Solutions to the Rising Cost of Care

The solution to the Problem

Introduction

The objective of achieving inexpensive and quality care for all has been hindered by the rising costs of health care. Experts assert that if the government fails to intervene and bring down the cost of health care, the mounting charges will limit the ability to provide other services such as education and job creation (Stanton & Rutherford, 2006). Research indicates that the high spending by the government does not automatically translate to quality health care and strategies must be devised to cut down the costs. The high government expenditures have not been effective in guaranteeing quality health care to the citizens, and it is only based on the assumption that increasing medical funding will boost innovation, which may translate into excellent care. This paper will explore the strategies that could be implemented to bring down the mounting costs of health care in various facilities while at the same time ensuring that quality is guaranteed.

Background for the Selection of the Solutions

The recommended solutions are based on research findings documented in the currently available literature. Various researchers have embarked on research to establish their effectiveness in lowering the cost of medical care in the US (Olsen & Young, 2010). Different experts and economists concur that the recommended solutions may go a long way in cutting down the cost of care that has exhibited an increasing trend over the past few decades. The huge government expenditures on health are likely to deter the ability to provide other crucial services to the citizens. Therefore, effective solutions should be premised on the various recommendations by experts and financial analysts.

Bundled Payments

This strategy involves paying a lump sum amount for the entire services given to a patient as opposed to separate payments. Under the traditional system, payments are made separately to the various units involved in the provision of care (Stanton & Rutherford, 2006). For a patient requiring cardiac bypass surgery, for example, the first payment is made to the facility in which the services are offered, the second to the surgeon, and the last is made to the anesthesiologist. Breaking down the payment provides an incentive for the medical practitioners to earn more thus increasing the cost of care. Most insurance companies have adopted a strategy that makes a single payment for all the services given to a patient. Making a lump sum payment ensures that the medical practitioners work towards reducing the overall cost.

Implementation Process

The implementation of this strategy involves obtaining consent from all the stakeholders involved in the provision of care. The main stakeholders in this strategy are nurses, physicians, and insurance companies (Olsen & Young, 2010). Medical practitioners’ role includes ensuring that the actual costs do not exceed the budgeted ones. In maintaining the cost of care low, medical experts must ensure that the quality is not compromised. The strategy involves cooperation between caregivers and insurance companies to implement it successfully.

The Role of Nurses

Registered nurses are the primary stakeholders in the implementation of the mentioned strategy. They are directly involved in the provision of care to patients. Information collected by the nurses in the course of dispensing their mandate is useful in determining the cost to be paid by insurance companies for certain services (Price III, 2012). In addition, nurses are directly responsible for regulating the medical budget. Hence, the involvement of registered nurses in the implementation process is of great essence.

Accountable Care Organizations (ACO)

This strategy involves the partnership between healthcare providers and medical insurance companies with the aim of cutting down the cost of care. The partnership is premised on an agreement of sharing the responsibility of ensuring that a certain population of patients receives quality clinical care at a reduced cost. In some cases, healthcare personnel agrees to take responsibility in case the actual costs exceed the budgeted outlay. This ensures the successful regulation of expenditures (Price III, 2012). Under the plan, all the stakeholders entailed benefited from a share of the surplus.

Implementation

The first step in ACO involves determining the cost of providing medical services to the population concerned. This is done through the evaluation of the information gathered by nurses and other health practitioners in the process of providing care. The estimated cost is then screened, and a budget formulated. The costs are paid by an insurance company, and all the stakeholders are apprised of their role in ensuring reduced charges (Price III, 2012). The surplus is shared among the stakeholders upon successfully providing quality services to the target patients.

Nursing Role

The role of nurses in ACO cannot be overlooked since they are crucial stakeholders in the implementation of the strategy. Nurses assist in determining the costs to be paid by an insurance company. This is enhanced by their knowledge regarding individual patient needs. According to Olsen and Young (2010), the details gathered by nurses from their direct engagement with patients are helpful in budget formulation. Such information acts as the basis on which costs are determined.

Conclusion

The topic of the solution to the rising cost of care in the US has ignited a heated debate among financial analysts. Various experts propose varying solutions to the problem. Bundled payments and ACO are the two solutions that have been identified in this study. The two are appropriate measures of cutting down the costs of care. They involve the formulation of the financial plan prior to the commencement of the process of providing care and ensuring that the actual cost does not exceed the budgeted one.

References

Olsen, L., & Young, P. L. (2010). The healthcare imperative: lowering costs and improving outcomes. Washington, D.C.: National Academies Press.

Price III, J. F. (2012). The new frontier of healthcare: Accountable care organizations and the changing interplay among quality, cost, and peer review. The University of Detroit Mercy Law Review, 90(1), 121.

Stanton, M. W., & Rutherford, M. K. (2006). The high concentration of US health care expenditures. Rockville, Maryland: Agency for Healthcare Research and Quality.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Online Academic Experts
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Psychology
thank you!
Customer 452947, October 21st, 2021
Criminal Justice
The paper was not accused of plagiarism and was written very well. I will let you know the grade once it is graded. Thank you
Customer 452671, April 26th, 2021
Business Studies
Thank you very much for a good job done and a quick turn around time.
Customer 452615, March 31st, 2021
Nursing
It was a very long paper, but she followed all the instructions, and she even finished the paper 5 days before the due date. Will write an essay with her again, thanks!
Customer 452967, November 27th, 2021
Sociology
THANK YOUUUUU
Customer 452591, March 18th, 2021
Nursing
Usually, references need to be within the past 5 years. Thank you :)
Customer 452547, July 16th, 2021
Criminal Justice
This has been the greatest help while I am recovering from an illness. Thank your team so much.
Customer 452671, May 2nd, 2021
Business Studies
Paper is great. Just only needed the one reference. Thank you
Customer 453139, May 4th, 2022
Business Management
Awesome job, Thank you
Customer 453201, June 12th, 2022
Health Care
awesome work
Customer 452777, October 14th, 2021
Literature
Thank you!
Customer 453145, April 19th, 2022
Nursing
Thank you so much for your help! :)
Customer 453167, May 11th, 2022
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
AllEscortAllEscort
Live ChatWhatsApp
AllEscort