Three major US healthcare funding issues continue to influence the industry’s direction. Healthcare inequality, which is characterized by differences in access and coverage, the rising costs of medical services and prescription drugs, and the complexity of disjointed payment systems all present severe obstacles to the country’s healthcare system, influencing both the public and the economy. (Singh, 2023).
Rising Healthcare Costs:
Example: Prescription medication costs, medical services, and health insurance premiums are all getting more expensive. For example, the cost of necessary drugs like insulin has increased dramatically.
Economic Relation: There is a connection between supply and demand in the economy and rising healthcare expenses. The aging population and improvements in medical technology are two reasons driving increasing demand for healthcare services, making it difficult for the supply to meet up. As a result of this disequilibrium, medical goods and services are frequently more expensive. (Pollack, 2022).
Healthcare Inequality:
Example: There are differences between various demographic groupings regarding insurance coverage and access to healthcare services. Health disparities may arise from the inability of individuals from lower socioeconomic backgrounds to obtain high-quality medical care. (American Hospital Association, 2022).
Economic Relation: Economic problems like income disparity are intimately related to healthcare inequity. Differences in health outcomes may worsen if those with lower incomes cannot afford health insurance or encounter obstacles in receiving essential medical treatment.
Fragmented Payment Systems:
Example: The healthcare payment system in the United States is complicated and involves several parties, including Medicare, Medicaid, and commercial insurers. The absence of a single payment system causes higher administrative expenses and administrative inefficiencies. (Pollack, 2022).
Economic Relation: Economic inefficiencies may be connected to the disjointed payment system. Higher administrative costs result from several payment systems for payers and healthcare providers. Payment system simplification and optimization may lower these expenses.
Economics of Proposed Healthcare Solution
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