Question

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HCM 231

*** Please complete my answer to be 500 words ..  I need new and unique answers, please. (Use your own words, don't copy and paste)***

EXHIBIT 1.8 FACTORS AFFECTING THE COST OF CARE Factors Contributing to Decreases in Costs • Value-based purchasing • Management of physician preference in medical devices Factors Contributing to Increases in Costs • Emerging medical technology Genric drugs coming onto the market • Chronic diseases . More robust use of health IT to manage populations and prevent medical errors • Aging population • Lean/Six Sigma initiatives • Influx of participants into the market due to extended coverage and insurance mandate Professional liability and malpractice costs Informed consumers responsible for more of the cost of care • Workplace wellness and employer programs

Each student should write a page and a half about any factor that contributing in decreasing or increasing the cost of healthcare.

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*** Please complete my answer to be 500 words ..  I need new and unique answers, please. (Use your own words, don't copy and paste)***

Decreasing the Cost of Healthcare

Generic Drugs Coming onto the Market:

Choosing a generic drug can give you indistinguishable advantages from marked prescriptions – however at an extensively lower cost.

At the point when another drug is created, it is ensured by its patent for a specific number of years. This assurance permits the pharmaceutical organization to recover its expenses and make a benefit. When this stops, any drug maker can deliver their own proportionate, which is normally sold at an essentially lower value, given that this producer has not brought about all the expenses related to creating and making the drug. These are known as generics.

Generic drugs contain a similar compound piece as brand-name drugs. They likewise keep up indistinguishable attributes from the non-conventional variants. A precise of the first equation is required to guarantee the conventional drug can be utilized as an equivalent substitute for its image name partner. These conventional drugs come at a much lower cost than their image name partners.

Along these lines, one of the best approaches to lessen drug costs is to empower the accessibility of conventional drugs. Nonexclusive drugs are ordinarily 80–85 percent more affordable than brand-name drugs, as indicated by the Food and Drug Administration.

Nonexclusive drugs are getting progressively well known, as more specialists are recommending increasingly moderate conventional drug choices. In spite of the fact that drug costs have soared, making value controls as certain administrators have proposed isn't the appropriate response. Conventional changes can cut down drug costs by streamlining the endorsement procedure for both new and nonexclusive drugs.

Albeit generic drugs have a similar dynamic fixing as marked drugs, they are created in an unexpected way. This implies they may have distinctive bioavailability from either the marked drug or, for sure, other generic drugs of a similar class. Regularly, this won't influence the patient as far as viability and security, yet in drugs with a limited helpful file, this might prompt unfavorable impacts.

Answer 1

Decreasing the Cost of Healthcare

Value-based Purchasing

Value-based purchasing is a proactive approach that sets the setback of a health care service provided rather than the number of health care services or the number of treated clients. There are several benefits for value-based purchasing which are open to us. It helps clients to approach the health care sector for exceptional treatment for reduced costs thereby reducing the financial stress on clients acquiring medical services (National Cancer Institute, n.d)

Value-based Purchasing works in such a way that it reduces the cost of services by switching the concept of services offered. However, it provides the same outcome measure by decreasing the cost of medical care (Araujo. M, 2020). Moreover, it increases the effect of well-being beyond accelerating the health care cost. Several evidence-based types of research state that medical errors are one of the major cause of increased health care cost. However, value-based purchasing considering the effectiveness of the health care provider has a huge impact on downsizing the cost of medical care. Thus it increased the patient satisfaction and reliability of health care services provided to the population (Reggis College, n.d). Another advantage of value-based purchasing is the inclusion of resources and patient education strategy which has a huge impact on prevention and health promotion. It helps to evaluate and make dietary changes thereby improving the communication and psychological or emotional support to clients. Value-based purchasing also helps to implement suggestions and plans inclusive to technology. Thus it helps to make realistic lifestyle modifications. Thus it reduces the healthcare-related cost in the health care system (Araujo. M, 2020).

Some other benefits of Value-based purchasing to save the health care providers, clients and the system are:

· Prohibiting avoidable emergency visits

· Inhibiting morbidities from worsening the patient’s health using appropriate management policies

· Decreasing readmissions or redundant medical tests.

· Excluding avoidable managerial procedures or approvals.

· Standardized cost effective processes

· Provision of improved systemization of medical teams and reliability to medical car.

· Granting employers to allege value-based care benefits for the employees. This reduces the health care cost by improving the health and welfare of the employee thereby increasing the productivity and absenteeism.

· Promoting intense collaboration, communication and interpretation of the policies for drug companies. So that the associated drug costs are directly proportionate to the health outcomes. (Araujo. M, 2020).

An article by Jacqueline LaPointe called “Value-Based Care Reduces Costs by 5.6%, Improves Care Quality” in 2018 states that value-based purchasing triples the goal attainment as fee-for-services plummets to 37.2 percentage of repayments in 2018. Seventy-seven per cent of the dwellers reported quality care improvements in 2018. Further seventy-three per cent of dwellers aforesaid that value-based purchasing strategies or care is effective in terms of patient engagement and satisfaction (Jacqueline LaPointe, n.d) However it is disappointing that some doctors are not implementing the value-based purchasing model as they consider this approach as a risky strategy without any evidence or proof to support how it works (Extract, 2018).