that the Biotech manufacturing going on around the world globally and
"Our absolute priority is patient safety and making sure that the NHS delivers high-quality care 7 days a week and we know that's what doctors want too, so it is extremely disappointing that the BMA have chosen to take industrial action which helps no-one. We had made good progress in talks, resolving 15 of the 16 issues put forward by the union everything apart from weekend pay. We have now asked ACAS to reconvene talks in the hope the BMA will return to sensible
Rising health care cost is a nationwide problem in the United States (U.S.). In the U.S., more money is spent on the health care than any other country in the world. In 2012, the overall national spending on healthcare in the U.S. was $2.8 trillion, which is about 17 percent of total economic output (Peter G. Peterson Foundation [PGPF], 2014). Several government organizations predict that the healthcare disbursements are expected to rise to 22 percent of gross domestic product (GDP) by the year 2039 (PGPF, 2014). Even though the U.S. has the priciest health care system in the world, it ranks lowest among the other wealthiest nations. There are many underlying causes for the high healthcare costs. Some of the main reasons for upsurges in healthcare
The Centers for Medicare & Medicaid Services projects that healthcare spending from now until 2025, will outpace the Gross Domestic Product by 1.3%. Currently, the U.S. is spending almost 18% of the GDP on healthcare expenditures which come out to 9,990 per person which equals 3.2 trillion dollars. Health care expenses will reach 20% of the GDP by 2025 (U.S. Centers for Medicare & Medicaid Services, 2016). Even with all the government aid, impoverished individuals will spend between 10 to 20% of personal income on health care expenses (Blumberg, Holahan, & Buettgens, 2015). Healthcare is a burden which individuals have to carry which is why the healthcare industry is blooming. Thanks to legislation like the Affordable Care Act, by 2020 Telehealth services growth potential will reach from 585 million to3.1 billion dollars (Winfrey, 2015). The cost of healthcare cannot be avoided which is the reason why the top 20 fastest growing professions are in the healthcare industry, which makes healthcare the fastest growing field (Career Profiles, 2017). The plan truth is that the healthcare industry is aided by the impact of poverty because poverty forces more government spending to buffer citizens through new legislative acts like the Affordable Care
In terms of a solution, I am proposing a two-part solution in order to rectify some of the issues listed above. The first part of this solution is the creation of the Boise State Disability Advocacy Alliance (BSDAA). I propose the creation of the student run organization be comprised of students with and without disabilities. The BSDAA would then meet regularly throughout the academic year and then at least two to three times a year meet with the Boise State University administration to discuss issues of resources, awareness, and ease of accessibility on Boise State campus.
In November 2007, Brooks Bassler founded BB’s with the first 1,100- square restaurant at Montrose and Westheimer in Houston, Texas. Bassler opened BB’s with the thought of creating a Tex- Cajun Mex type of theme. Serving Delicious fresh po-boys and Tex- Orleans cooking with a different menu. BB’s dine in menu was inspired by Bassler’s grandmother ‘’Maw Maw’’. Till this day all of the recipes are secret from the public and servers like I. BB’s is the best restaurant in town because Customer Is King, #1 Crawfish in town, and the atmosphere.
The health care industry is one of the largest industries that encompass the economic structures on the market. Approximately seventeen percent of United States Government Gross Domestic Products (GDP) is spent on health care. Health care, including health insurance is a 3 trillion dollar industry. Within the job market, Health care accounts for nine percent of careers within the United States. This does not include careers in health insurance and underwriting which could easily boost the percentage by a few points making health care related careers one of the largest career fields in the world (Hughes, n.d).
In today’s companies, the analytics software plays the important role and guides the future activities to a great extent.
Healthcare is an industry that requires stakeholders who are genuinely concerned with improving the health of the population. It really should not operate on the premise of a cutthroat Wall Street Corporation, seeking avenues to increase its bottom-line.
The healthcare system plays a key role in the economic stability of our country, as every year trillions are spent in attempt to combat disease and health issues that plaque humanity. As it makes up a significant amount of the expenditures in the economy, so the costs associated with health care of those in pain from illness and injury, including lost productivity, increased need of assistance in living and also the cost of death in some cases, is important to the economic stability and over all standard of living in our country. The key to economic prosperity is balancing the need for care with the costs of illness to keep as many people healthy and well without breaking the bank of collective society. The costs of healthcare have been increasingly problematic in recent years with so many issues surrounding the current system. With the “total health care spending in the United States expected to reach $4.8 trillion in 2021, up from $2.6 trillion in 2010 and $75 billion in 1970, meaning that health care spending will account for nearly 20 percent of gross domestic product (GDP), or one-fifth of the U.S. economy, by 2021” (Aetna). With this in mind it is apparent that as we look at the trillion-dollar industry of the medical community it seems that it needs to be a major focus of our nation as a whole and with the many issues come many creative solutions. First let us analyze the reasons behind the current cost and the major problems facing this industry and than discus what