Increasing Health Cost Issues

Increasing Health Cost Issues
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Increasing Health Cost Issues
One of the major stressors in health care is the increasing healthcare costs. Over the years, we have experienced a rise in healthcare costs, negatively impacting healthcare organizations and the country. The government policies formulated have been a major trigger to the rising cost. Since the government introduced the Medicare and Medicaid programs without insurance, costs have been increasing rapidly. Other factors trigger rising costs, such as population growth, aging, and disease prevalence (Johnson et al.2021). These factors have led to a drastic rise in health costs, affecting the quality-of-service provision. Increasing healthcare costs have impacted our organization's performance since patients are switching providers in search of a better payment plan, and even others are postponing care due to the high cost. That has therefore affected the financial performance of our organization as reflected in the financial statements. The records show that 26% of the patients who experienced high bills considered switching providers and seeking those with a more favorable payment plan.
Johnson et al. (2021)’s article provide a detailed report of how stakeholders met for a workshop to address the rising healthcare costs. They noted that the high costs experienced in the American healthcare system are a shocker. It is affecting other areas of development, such as the education sector and transport, as more money is channeled to carter for healthcare and less is allocated to other sectors. The spending has affected other important projects and departments' budget allocations. However, there are ways that can help address the increased cost that other organizations have adopted, including promoting early education on health issues and disease prevention, which helps minimize the impact of a disease rather than addressing the cost issues when the patient is already in the medical system.
Galvani et al. (2020)’s study highlights the rise in the cost of healthcare for different reasons maki...