Medicine, medical supplies, and medical treatment are multi-billion dollar industries crucial to the wellbeing of the public. Doctors and other members of the health-care industry do their best to provide excellent care for the nation’s sick and injured, while scientists and researchers work to develop new drugs and technologies to fight disease. We often view medical care as a basic human right; something that all persons, rich or poor, should have access to in times of need. But despite our notions of what healthcare should be, those who make a living in this industry, specifically owners of firms, must contend with the same economic questions facing businesses in any industry. To learn more about this vast service industry, I interviewed Dr. Martin Slez, a dentist/oral surgeon and owner of a medical practice that provides both general care and specialized treatments for oral diseases. Of the topics discussed, firm goals, pricing, costs, and technology stood out as particularly interesting and unique facets of the organization, as they differed considerably from those in other industries. When asked to state the primary goal of his business, Dr. Slez cited “high quality health care service” as the firm’s main objective. The effective treatment of, and development of trust with, the practice’s patients, Dr. Slez continued, takes precedence over profits. Indeed, if all healthcare firms placed profits above patient care (and many do) we would be far worse off. While doing what is needed to stop the spread of a disease or alleviate pain may not always be the most cost effective approach, it is the approach demanded by the government and general public. This is not to say that Dr. Slez’s firm does not try to maximize profit. The f... ... middle of paper ... ...d about the economic nature of new technologies, Dr. Slez emphasized that “costs almost always increase with new equipment”. When deciding whether or not to adopt a new technology, Dr. Slez cited cost of implementation, industry standard, and efficacy relevant to the current market as his primary considerations. “If a treatment costs more but is no more effective, we won’t adopt it” he continued. Technology, as with all other aspects of the firm, must be consistent with that firm’s goals; excellent care at an affordable cost. Overall, the interview allowed me to apply the concepts covered in class to a real world scenario. Dr. Slez was happy to discuss the nature of his business, and did so clearly and concisely. The experience has deepened my knowledge of both the health-care industry and the free market system as a whole, and I hope to learn more in the future.
The Bitter Pill by Brill Steven addresses the problem attached to medical bills in small towns across the country. Brill feels that American health care is eating away our economy and our treasure and discusses the costs associated with the provision of health care services in the U.S. The article explores the medical world through the medical experience encountered by a 50-year-old Scott S. and his wife Rebecca S. from the surrounding suburb near Dallas Texas. How is it possible that a laboratory work for a breathing problem cost $132,303?
The health care organization with which I am familiar and involved is Kaiser Permanente where I work as an Emergency Room Registered Nurse and later promoted to management. Kaiser Permanente was founded in 1945, is the nation’s largest not-for-profit health plan, serving 9.1 million members, with headquarters in Oakland, California. At Kaiser Permanente, physicians are responsible for medical decisions, continuously developing and refining medical practices to ensure that care is delivered in the most effective manner possible. Kaiser Permanente combines a nonprofit insurance plan with its own hospitals and clinics, is the kind of holistic health system that President Obama’s health care law encourages. It still operates in a half-dozen states from Maryland to Hawaii and is looking to expand...
happens if you are at a call and another call comes in? A: If a
For this assignment I was able to interview Regina Bowman RN, BSN. Her current position is that of the Director of Medical Surgical Nursing. Her position places her over top of seven nursing units between two facilities. Regina graduated from the Mercer Medical School of Nursing in 1979 with her diploma in nursing. The Mercer medical school of nursing is still in operation although it has been renamed the Capital Health School of Nursing. Her return to school started after graduation. She enrolled at Mercer County Community College to obtain her Associates. Secondly she attended La Salle University and received her Bachelor’s in Nursing in 2003. Lastly she is currently enrolled at the Thomas Edison State University, and has a prospective graduation of 2011 with her Masters Degree in Nursing. Regina has work in many clinical jobs, both in and out the hospital. Initially she began her nursing carrier as a medical surgical nurse shortly after graduation. After she gained experience she worked in the emergency room only to return to med-surge as an assistant manager. Subsequently the unit in which she worked closed and Regina was placed in an outpatient setting managing hospital owned physician groups. This position leads to her return as the manager of 7 East a general medical unit. This position eventually gave her the opportunity to hold her current position as a hospital director.
Throughout this book, author Robert Welch demonstrates values of compassion, caution, and knowledge. These values interweave in Welch’s explanations of how the healthcare system of this country has so much money invested in it, and yet, manage patients receive so little care. This country has a healthcare system that is currently operating out of a broken model that does not place value on individual health, but on profit incentive.
...lthcare system is slowly shifting from volume to value based care for quality purposes. By allowing physicians to receive payments on value over volume, patients receive quality of care and overall healthcare costs are lowered. The patients’ healthcare experience will be measured in terms of quality instead of how many appointments a physician has. Also, Medicare and Medicaid reimbursements are prompting hospitals, physicians and other healthcare organizations to make the value shifts. In response to the evolving healthcare cost, ways to reduce health care cost will be examined. When we lead towards a patient centered system organized around what patients need, everyone has better outcomes. The patient is involved in their healthcare choices and more driven in the health care arena. A value based approach can help significantly in achieving patient-centered care.
Davidson, Stephen M. Still Broken: Understanding the U.S. Health Care System. Stanford, CA: Stanford Business, 2010. Print.
Porter, M.E., (2010). What is the value in healthcare? New England Journal of Medicine. 363:2477-2481
Even with health care coverage being at the tips of our finger, we still are positioned with the question how will I pay for this, as well as where this money comes from. Reports have indicated that the United States has spent “$2.2 trillion for health care in 2007, which was an increase of 6.7% from $2.1 trillion in 2006” (Wexler). This revenue comes to all of our taxable expenses, which in turn trickles down to the Affordable Care Act. Receiving any medical care, is expensive in general, from staffing of the hospitals to creating the medication that someone needs to further their lives. Wexler addresses the increase of medication production. ” One of the fastest-growing components of health care is the market for prescription drugs. In 2006 Americans spent $216.7 billion on prescription medication—this was an 8.5% increase from $199.7 billion in 2005” (Wexler) The increase can be a good way to think of how the money is spent. We fund the projects that in turn create fundamental medications to help those who need
The balance between quality patient care and medical necessity is a top priority and the main concern of many of the healthcare organizations today. Due to the rising cost of healthcare, there has been a change in the focus of reimbursement strategies that are affecting the delivery of patient care. This shift from a fee-for-service towards a value-based system creates a challenge that has shifted many providers’ focus more directly on their revenue. As a result, organizations are forced to take a hard look at the cost of services they are providing patients and then determining if the services and level of care are appropriate for the prescribed patient care.
Rising medical costs are a worldwide problem, but nowhere are they higher than in the U.S. Although Americans with good health insurance coverage may get the best medical treatment in the world, the health of the average American, as measured by life expectancy and infant mortality, is below the average of other major industrial countries. Inefficiency, fraud and the expense of malpractice suits are often blamed for high U.S. costs, but the major reason is overinvestment in technology and personnel.
In sum, America needs to reevaluate the status quo surrounding medical care. It is becoming increasingly apparent that the current model only benefits a select few and causes insufferable costs for the rest of the world. If there is no reform for these issues, money will continue to be siphoned directly into the pockets of large, for-profit companies that benefit from the strife of
According to Harry A. Sultz and Kristina M. Young, the authors of our textbook Health Care USA, medical care in the United States is a $2.5 Trillion industry (xvii). This industry is so large that “the U.S. health care system is the world’s eighth
The United States health care system is one of the most expensive systems in the world yet it is known as being unorganized and chaotic in comparison to other countries (Barton, 2010). This factor is attributed to numerous characteristics that define what the U.S. system is comprised of. Two of the major indications are imperfect market conditions and the demand for new technology (Barton, 2010). The health care system has been described as a free market in
The cost of US health care has been steadily increasing for many years causing many Americans to face difficult choices between health care and other priorities in their lives. Health economists are bringing to light the tradeoffs which must be considered in every healthcare decision (Getzen, 2013, p. 427). Therefore, efforts must be made to incite change which constrains the cost of health care without creating adverse health consequences. As the medical field becomes more business oriented, there will be more of a shift in focus toward the costs and benefits, which will make medicine more like the rest of the economy (Getzen, 2013, p. 439).