Healthcare Cost Containment Fails

P1 Respond to the following in a minimum of 175 words: • There has been a focus on cost containment and cost reduction in health care for decades. What are some of the most prevalent cost reduction strategies in health care organizations? • Health care costs have continued to rise in the United States to a level greater than any other country on a per capita basis. Why have cost containment efforts been ineffective in keeping total costs of health care down? • ADD REFERENCE TO SUPPORT YOUR ANSWER P2-A As a health care professional who can potentially influence changes in the costs and economics of the future in health care, it is crucial to consider strategies that can optimize the cost-benefit ratio for patients, as well as for health systems. Read "A Dozen Facts About the Economics of the US Health-Care System" https://www.brookings.edu/research/a-dozen-facts-about-the-economics-of-the-u-s-health-care-system/ from the Brookings Institute on the economics of the U.S. health care system, and discuss the following with your group: • Analyze the causes of the high cost of health care in the United States. • Propose a strategy you think can help lower the cost of health care. P2-B Individually, write a 350-word summary of your group discussion. Include the following in your individual summary: • Explain the idea you proposed. • Recap any feedback you received from the group. • Based on the feedback, describe any changes you would make to your idea. Cite references to support your assignment and format your citations according to APA guidelines. P3 Respond to both question with 50 words minimum. Responses are based off P1. Add reference to both responses. R1 There has been a focus on cost containment and cost reduction in health care for decades. What are some of the most prevalent cost reduction strategies in health care organizations? Standardize and bundle contracts as part of the health system's cost reduction strategy, outsourcing specialties that are located in the hospital such as pharmacies, the food service and etc. to open up hospital funds for re-investment in technology, clinicians, and other important functions. Re-structuring the healthcare staff, by initiating training, cutting back on overtime and etc. These are looked at as cost-cutting strategies. Health care costs have continued to rise in the United States to a level greater than any other country on a per capita basis. Why have cost containment efforts been ineffective in keeping total costs of health care down? Companies that fall short of a subtle knowledge of the components driving expenditure gains are unlikely to adequately mark ranges with high-yield impact, or carry out solutions that purposely affect healthcare costs. Some health care systems choose not to invest into the proper technology for accounting software. Nor do they properly bulid the right team to make sure the system is implemented correctly. References: Cost Reduction Strategies for Health Systems (compassonehealthcare.com) When Healthcare Cost Containment Fails (fshealth.com)