Compare and contrast the role of finance and economics in the management of health systems in the U.S. and international markets.
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Scenario
Metropolitan Memorial is a large healthcare organization in a major city. The hospital has been providing medical care to the patrons of the state for 10 years but recently has noticed that the competition has been affecting its financial growth. The board that governs over the hospital has decided that they would like to expand their patient niche into the rural portions of the state. The CEO of Metropolitan Memorial has made you the team leader of the group in charge of analyzing the financial and economic impact of the expansion.
Instructions
Before initiating the plans for expansion, the CEO has requested you complete a project proposal using presentation software such as PowerPoint using speaker notes for each slide or voiceover narration. Your presentations should addresses the following key points:
Examine an international market in which expanding coverage of care yielded a positive economic impact.
Identify an appropriate healthcare delivery model for the expansion of care.
Full Answer Section
The role of finance and economics in the U.S. health care system can be seen in a number of ways. First, financial considerations are a major factor in determining the availability and cost of health care services. For example, the price of a prescription drug is often determined by the market, rather than by the cost of developing or manufacturing the drug.
Second, financial considerations also play a role in the decision-making process for patients and providers. Patients may choose to forgo certain treatments because they are too expensive, and providers may make decisions about which tests or procedures to order based on the cost of those services.
Third, finance and economics are also important in the management of health care organizations. Health care organizations must be financially viable in order to survive, and they must make decisions about how to allocate their resources efficiently.
International Markets
The role of finance and economics in the management of health systems varies from country to country. In some countries, such as the United Kingdom, the government plays a central role in the financing and delivery of health care. In other countries, such as Germany, there is a mixed system of public and private health care.
In general, the role of finance and economics in the management of health systems is becoming more important in international markets. This is due to a number of factors, including the rising cost of health care, the aging population, and the increasing demand for transparency and accountability in the health care system.
Comparison and Contrast
The role of finance and economics in the management of health systems in the U.S. and international markets is similar in some ways and different in others. One similarity is that financial considerations are a major factor in determining the availability and cost of health care services in both countries. However, there are also some important differences. For example, the U.S. health care system is more market-based than many international systems, which means that market forces play a greater role in determining the price of health care services.
Another difference is that the government plays a more active role in the financing and delivery of health care in many international markets than it does in the U.S. This is because governments in these countries are concerned about ensuring that all citizens have access to quality health care, regardless of their ability to pay.
Conclusion
The role of finance and economics in the management of health systems is becoming increasingly important in both the U.S. and international markets. This is due to a number of factors, including the rising cost of health care, the aging population, and the increasing demand for transparency and accountability in the health care system. As the role of finance and economics in health care continues to grow, it is important for health care organizations to be aware of the implications of these trends and to develop strategies to manage them effectively.