Healthcare Stakeholders: A Healthcare Economic Study

Stakeholders are a big part of a healthcare organization. They play a major role in the Healthcare Delivery System that plays a part in the performance and the health of the organization. Five of the major stakeholders consist of government, providers (which includes doctors, nurses, pharmacists, and other healthcare providers), patients, insurance companies, and pharmaceutical companies. Based off of the healthcare delivery system where it stands now, there are some recommendations that the stakeholder can do to have a positive effect on the healthcare delivery system.

When contemplating health care policy changes, several economic issues in health care must be considered. These include the financial issues affecting the health sector and have an impact on health policies. Policy makers face unending challenges due to the health sector revenues that are always rising. Another challenge is decreased funding and failure of the health insurance services.

T.R. Reid uses cost, quality, and choice to fully evaluate healthcare systems all around the world. As an American citizen, I have always thought our system was unfair. The poor suffer more than the rich for going to see a doctor for the same reason. In chapter one of The healing of America, T.R. Reid comments on how many Americans have also started to notice that the American healthcare system is not as great as we once thought. Not only is it unfair, but it is also expensive and unsuccessful (9). By looking at all the other countries’ healthcare systems, Reid would then be able to better pinpoint how America can better its health care system by taking portions of those health systems.

Health care economics studies such issues as demand for medical care, pharmaceutical prices, competition among health care providers and insurers, and financing of health care services. Castor Collins has put together a plan which will help solve many issues facing the organization. The plan is built to maximize profit for the company and minimize the risk of poor choices provided to individuals who will cause the organization to fall.

A stakeholder are people or groups that have an investment in the patient evidence based healthcare decisions (Agency for Healthcare Research and quality, 2015). In this case, already listed is the patient and the physician but Medicaid is a stakeholder as well. The stake for Medicaid is being the insurer this tells the patient where he can and cannot get treatment. It also set the type of treatment is covered. According to AHRQ, the local clinic is also a stakeholder. The facility has made the decision on what kind of insurance to utilize which was not Medicaid cause the patient to be denied access to care. The healthcare industry is a also listed as a stakeholder especially in reference to manfacture for treatment. The manufacture is the expert when it comes to how to administer treatment and how to operate the device they made. Policy makers also have a stake in the patient healthcare utilization . In this instance the lawmakers had to set policy who was eligible for Medicaid.These few factors have impacted the patient tremendously.

When talking about healthcare reform, one must always think about the stakeholders. Stakeholders are “people and organizations that have a stake (interest) in what a healthcare organization does and that could affect the healthcare organization” (Olden, 2011). There are many different stakeholders in our case study but we will focus on the main ones.

The textbook, “Redefining Health Care”, written by Michael E. Porter and Elizabeth Olmstead Teisberg introduces readers to the complex world of healthcare in the United States. Porter and Teisberg looked at major problems in the healthcare system and found that problems in healthcare were directly linked to the excessive costs of healthcare that had absolutely nothing to do with high quality care. “Redefining Health Care”, tackles the issues of how the United States can repair the healthcare system by utilizing economist strategies such as value-based competition to repair the healthcare system.

The insurance system is an important topic for all providers, employees and individuals of this country to understand. Insurance allows patients to be seen by healthcare providers without having to pay large medical bills. It is the ability for physicians to treat patients and then able to get reimbursed. Health insurance is a privilege in our country because not only does it save families time from stressing about money, but also it allows each individual the ability to receive good quality care. In fact, there are two forms of health insurance, social and private. Social health insurance is a government-owned program that benefits the citizens of our country. There are three types of social insurance, Medicare that covers elderly people, Medicaid that covers poor people and

Becker’s Hospital Review offered three value-based alternative approaches to the controversial challenges to the current health system. Becker’s review discussed holding everyone who would naturally form the ACO to be financially accountable for keeping costs down but continue to be held to a standard to improve patient health (Becker’s Hospital Review, 2011). If the time is not right to implement the ACO, the pay-for-performance and its quality performance model can still be utilized; the bundled payments option and its episode of care option of paying for single use; and the medical home reimbursement tool that has already been proven to lower costs and improve satisfaction, are all models that can be used if the time is not right for the

The public is the major healthcare stakeholder merely because people within this group usually share the same views on health care; they are the ones utilizing the services and can demand for quality service and reasonable healthcare prices, and cries for policy changes from health care providers and governing bodying such as health organization and government

Healthcare is a large industry that impacts numerous consumers. There are many stakeholders within the healthcare setting. Each consumer plays a vital role within the industry. Determining which one has the biggest impact on healthcare is a challenging task. In this industry, the consumers are the patients, physicians, insurance companies, pharmaceutical companies, employees, and suppliers. Each works with one another to provide quality service. The patient selects the caregiver; which may be determined by the quality of service the physician provides. Some selections are made based on a referral from friends or relatives.

Assess the value of healthcare professionals and decision makers understanding the discipline of health economics.

It was concluded that efficiency improvements’ got the greatest support among policy makers and insurers, while the majority of health care consumers and providers supported the generation of resources. Therefore, public trust and acceptance of patient payments can be enhanced by improving transparency and accountability in health care system for an effective and more equitable patient policy and there should be more quality and equity with regard to the payment

Health economics is a new subfield of economics that analyzes various health care related topics. For example, some health economists evaluate the long term effects of lifestyle choices on health. Others examine the estimated costs and benefits of new or proposed health care policies. One health economist may propose more efficient ways to provide certain health care services, while another may seek to increase the cost effectiveness

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