Cost Of Health Care Essay

To begin, advancement in technology primarily the Internet has allowed for an easy exchange of medical information with health professional across the globe. Moreover, getting medical treatment abroad is cost efficient and a cheaper alternative for patients. In the United States alone 45 millions of Americans are either uninsured or underinsured which forces them to pay high co-payments for medical procedures. Furthermore, patients are required to wait long durations to receive care in developed countries due to a shortage of health professionals and an increase of patients requiring

Most families can’t afford to have kids because money is short or they can’t afford medicaid, They can get prenatal care, Prenatal care is medical care you get during pregnancy. No Co-Pay means you would not have to pay your health provider each time you have a prenatal check up.

There is no doubt that healthcare cost are rising out of control. No one likes the

Traditionally the American health care system relied heavily a repayment model referred to as fee-for-service which is described as a form of repayment that generates a greater emphasis on the volume of patients seen rather than healthy outcomes produced under a physician’s care. The fee-for-service repayment method poses multiple issues such as: duplicating services which in turn renders some of the services unnecessary, utilization of expensive technology because of the revenue generation rather than as a valuable diagnostic tool and crowding caseloads to an unmanageable level in order to achieve highest level of reimbursement. The aforementioned events not only have the possibility of being unethical but also drive up the cost of health care in the United States. Currently, health care costs have not only increased, but the Office of the Actuary projected that U.S. healthcare spending will make up nearly 20 percent of the economy in 2019. One would argue that if as a country we are spending so much on health care that we should be a “healthier” nation, but this is not the case. Even though America continues to be the largest spender on health care, collectively we experience a lower life expectancy rate compared to other industrialized countries (hfma.com, 2011, p. 2). To assist with climbing health care rates healthcare purchasers have called for repayment reform. One such reform that has been on the forefront is Value-Based Health Care (VBH), also known as outcome

One of the most stunning and irreversible changes in the past 60 years has been the American lifestyle. People are spending much more time in the cars than on their feet, playing sports in front of the game consoles instead of going out, and relying more on innovative “magical” pills than changing into healthier living habits. Consequently, health-related costs have more than doubled to 18% of GDP (2016 figure) in the past 60 years and will reach 20% in the not too distant future based on some prognosis.

Numerous problems plague the US healthcare system today, each of which is capable of preventing millions of Americans from gaining appropriate health coverage for themselves and for their families. Costs of health insurance are skyrocketing, leavings millions of Americans with the decision of paying for the “luxury” of insurance or spending the money in ways that may be more necessary at the time of the decision. Another major problem that affects the structural integrity of the healthcare system relates to the issues of malpractice, in terms of the ability of doctors to meet the incredible costs while keeping their business afloat. A final problem has to deal with the overall efficiency of US healthcare spending as compared with the rest of the world. These problems lead to much turmoil in the US healthcare system which only ranked 37th in the world according to the World Health Organization.

Every year, the United States spends eight times as much money on unnecessary health-care costs as the Pentagon spent for each year of its operations in Iraq. About 30 cents of every dollar spent on healthcare in the United States is wasted in some fashion. The massive annual waste is the takeaway from a new report by the Institute of Medicine, which estimates that the country loses some $750 billion annually to medical fraud, inefficiencies, and other siphons in the health-care system.

           Healthcare is expensive and Americans want the best possible healthcare they can get. Consumers are demanding more tests, better drugs and insurance coverage. Americans desire a high quality of life and insurers/employers are trying to provide the means, but cost effectively and without raising costs. In order to do this, “consumers will have to make more decisions, pay more and perhaps demand greater value” (Barr, Paul).

The United States of America is spending far more on health care than any other country of the world that is about 16 % of the GDP. But these health care cost are not stable, in fact these costs are going up with the each passing year. But the cost is not the only dilemma, health care quality as compared to the cost is far worse. After spending $ 2.7 trillion annually on health care results are not as expected. This research paper elaborates various reasons of the rising health care costs, which include higher prices for medical services, defensive medicines, paying for volume over value, lack of transparency, aging population, new drugs and technologies, less availability of information to the consumers etc. Reduction in demand for medical

In 2007 the United States reached an estimated $2.25 trillion on healthcare. The Untied States surpasses other countries in spending, it’s estimated that we spend 50% more than the next leading country. In 2006 the United States spent 6,714 per capita on health and the next leading country, Norway, only spent 4,520 per capita. (J Flinders lecture 1, slide 3). For every dollar that we spend in the United States economy 17 cents goes back to healthcare, on average other countries are only spending about 10 cents (Kaiser Family Foundation,

Healthcare costs continued to rise creating a barrier for people to receive medical care in a fee-for-service world. Advances in technology and an aging population requiring more care has driven up the costs. In an effort to control this, managed care organizations were created to focus on efficiency, cost control, and overall quality of care. MCOs channeled their insurances consumers towards physicians that are within the contracted network and the over utilization of care began to ebb back, making physicians the gatekeepers. Prescription management and preauthorization before care from an insured’s health plan also aided in the decrease.

Health care expenditures in the United States continue to soar with health care costs accounting for 17% of the country’s gross domestic product (GDP) (http://www.usgovernmentspending.com) [If this URL is in a citation, it should not appear here but rather on the references page] . The United States, along with Turkey

The health care system and physician’s role are rapidly changing with time. Keeping in mind the economic pressures, which includes reducing the cost, but at the same time providing the highest quality is one of the greatest challenges, especially in rural areas with limited resources.

Healthcare is expensive, that’s just a fact of life, right? Well, most other countries don’t bankrupt their citizens for breaking their arm or getting sick. It seems everyday the cost of medical care is rising in America. In 2012, 51 Million Americans were covered by Medicare, costing them roughly $574 Billion dollars. It is speculated that, in 2023, 73 Million people will be covered by Medicare and it will cost them a monumental $1.1 Trillion.

Even though there are potential complications with displaying pricing information, there is a great interest among patients, especially with the change in how much cost sharing will be required. Educating and engaging individuals about the collection of cost and quality pricing data can be a benefit. This can be done by utilizing cost transparency tools.