In order to control the rising health care costs, what is the most effective strategy employers can use? Why should that strategy work? I will give one example of my collegue just have a look in hurry its easy around 200 words with 1 reference its enough
Increasing healthcare cost is a significant problem that facing employers and they are trying to find solutions for that. Some of the causes that lead to increases costs are using new technologies, increasing chronic diseases, and aging. Here I will mention some of the strategies that will help in controlling healthcare costs.
In order to control the rising health care costs, what is the most effective strategy employers can use?
· Use hybrid plans that is based on the previous plan usage of the employee and offer the most services that are used by the employee.
· Consumer driven health plans by supporting the medical care required by the employee.
· Provide high performing narrower networks by using different cost sharing levels that offer right care at the right place at the right cost and ensure better quality.
· Apply pharmacy solutions by encouraging using generic names instead than the brand name.
· Use alternative funding such as wellness programs and cost saving rewards.
· Use right level of care by encouraging right behavior in achieving care and offering plans based on medical information as the basis for plans with built-in incentives to guide members toward following medically proven practices.
· Employee cost sharing by building additional cost-sharing structures into their health plans, by adding more of the costs in addition to the covered employees.
Why should that strategy work?
In my opinion the most effective strategy is the strategies that provide healthcare costs based on the employee previous health plans and medical needs (consumer driven health plans). This will be more cost-effective as it will provide the needed cost only and ensuring providing the appropriate care to the patient.
References:
Hti. (2015, February 25). Insights Into Employers’ Top Ways to Control Healthcare Costs. Retrieved from HTI Community Manager web site: http://www.wexhealthinc.com/healthcare-trends-institute/insights-into-employers-top-ways-to-control-healthcare-costs/ MVP. (2013). EMPLOYER STRATEGIES TO REDUCE HEALTH CARE COSTS. MVP Health care, 1-6
TO BE RE-WRITTEN FROM THE SCRATCH
Strategies to Control Rising Health Care Costs
The delivery and consumption of healthcare involves an interesting spectrum of multifaceted processes. Healthcare provision encapsulates diagnosis, prevention, treatment, rehabilitation, as well as palliative care. The health care provision occurs within the confines of organizations that range from general practitioner to hospital trust, commercial enterprises such as pharmaceutical companies and government agencies. While the demand for resources instrumental in healthcare provision keep rising subject to competing and new treatments as well as an aging population, the time and financial resources remain to be in short supply.
Controlling rising costs in healthcare ought to deal with the utilization of scarce resources such as monetary and human to suit all interventions and treatments that are crucial in improving the health of a community. While more nurses and personnel could be hired, the demand for healthcare will invariably surpass the supply for the resources. Subsequently, this leads to a process of selection in which some interventions and groups of patients are accorded resources while others are not, a process called rationing of healthcare resource utilization. Cost-effectiveness analysis aids in making rationing decisions principally according to the efficiency criteria (Andargie, 2008).
Demand in healthcare is discrete from the demand of other commodities since the incidences of illness, which forms the foundation of healthcare provision, is typically uneven and unpredictable. Authoritative to note, that consumption of healthcare, more especially preventive care, is invariably attributed to positive externalities. Dissimilar to other commodities, therefore, healthcare can only be well evaluated following consumption (Hauck et al., 2004). The general assumption of economic assessment is that the paid cost mirrors the fair reflection of opportunity cost with the primary classes of cost being; direct costs, indirect costs, and intangible costs (Andargie, 2008)…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………. Control the rising health care costs …………………..
Get Professionally Written Papers From The Writing Experts
