Wasteful Spending In Healthcare Discussion
Describe a type of health care spending that you consider wasteful or services that you consider have little or no benefit. Explain why you find the spending wasteful, and if eliminated, what impact it may have on the American public. Wasteful Spending In Healthcare Discussion
One of the most significant spending issues in healthcare is the lack of pricing for numerous healthcare services and products. In the US, healthcare expenses are higher than in other developed countries globally. The increased healthcare costs are mainly due to a lack of transparency in price, which leads to significant cost-related issues which lead to wasteful spending. Holdsworth (2019) indicates that pricing failure leads to $230.7 billion to 240.5 billion in healthcare expenses each year. Implementing effective measures to eliminate waste represents an opportunity to reduce the continued increases in healthcare expenditures. In the competitive market, the prices of goods will be nearly the price of the production of the items. However, due to the lack of market competition in healthcare, certain medical devices and services such as MRI are much more expensive. This increases the costs of unnecessary healthcare spending each year.
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The lack of transparency is due to the healthcare prices often decided by third parties, and the healthcare users are confused about the high prices levied for necessary services. The patients also find out about the costs of healthcare after the services have been delivered (Holdsworth, 2019)Wasteful Spending In Healthcare Discussion. Healthcare providers must report the costs of various treatments and services before delivering the services. It is used to define the customers’ healthcare services and decide whether they can obtain them. The patients need to be informed of the total expenses, agreed on payer-specific payments, and the expenses of treating patients. Improved accountability will improve trust and the relationship between physicians and patients in healthcare organizations (Shrank et al., 2019)Wasteful Spending In Healthcare Discussion. Through competitiveness, transparency will increase quality, consistency, and performance across the overall healthcare sector.
References
Holdsworth, M. (2019). Wasteful Spending in Health Care: A US and UK international comparison. Revue Française de Civilisation Britannique. French Journal of British Studies, 24(XXIV-3). https://doi.org/10.4000/rfcb.4381
Shrank, W. H., Rogstad, T. L., & Parekh, N. (2019). Waste in the US health care system: estimated costs and potential for savings. Jama, 322(15), 1501-1509. doi:10.1001/jama.2019.13978 Wasteful Spending In Healthcare Discussion
