Health Care Financing

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Question Market Based Approach Government Financed Approach Advantages/Disadvantages
Who is provided access? The market based approach offers access to customers and companies that consist of big, little, and individuals companies. (Coulter,2008) In the United States, the poor and the elderly contain access to Government health for instance Medicare/Medicaid.(Medicaidpatients.com) With market based approach individuals can pick what physician they want. With Government Financed approach the physician are pick for you.(Finance Health Care)
How much coverage is provided? The coverage depends on the need of the customer.(Coulter,2008) The coverage has set limitatation. It only covers the basic healthcare needs for instance hospitalization, child birth, and rest home and preventive care.(hhs.gov) The advantage of market based approach the physicians have a lot of freedom to do different test. But Government financed approach the physicians have a lot of limitation on test.(Finance Health Care)
How are the services paid for? They are paid by customers through deductibles healthcare plans. (Coulter,2008) They are paid jointly by the state and government (hhs.gov). The advantages of market based approach you get more for what you pay for. The Government financed approach they only pay for the minimum healthcare.(Finance Health Care)
How does reimbursement apply? Market based approach are reimbursements to customers through premiums with a set once a year limit. One way could be through a Health Reimbursement Arrangement(HRA)(Coulter,2008) Gov. Financed Approach Medicare and Medicaid reimbursements don’t typically relate to Medicare and Medicaid deductibles or Medicare and Medicaid premium(Anderson,2009) The advantage in market based approach reimbursement is tax free for the customer’s premiums and their out of pocket expenses.(Finance Health Care)
Are there limitations on care? Market based approach differ across the country. Due to difference in cost of living, and the doctors in the area.(Coulter,2008) Gov financed approach do have limitation on care from doctor, hospitals and prescriptions drug the doctor can use. ( hhs.gov) Market based approach do not have limitations on care the doctor can order different test. Government financed approach doctor have limitation on the test they order.(Finance Health Care)
What guides care decisions for patients? Customers can have a individual position in caring for their health, select suitabletreatment for period of sickness and disease. (Coulter,2008) With Government financed approach the customers have limitation on the decision on their guide for care. (hhs.gov) The Market based approach has the advantage over Government financed approach because they have less limitation on physician and treatment.(Finance Health Care)
What is the quality of services? Market based approach offers advanced quality of service with a lot of improvements in healthcare and medicine that is needed. (Coulter,2008) Government financed approach offers lesser quality of service due to the limitation of healthcare and medicines that can be used.(hhs.gov) Market based approach have a big advantage over Government financed approach when it come to quality of services because doctors have a variety of option when it come to healthcare treatment.(Finance Health Care)
Are there competitive options? Market based approach customers have a huge number of completive to choose from (Coulter,2008) Government financed approach does not have completive option to choose from all.(hhs.gov) Market based approach customers can compare competitive prices. Government finance cannot they can only use what Medicare and Medicaid use.(Finance Health Care)
How much are prevention and wellness emphasized? Market based approach it has a lot of emphasized on wellness and prevention due to the fact that it helps the private insurance companies with cost for healthcare.(Coulter,2008) Since the Affordable Care Act Government financed approach have develop prevention and wellness for instance different screenings, vaccinations, and therapy services. (hhs.gov) Market based approach are more versatile than Government finance approach they have more stipulation than private insurance companies.(Finance Health Care)
How are health care costs managed and controlled? Market based approach healthcare cost is managed by premium rates to the customers. (Coulter,2008) Government financed approach healthcare cost have cap or a limit they can they have to go. (Anderson,2009) Government financed approach have a big advantage over Market based approach because it is basically free.(Finance Health Care)
How are medical advances generated? Market based approach medical advance generated are very limited to treatment and procedure that can be done that may be cost effective. (Coulter,2008) Government financed it can help with state and government funding. (Anderson,2009) Government financed approach has the advantage over market based approach because funding is more flexible.(Finance Health Care)
How is health care reform established? Market based approach find way and measure to what is really needed more attention and what do not(Coulter,2008) Government financed approach have a lot budget cuts. (hhs.gov) They both have a disadvantage because they are both trying to find way to cut money.(Finance Health Care)

In market-based approach health care is normally carries through private group and customers and every measurement of this system is focus toward several stage of competitive. Presently a lot of dissimilar consumers, physicians and providers, and citizens that have insurance are able to decide on the serves that they want the most. Physicians might have the advantage of better-practice plan that point out what time and the special treatment must be use, although they are open toward making health care choice on a case-by-case basis, judging the requirements of every patient. Market based approach have only one disadvantage of their system and this is when doctors and patients enclose open option to skill of healthcare that is demanding and several replication of services can take place(Financing Health Care,2006).

In Government financed approach has a tendency to offer everybody living in the nation that has coverage to advocates contact to a quantity of required stage of healthcare. The majority citizens pay in support of these systems like Medicaid and Medicare during taxes and additional charge. Government-financed health care plans, are normally have control to put restrictions on the care accessible to patients and physicians so they can make sure costs stay down (Financing Health Care 2006).

Reference

Anderson.A (2009) Medicare Reimbursement Retrieved from https://www.medicare.com/administration/how-do-i-get-reimbursed-by-medicare

Coulter.A, Parsons. S, and Askham.J (2008) Where are the patients in decision-making about their own care? Retrieved from http://www.who.int/management/general/decisionmaking/WhereArePatientsinDecisionMaking.pdf

Financing Health Care (2016) Retrieved from https://www.jnj.com/sites/default/files/pdf/financing-health-care.pdf

Medicare’s Preventive Care Benefit: What It Means for You (2012) Retrieved from http://familiesusa.org/sites/default/files/product_documents/Consumer-Guide-Medicare-Preventive-Care-Benefit.pdf

Medicare: Pro and Con (2011) Retrieved from http://www.medicaidpatients.com/medicaid-pros-and-cons/

Strategic Goal 1: Strengthen Health Care (2016) Retrieved from http://www.hhs.gov/about/strategic-plan/strategic-goal-1/#obj_dhttp://www.hhs.gov/about/strategic-plan/strategic-goal-1/#obj_d




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