NHS FPX 6008 Assessment 3 Business Case for Change

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FPX 6107

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FPX 6414

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NHS FPX 6008 Assessment 3 Business Case for Change

Student Name

Capella University

NHS-FPX 6008 Economics and Decision Making in Health Care

Prof. Name

Date

The Healthcare Economic Issue: Problem and Potential Impact

The issue of healthcare economics poses a significant challenge with implications for individuals, healthcare providers, organizations, and communities at large. The lack of affordable healthcare insurance not only burdens individuals financially but also affects their overall health and productivity. This paper explores the multifaceted impact of this issue and proposes solutions to address it.

Individual Perspectives

Individuals without proper insurance coverage face financial strain and limited access to healthcare services. This can lead to delays in seeking necessary medical care, resulting in exacerbated health problems and increased financial burdens.

Organizational Impact

For organizations, providing healthcare services to uninsured individuals can escalate healthcare costs and decrease productivity. Absenteeism due to illness or seeking costly emergency care contributes to decreased productivity and financial strain on the organization.

Community Implications

At the community level, the lack of preventive care exacerbates the spread of infectious diseases, reduces economic productivity, and contributes to increased healthcare costs over time.

Feasibility and Cost-Benefit Analysis

Addressing the issue of affordable healthcare insurance requires careful consideration of feasibility and cost-benefit analysis. Factors such as political climate, economic conditions, and resource availability play crucial roles in the implementation of solutions.

Mitigating Financial Risks

To mitigate financial risks, healthcare organizations can implement strategies such as improving cost management, diversifying revenue streams, and implementing risk management strategies.

Evidence-Based Strategies

Evidence-based research supports these strategies, indicating that cost management, revenue diversification, and risk management can improve financial performance and sustainability in healthcare organizations.

Affordable Healthcare Insurance Solutions

Expanding Medicaid, implementing a public option, and addressing prescription drug costs are viable solutions to improve access to affordable healthcare insurance.

Cultural and Ethical Considerations

Proposed solutions must be culturally sensitive, ethical, and equitable to ensure accessibility and fairness within diverse communities and healthcare settings.

Conclusion

Addressing the economic issue of accessing affordable healthcare insurance requires comprehensive strategies that consider feasibility, cost-benefit analysis, cultural sensitivity, and ethical considerations. By implementing evidence-based solutions and prioritizing equity, we can promote health equity and improve access to essential healthcare services for all.

References

Agency for Healthcare Research and Quality. (2021). Developing and implementing a risk management plan: AHRQ patient safety network. AHRQ.gov. https://psnet.ahrq.gov/primer/developing-and-implementing-risk-management-plan

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

Georgetown University. (2019). Cultural competence in health care: Is it important for people with chronic conditions? – Health Policy Institute. Health Policy Institute; GeorgeTown University. https://hpi.georgetown.edu/cultural/

Graves, J. A., Hatfield, L. A., Blot, W., Keating, N. L., & McWilliams, J. M. (2020). Medicaid expansion slowed rates of health decline for low-income adults in Southern States. Health affairs, 39(1), 67–76. https://doi.org/10.1377/hlthaff.2019.00929

Illinois Government. (2021). Feasibility report for coverage affordability initiatives in Illinois. Illinois.gov. https://www2.illinois.gov/hfs/SiteCollectionDocuments/04022021FeasibilityStudyReportFinal.pdf

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-uninsured-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

Kosala, G., & Heengama, B. (2019). Scholar works revenue diversification to improve and maintain service offerings of nonprofit organizations part of the finance and financial management commons, and the organizational behavior and theory commons. Walden University. https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=8509&context=dissertations

McKinsey. (2022). Transformative impact of inflation on the healthcare sector | McKinsey. Www.mckinsey.com. https://www.mckinsey.com/industries/healthcare/our-insights/the-gathering-storm-the-transformative-impact-of-inflation-on-the-healthcare-sector

Nall, R. (2020, September 8). Health equity: Definition, examples, and action. Www.medicalnewstoday.com. https://www.medicalnewstoday.com/articles/health-equity

Peng, Z., & Zhu, L. (2021). The impacts of health insurance on financial strain for people with chronic diseases. BMC Public Health, 21(1). https://doi.org/10.1186/s12889-021-11075-2

NHS FPX 6008 Assessment 3 Business Case for Change

Rapfogel, N., & Calsyn, M. (2021, May 5). Public options will improve health equity across the country. Center for American Progress. https://www.americanprogress.org/article/public-options-will-improve-health-equity-across-country/

Sturmberg, J. P., & Bircher, J. (2019). Better and fulfilling healthcare at lower costs: The need to manage health systems as complex adaptive systems. F1000Research, 8, 789. https://doi.org/10.12688/f1000research.19414.1

Truong, H., Yee, T., & Tu, D. (2022). The impact of cost management strategies on financial performance in healthcare organizations. Journal of Healthcare Finance, 49(2), 1-15. https://journals.lww.com/journalhealthcarefinance/Abstract/2022/03000/The_Impact_of_Cost_Management_Strategies_on.2.aspx

WHO. (2019). Economic and social impacts and benefits of health systems report. Who.int. https://apps.who.int/iris/bitstream/handle/10665/329683/9789289053952-eng.pdf