Question.3294 - The concept of value (improved benefits at lower costs) is important to those who finance healthcare, including private employers, the government, and managed care organizations. Value can be increased by improving quality, reducing cost, or both. Should the government be in a central position to issue physician practice guidelines based on cost efficiency? Why or why not? Support your rationales with evidence from the literature.
Answer Below:
The idea of value in healthcare, which means getting better results at cheaper prices, is essential to the long-term viability and efficiency of healthcare systems around the globe. Maximizing value for stakeholders, including government agencies, managed care organizations, and private employers, entails improving population health outcomes and effectively managing healthcare costs. Value can be increased by using a variety of techniques. Enhancing quality entails providing efficient, secure, and patient-focused treatment that improves health outcomes, lowers complications, and raises patient satisfaction. This strategy lowers the need for expensive interventions and hospital stays, which benefits patients' general well-being while also increasing the efficiency of the healthcare system as a whole. Moreover, obtaining value in healthcare requires cutting expenses without sacrificing quality. This can be accomplished by implementing preventive care plans, organizing administrative procedures, negotiating cheaper medical supplies and services costs, and endorsing evidence-based methods that maximize available resources. However, there are several frequently competing aims among stakeholders in the healthcare industry, such as patient satisfaction, convenience, safety, high quality, profitability, and accessibility to services (Porter, 2010). Evidence-based medicine, stakeholder engagement, and concerns about clinical effectiveness and cost efficiency would all be components of a balanced approach. Guidelines that maximize healthcare value while upholding high standards of patient care must be developed through collaboration between stakeholders, legislators, and healthcare professionals. Government standards should ultimately assist healthcare professionals in providing efficient, patient-centered care without sacrificing innovation or quality. References Porter, M. E. (2010). What is value in health care?. New England Journal of Medicine, 363(26), 2477-2481. lessMore Articles From Operation Management
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