Future Issues in Health Care Funding

Future Issues in Health Care Funding

Lauren Hazely, Kimberly Nicholson, Margarita Pino, Carmelle Tanazi & Angela White

HCS/405

Technology Impact

Technology is the gateway to advancements, innovative ideas, solutions, and concepts for the overall success within the medical field. Furthermore, new developmental techniques and innovative advancements will continue to change the face of health care for many years to come. To begin with, health care professionals have found technology to be immensely beneficial because of how it enables statistical documentation of the entire population. Hendricks (2013), “Technology is one of the main changes that are revolutionizing the medical field this includes electronic medical records which deals with how technology is important with the growth within the health care field today” (Electronic Medical Records). Electronic medical records (EMRs) allow health care professionals to access all his/her patients’ medical records, diagnosis, and the overall outcome every received as well as any questionable illnesses that may be creating a problem.

Finance Impact

Financial managing always involves in the management routine commercial operation like making cash available for expense such as payroll and maintain a cash cushion for unexpected cost and negotiating contracts. At the company, executive levels, financial managements provide to the other associates of the leaderships team with material to make the plan to formulate for the future. For example, healthcare provider, like large hospitals and physician practices may decide to provide extended test or treatment by purchasing new medical equipment. When finance management meets with different financial goals, I believed business strategy and financial managements are intertwined. Hospitals used to buy up the neighboring physician practice, and then doctors who sell their practice went to work for the same the hospital, or these hospitals become regional hospital systems. To our opinion, financial managements is fascinating and satisfying at the same time, because the movements of managing people require a lot of complex valuations of system risk and patients risk. In general, the impressions complex has inferences both personal and professional behavior. It is worthwhile, because of the health care settings today, and in the predictable future, is making manager to increasing stress on financial allegations when making an operational decision.

State Government Impact

One of the impacts state government in health care has had is assisting with the federal government in providing health care coverage through regulating Medicaid. It is being regulated by the individual state and coverage can be different from state to state (Larrat, Marcoux & Vogenberg, 2012). State governments have traditionally played an important role in health care regulation and financing. States also engage in cost-shifting behavior, as they have been found to encourage transferring patients from Medicaid-reimbursed care—the costs of which are split with the federal government—to Medicare-reimbursed care, for which the federal government pays without a state split (Larrat, Marcoux & Vogenberg, 2012). Compounding matters is the fact that dual eligible patients tend to be both poorer and sicker than average, increasing costs for both the health care providers and the government programs themselves. In this way, the dual eligible uncertainty, created by having government as such a large payer, can wreak havoc on patients who fail to receive the coordinated care they need, and create health care administrative nightmares for providers.

Federal Government Impact

According to “Nap.edu” (2018), “The federal government has the central role in shaping all aspects of the health care sector. Strong federal leadership, a clear direction in pursuit of common aims, and consistent policies and practices across all government health care functions and programs are needed to raise the level of quality for the programs’ beneficiaries and to drive improvement in the health care sector overall.” (para. 1). It’s the government responsibility to regulate the health care purchaser and provider and make sure it is an affordable and inside the ethical standards for the society. Most of the medical cost affect directly the federal and state government finances the healthcare is one of the more expensive systems in the United States. The federal government collectively manage billions of dollars through Medicare, Medicaid, and public employee benefit programs. The state and the federal government needs to work together to regulate the high cost of medical services without affect the quality of the services. Applying new reforms can help but there are many resources involved to make the reform works like new technology, training and integration of healthcare providers to the new reform, those are also expensive cost to the federal government.

References

Hendricks, D. (2013). How Technology Is Changing the Medical and Health Care Field. The

Huffington Post Blog. Retrieved from

http://www.huffingtonpost.com/drew-hendricks/how-technology-is-changin_b_3273542.html

Larrat, E.P., Marcoux, R.M. & Vogenberg, F.R. (2012). Impact of Federal and State Legal Trends on Health Care Services. US National Library of Medicine National Institutes of Health Retrieved from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3351856/

Nap.edu. (2018). Retrieved from https://www.nap.edu/read/10537/chapter/5

University of Phoenix. (2017). Health reform implementation transforms hospital financial

management. Retrieved from University of Phoenix, HCS405 website.