The future economic needs of the US healthcare system

Controlling Healthcare Expenditures


Controlling the unsustainable healthcare expenditures is one of the healthcare system's future economic needs. Economic demands include reorganizing the insurance industry to obtain lower insurance coverage and lower prices for firms and individuals. The insurance industry's reorganization will provide increased coverage. This will necessitate the government stepping in to offer coverage to vulnerable sections of the community, such as the elderly and the unemployed. The healthcare system must also use technology to minimize the cost of providing healthcare to the population. According to Jacko & Sears (2012), innovative development, application and use of information and medical technology will aid in a lot of cost savings, improve healthcare services and improve the quality of life for citizens.


Why these needs should be addressed


These needs should be addressed to allow the healthcare system to be more patient-centered and promote the patient’s well-being. Addressing these needs will also ensure insurance companies provide individuals with the best insurance coverage. Increasing insurance coverage ensures the population has access to essential health benefits and protection from unexpected medical bills. The uninsured will access better healthcare since "the uninsured people are more likely to receive too little medical care and receive it too late" (Van Servellen, 2009). High healthcare costs have increased the costs of doing business and prevent other investments. The effect is lower capital investments causing a fall in Gross Domestic Product, job losses, and low employment rates. Addressing these issues ensures a brighter future for the US population.


How these needs will be financed


Restructuring insurance to reduce coverage costs will increase uptake allowing private agencies and the government to finance coverage to the uninsured. Increased coverage will free up expenses by the government in paying medical bills for the uninsured providing extra funds to finance the economic needs. Out-of-pocket funds and private insurance will also offer the finance. The US government will have to bear the extra costs considering the full control of healthcare financing by the President and the Legislature.


Conclusion


Rising costs is the main problem of the US healthcare system and stemming these costs is mandatory for a more efficient and effective healthcare delivery. This can be achieved through restructuring the insurance industry and utilizing technology in healthcare. This will promote healthcare delivery and coverage and reduce cost of doing business for businesses. The government, businesses and individuals have roles to play including paying insurance premiums and taxes and government increasing insurance industry role to achieve better healthcare delivery at reduced costs.

References


Jacko, J. A. & Sears, A. (Ed.). (2012). Human computer interaction handbook: Fundamentals, evolving technologies, and emerging applications. CRC press.


Van Servellen, G. (2009). Communication skills for the health care professional: Concepts, practice, and evidence. Jones & Bartlett Publishers.

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