This website uses cookies to ensure you have the best experience. Learn more

Health Care Spending Analysis

1085 words - 5 pages

Health Care Spending Analysis
Y
Grand Canyon University: HCA-530
November 19, 2014


Health Care Spending Analysis
Health care spending in the United States has been on a steady rise with no signs of slowing down. It is also the highest among developed countries in the world. Although Americans spend the most on health care, this does not translate into the best care available. Many developed countries outrank the U.S. in quality and access of care. Before the Affordable Care Act came along, many individuals and families would forgo purchasing insurance premiums due to the high costs and only utilize emergency rooms when in need of care. Health care reform ideally will address ...view middle of the document...

How these HCOs go about communicating with the community and encouraging wellness could cost them more than they spend outreaching. There are pros and cons but hospitals still stand with the potential to make even more money than before albeit with less opportunity for major profits (Leopardo 2013).
Perspectives and Responsibilities
A HCO’s financial management team has many roles that can be separated in two categories: Controllership and Treasurership. Controllership roles include establishing budgetary systems, reporting and interpreting financial statements, evaluating and consulting cost analyses, submitting Medicare bills and cost reports, internal procedure development to protect assets, and analyzing financial statements to appraise economic health (Cleverley, Song & Cleverley 2011). Treasurership roles include maintaining investor relations assisting in analysis of appropriate dividend payment policy, providing short-term financing by arranging lines of credit, establishing billing, credit and collections policies, choosing investments by analyzing capital investment projects, and managing self-insurance program funds to provide insurance (Cleverley et al. 2011). Bearing in mind national spending is so high and with the impending health care reform finance departments and their staff must find more ways to lower costs by adjusting to the new laws and work with operations management to create, maintain and revise procedures and self-regulation policies to reach their respective goals.
Rules and Regulations
In present day, the goal of any HCO should be to strive to provide better quality affordable services, increase access to care, improve the health outcomes of their patients and its community all while reducing costs and spending. Much easier said than done. Though reducing costs and increasing access seem counterintuitive, it is possible. For example poorly coordinated care leads to 5% of the U.S. population accounting for nearly half of total health care spending. The majority of this small population has high costs because of complex chronic conditions like diabetes, obesity, and heart disease in addition to undiagnosed or misdiagnosed mental health problems. New regulations that will penalize hospitals for high readmission rates by reducing payment for services will create incentive for hospitals to implement systems to reduce preventable readmissions. Quality coordination of care can help patients transition to home life with home-health services or recommend assisted living, nursing homes or rehabilitation facilities instead of simply discharging potentially at risk...

Other assignments on Health Care Spending Analysis

Discuss The Role Of The Federal, State, And Local Legislation Related To Health Care? Give At Least 2 Examples For Each Level

304 words - 2 pages advice from qualified healthcare teams. The United States federal government’s main role in health care is to introduce, organize, finance and oversee the health care policy and its delivery. It creates the blueprint for how the U.S. health care should be carried out on varies levels of U.S. legislation. Health care policies made at the Federal level become highest order of laws and guideline for which the state and local governments must

Indian Health Services Essay

4324 words - 18 pages closed, meaning there will be no more “donut hole,” and individuals will only pay 25% of the costs of their drugs until they reach the yearly out-of-pocket spending limit. Third party reimbursements from Medicare, Medicaid, the Children’s Health Insurance Program (CHIP) and private insurance will help IHS fund needed health care services. Within the Affordable Care Act, the Indian Health Care Improvement Act Reauthorization (IHCIA) helps

Health Care Failures

319 words - 2 pages To: From: Date: February 20, 2014 Re: Health care failures ________________________________________________________________________ In response to your request, this memo provides an account of one of the biggest failures in our health care system, the lack of effective communication between stakeholders. This failure in the system has caused inefficiency and duplication of efforts, which in turn result in unnecessary spending and poor

Core Value Paper

1658 words - 7 pages legislation or judicial action, most people agree that our present course of health-care spending is unsustainable (Kirsh, 2011). Apart from costs, the health-care time collapse facing colleges and universities in another important dimension; the ability to provide a sufficient health-care workforce for our nation. The country's population is aging, and 32 million Americans will gain access to health insurance through the new healthcare

Income, Risk, And Consumer Demand For Healthcare

2428 words - 10 pages the increase in gross investment from spending an additional dollar on medical care equals the increase in gross investment from spending an additional dollar on time” (Pg.17). Now, health capital falls over the life cycle, however the gross investment can increase, decrease or even remain constant. This happens when a rise in the rate of depreciation (as we age our health depreciate) reduces the amount demanded of health capital and the capital

Report Of Management

288 words - 2 pages 2) How can you attract talented people to join into your group? Some factors considered that will help enhance group’s attractiveness: 1.  Compensation & Benefits Package * Competitive salary * Bonus & incentive compensation * Health care & life insurance benefits * Tax-saving retirement plans  * Consider providing other types of fringe benefits… stay competitive in the marketplace by offering employees

Business Plan For Fitness Center

5727 words - 23 pages customers with unmet needs. Fitness Plus will primarily exist to provide health care facility to the lower income class without compromising on quality of service. BizPlanCorner.com Marketing Plan Market Analysis: 4.1 Market Description According to a survey by The International Health Racquet & Sports Club Association in year 2007, it was mentioned that there are 29,636 health clubs in United States that house a total of 41.5 million3

Universal Health Care

724 words - 3 pages it is run by the government.[2] I personally understand health care cost, and spending is a major concern for our society. Many governments around the world have established all-embracing health care, which takes the burden of health care expenses off of private businesses or individuals through pooling of financial possibility. There are tons of arguments for universal health care, and related health care practices. Health care

Course Project Quality Improvement In Healthcare

4236 words - 17 pages such an important phenomenon in the market for health care. For this reason, the role of health insurance will be discussed before the analysis of markets for other health care services. It is important to clearly distinguish between health and health care. Health can be considered a form of human capital (like education), and medical care and other components of health care are inputs into the production of health. Spending on health is more

Healcare

2069 words - 9 pages Maria Hernandez Ms. Lily Healthcare System History The aim of the essay is to compare heath care systems in different countries and find out whether the dominance of public or private spending is optimal for the society; here the comparison between UK and USA health care system will be appropriate. Question #2 In the USA nowadays the Private Health Insurance system is the major provider of health care services. Is this situation adequate to

Health Care Economics

1014 words - 5 pages any organization. In economics and health these resources have values and costs. Therefore, a comprehensive cost-benefit and cost effectiveness analysis must be conducted in order to make the right choice. References Agency for Healthcare Research and Quality. (2005). Guide to health care quality. Retrieved from http://www.ahrq.gov/consumer/guidetoq/guidetoq4.htm American Economic Association. (2011). What is economics? Retrieved from

Similar Documents

Health Care Spending Essay

879 words - 4 pages Economic Terms and Health Care History Tina Hamm HCS 440 November 28, 2011 Nanc Renninger There are many terms that are used in Healthcare History, some of which have been used since the beginning of time and some that have been adapted over the years with the never ending changes in healthcare. In the next few paragraphs we will learn when these terms began and where they take place. When one learns the history of healthcare and the

Health Care Spending Essay

1602 words - 7 pages The Franciscan Alliance Learning Team B HCS/335 Health Care Ethics & Social Responsibility January 13, 2014 Claudia Unrein Introduction The Franciscan Alliance is a health care organization that provides access to the latest technology and offers a variety of health care services such as cancer care, rehabilitation, senior services, hospice, amongst other services. In 1875, a group of Catholic Sisters from Olpe brought St

Ratio Analysis In Decision Making For Health Care Organization

845 words - 4 pages Ration analysis Financial statements paint a picture of financial health of an organization. Important aspects of the financial statement of a health care organization are ratios. Analysis of ratios show how two numbers relate or compare to one another. Ratios are a way for organizations to make comparison. These comparisons not only encompass what is happening presently but can also be used to make comparisons about numbers and ratios over

Medical Out Of Pocket Expenses Essay

4481 words - 18 pages ” (e.g., less-than $100) spending amounts. Similarly, out-of-pocket health insurance premium A round is the same concept as a wave in SIPP. In the MEPS it is possible to redefine families using the same definition as the CPS. Weights are also provided for each family definition, and this analysis makes use of those weights. 8 The MEPS non-premium MOOP spending categories are: office- and hospital-based care, home health care, dental services, vision