Healthcare Financial Crisis and the Potential outcomes.
According to NHS FPX 6008 Assessment 3, healthcare economics is one such topic that people, healthcare organizations, healthcare professionals, and even communities take seriously as a business case for change template. Regarding the economic aspect of the issue, it appears that the overall impact of the inability to obtain inexpensive health insurance is rather large and spreads to other factors related to productivity and health (McKinsey, 2022).
There is a compelling financial rationale for business case for change the way coverage and accessibility are handled since, on a personal level, inadequate insurance coverage exposes a person to alienation and prevents them from accessing health care. When this problem is transferred to the organizations, it will result in higher medical expenses and maybe lower productivity when workers become ill or require costly emergency care. The community faces the threat of infectious disease transmission, decreased economic activity, and increased health care costs in the absence of preventative medication.
For those without insurance, the absence of financial security and health care access can have a number of consequences (Peng and Zhu, 2021). As an example for clarifying business case for change meaning, without insurance, these people would be responsible for covering their own medical expenses, which may be quite costly when taking into account those who require long-term care or have chronic conditions. Furthermore, according to NHS FPX 6008 Assessment 3, people may postpone or even forego critical medical care, which could lead to major health issues in later life (Peng and Zhu, 2021).
According to the World Health Organization (WHO), the economic component of the healthcare issue should not be ignored since it calls for measures to improve the availability of basic healthcare services and the costs and effectiveness of the healthcare industry by offering affordable health insurance (WHO, 2019). Therefore, there is a strong commercial rationale of business case for change management in health policy and practice, and efforts must be pushed to attain universal coverage of inexpensive healthcare services regardless of income and social status.
Feasibility and Cost-Benefit Analysis
The economic issue of healthcare insurance availability and affordability requires a comprehensive feasibility assessment and cost-benefit analysis. Feasibility considerations are evaluating the viability of introducing affordable health insurance while taking into account variables such as the economy, the present political climate, the resources at hand, and so on (Illinois Government, 2021). The Affordable Care Act is a model, and states that failed and resisted it politically were not spared by the political drive to expand access to health insurance (Campbell and Shore-Sheppard, 2020).
Mitigating Risks to Financial Security
Three potential strategies that are mentioned in NHS FPX 6008 Assessment 3 can be used to lower the financial risks connected to healthcare organizations:
- Enhance Cost Management: Healthcare companies can improve cost control and boost the efficiency of healthcare delivery by negotiating reduced prices for medical services and supplies. This would lessen the financial burden on the organization and increase its sustainability (Sturmberg and Bircher 2019).
- Grant Receipts or Partnership with Other Healthcare Providers: Getting grants and forming partnerships with other healthcare providers are two further strategies to improve the financial basis role and lessen an excessive reliance on the fee-based model (Kosala & Heengama 2019).
3. Adopt Risk Management Plans: Also known as contingency plans, risk management strategies can help firms become more risk tolerant in the event of any unforeseen circumstance, including pandemics or natural catastrophes (Auditboard, 2021).
Research with Evidence to Back Up Strategies
These proposed ideas are supported by scholarly sources and research with solid proof. The findings of research papers published in the Journal of Healthcare Finance and Journal of Healthcare Management (Truong, 2022; Carney, 2020) support the notion that cost-control and revenue-diversification initiatives in the healthcare sector significantly contribute to the financial outcome and survival of healthcare organizations. The Agency of Healthcare Research and Quality also provides recommendations for risk management in healthcare facilities, claim Sturmberg and Bircher (2019).
As a business case for change management example in healthcare reform, the financial issue of affordable healthcare insurance is complicated and needs to be considered along with a number of other factors like feasibility, cost-benefit analysis, and risk management. This is because the research and academic materials are grounded in evidence when developing such solutions, and they may help by offering useful data to direct such strategies.
Solutions for Inexpensive Health Insurance
The financial problem of cheap health insurance can be resolved in several ways:
- Medicaid expansion: Overall Medicaid expansion to uninsured individuals and families who were not previously eligible has been successful in increasing health care spending, access to care, and the general health of the low-income population, according to Graves et al. (2020)..
- Public Option: The alternative is to introduce the concept of a public option in health insurance, which would enable people to buy affordable health insurance plans from the government. This has the potential to significantly increase competitiveness, affordability, and overall cost of insurance and healthcare in general (Rapfogel & Calsyn, 2021).
- Talking About Prescription Drug Costs: Reducing healthcare expenses and enhancing access to life-saving drugs are two further ways to address the exorbitant cost of prescription drugs. Among the methods and instruments to accomplish this are price transparency, the parallel importation of less costly drugs, and pharmaceutical industry oversight (KFF, 2019).
Research with Evidence to Back Up Strategies
These proposed ideas are supported by scholarly sources and research with solid proof. The findings of research papers published in the Journal of Healthcare Finance and Journal of Healthcare Management (Truong, 2022; Carney, 2020) support the notion that cost-control and revenue-diversification initiatives in the healthcare sector significantly contribute to the financial outcome and survival of healthcare organizations. The Agency of Healthcare Research and Quality also provides recommendations for risk management in healthcare facilities, claim Sturmberg and Bircher (2019).
As a business case for change management example in healthcare reform, the financial issue of affordable healthcare insurance is complicated and needs to be considered along with a number of other factors like feasibility, cost-benefit analysis, and risk management. This is because the research and academic materials are grounded in evidence when developing such solutions, and they may help by offering useful data to direct such strategies.
Solutions for Inexpensive Health Insurance
The financial problem of cheap health insurance can be resolved in several ways:
- Medicaid expansion: Overall Medicaid expansion to uninsured individuals and families who were not previously eligible has been successful in increasing health care spending, access to care, and the general health of the low-income population, according to Graves et al. (2020)..
- Public Option: The alternative is to introduce the concept of a public option in health insurance, which would enable people to buy affordable health insurance plans from the government. This has the potential to significantly increase competitiveness, affordability, and overall cost of insurance and healthcare in general (Rapfogel & Calsyn, 2021).
- Talking About Prescription Drug Costs: Reducing healthcare expenses and enhancing access to life-saving drugs are two further ways to address the exorbitant cost of prescription drugs. Among the methods and instruments to accomplish this are price transparency, the parallel importation of less costly drugs, and pharmaceutical industry oversight (KFF, 2019).
Application of the Suggested Solution and Possible Advantages
According to NHS FPX 6008 Assessment 3, implementing these solutions will greatly benefit organizations, coworkers, and the community at large. These solutions can lower healthcare expenses, improve employee well-being and productivity, and give businesses financial security. Financial strain will lessen, overall health outcomes will improve, and the community and coworkers will have easier access to more healthcare services they require.
Lastly, there are financial solutions to the problem of affordable health insurance, such as prescription drugs, Medicaid expansion, and a public option. The solutions can significantly benefit communities, businesses, and coworkers by reducing healthcare costs, increasing access to necessary healthcare services, and enhancing overall health outcomes. The academic and research references provide useful information to support the successful establishment of these solutions.
Solutions Addressing Cultural and Ethical Considerations
When suggesting a solution to the current financial problem of obtaining affordable health insurance, cultural sensitivity, ethics, and equity in the community and healthcare setting must all be taken into account.
The former is cultural sensitivity because different communities and cultures have different ideas and ways of providing healthcare (Georgetown University, 2019). As an illustration, when a public option is being implemented, it is crucial to consider how the program is advertised and presented to ensure that it is both accessible and culturally acceptable.
Adoption of any healthcare solution must take ethics into consideration. Certain social groups shouldn’t be subjected to discrimination by the suggested remedy. The effect that the Medicaid expansion has on those who are most at risk, such as those with chronic illnesses or impairments, should be considered. The business case for change healthcare procedures is strengthened by applying ethics to other areas as well, such as patient autonomy, informed consent, privacy, and confidentiality.
According to Hall (2020), health equity will entail equal access and cost distribution for all members of society. This involves ensuring that everyone in the community can afford basic medical care and that the cost of healthcare is kept within reasonable limits. It follows that greater attention will be paid to ensuring that deductibles and premiums are still within the means of low-income individuals and households when healthcare insurance is introduced as a public option.
Conclusion
Access to physician coverage is an issue for individuals, businesses, and society, according to NHS FPX 6008 Assessment 3. Its resolution must be realistic, equitable, and considerate of cultural and moral constraints. Policies that will reduce financial stress, improve access to health care, and simply make it easier for everyone to get the goods and services they need include Medicaid expansion, public health coverage, and reduced prescription medication costs.
References
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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
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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-uninsure d-under-the-aca-and-implications-of-recent-growth-in-the-uninsured-rate/
KFF. (2019, March 15). KFF Health Tracking Poll – February 2019: Prescription Drugs. The Henry J. Kaiser Family Foundation. https://www.kff.org/health-costs/poll-finding/kff-health-tracking-poll-february-2019-prescription-drugs/
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
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https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=8509&context=dissertations
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https://www.mckinsey.com/industries/healthcare/our-insights/the-gathering-storm-the-transforma tive-impact-of-inflation-on-the-healthcare-sector
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