The Relationship between healthcare reimbursement and Economics
Health care reimbursement and economics
Every day is a challenge for medical facilities to survive in the American health care climate, particularly with regards to financial. In fact, it is becoming increasingly difficult to find money to fund improvements such as quality care initiatives while being competitive and staying afloat. The top four of these challenges have been identified and discussed. The first challenge is meeting compliance and regulatory requirements that include outcomes from procedures to patient privacy.
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Failing to meet these requirements could have serious consequences so it is vital for the facility to invest funds in meeting the requirements The Relationship between healthcare reimbursement and Economics. The second challenge is how to adapt to the market forces that include competition, difficulty in recruiting and retaining top talent, and patients being heard as consumers. These act as financial pressures that increase expenses and cut into the profit margins. The third challenge is access to technological transformations and digital innovations with medical facilities finding it difficult to maximize their benefits due to outdate structures and cost constraints. There is increased pressure to use technology to improve patient outcomes, and yet implementing technology changes costs money (Mason et al., 2015). The fourth challenge is how to manage financial investments in a capital constrained environment. Between the growing demands of patients, expanding health care access, and frequently changing laws, medical facilities are forced to access more financial resources. This concern along with the pressure to boost outcomes in the face of cost cutting measures places restrictions on how much a medical facility can spend to improve care delivery (Northouse, 2016). There are four strategies that can be applied to respond to the four challenge. The first strategy is sharing resources with other medical facilities through cooperation agreements. The second strategy is bundling services to save total ownership costs, such as purchasing unified systems from the same vendor to include service, software and maintenance costs. The third strategy is to use alternative payment methods such as rentals and leases. The final strategy is to find alternative funding sources to improve capital (Curran, 2016) The Relationship between healthcare reimbursement and Economics.
References
Curran, C. (2016). Nurse on board: planning your path to the boardroom. Indianapolis, IN: Sigma Theta Tau International.
Mason, D., Gardner, D., Outlaw, F. & O’Grady, E. (2015). Policy & politics in nursing and health care (7th ed.). St. Louis, MO: Elsevier.
Northouse, P. (2016). Leadership: theory and practice (7th ed.). Thousand Oaks, CA: Sage Publications The Relationship between healthcare reimbursement and Economics.