Question

3) In Chapter 5 we discussed Medical Technology. Some people believe medical technology saves money and others believe it is the biggest cause of medical costs rising. What do you think and why?

Answer 1

Technology has been in much demand for several kind of business and when it comes to medicine, Medical technology has a very important role in mainiting the quality of life, lives of patients, lives of medical professionals and students training to be come medical experts. Coming to the statement ''Medical techonolgy saves money & is also the biggest cause of costs rising '' neither of the statements are wrong. Medical technology palys a very important role in saving the lives of people accross the globe, it also has its own advantages and disadvantages. Coming to saving money- it indeed helps save money. According to a study from the University of Michigan, shifting from paper to electronic health records reduced the cost of outpatient care by 3%. These researchers estimated this as $5.14 in savings per patient each month. Based on this, in a large hospital network the amount that can be saved is incalculable. Coming to cost rising- yes it does effect the people of low socio economc status. However there are different health care plans available for people of low socio economic status and people below the poverty line. Choosing the right health care plan based on the economic status will help the indiviual balance the finance. Likewise there are many such examples that can support the statement. Thus Medical technology has both pros and cons of which the causes for the cons can be found and minimized to a certain extent.