How is the role of government likely to change?
The role of the government will increase by supporting advance technology innovation across an extensive range of healthcare specialties. Sponsors of public and private healthcare segments will champion efforts to accelerate innovation and sustain advances in medical technology. As healthcare cost increase, federal funding should also increase for innovating healthcare IT infrastructure and promote science and research for more innovation. This will require strong standards for the interchange of data and information on the results of scientific progress, needs of patients, and healthcare outcomes. Having transparency in regulations will have a positive impact on the rapid development of high …show more content…
The impact of increased government involvement has required healthcare providers to alter their business practices. They must have a clear vision of the future and develop strong strategic planning methods to ensure practicability in the new healthcare marketplaces. Healthcare organizations must continually evaluate the healthcare markets, their labor costs, and present infrastructure to ensure soundness of their business plan.
This also has caused hospitals, medical practices, physicians, and other healthcare businesses to merge and unite to stay viable in healthcare marketplaces. These mergers and acquisitions have reduced overall costs for business processes and have spread out some financial risks and have increased their market share. This has allowed better negotiating influence with insurers, other medical centers, physicians, and the government. The horizontal and vertical consolidation of healthcare providers has demonstrated lower business costs but increased costs to consumers and insurers that have revealed a disturbing nationwide …show more content…
Drug companies will have large increases of new prescription drugs being developed that have promising potential in combating diseases. Also medical device companies will benefit, the technology has advanced from a $3 billion dollar cost to sequence the human genome in 1990 to new equipment capable to repeat the process faster and for less than $3 thousand dollars. This will lead to creating drug therapies that are designed specifically for each patient. Technology advancements in Healthcare IT may revolutionize Electronic Medical Records (EMR) and the capability to have your medical history on your smartphone in the form of an app. (Waggoner, 2012)
Is technology a good investment risk?
Technology will be a great investment as the healthcare industry transfers to an Accountable Care model from a Fee for Service model. Advanced hospital organizations have invested in Healthcare IT to manage the increased financial risks that are being confronted with and this technology has increased the coordination of care by managing the healthcare risk. Healthcare providers are optimizing major Healthcare IT systems and investing in cloud technology, data security, data loss prevention, encryption, mobile devices, and healthcare information exchanges. (Cerrato,
The role of the government will increase by supporting advance technology innovation across an extensive range of healthcare specialties. Sponsors of public and private healthcare segments will champion efforts to accelerate innovation and sustain advances in medical technology. As healthcare cost increase, federal funding should also increase for innovating healthcare IT infrastructure and promote science and research for more innovation. This will require strong standards for the interchange of data and information on the results of scientific progress, needs of patients, and healthcare outcomes. Having transparency in regulations will have a positive impact on the rapid development of high …show more content…
The impact of increased government involvement has required healthcare providers to alter their business practices. They must have a clear vision of the future and develop strong strategic planning methods to ensure practicability in the new healthcare marketplaces. Healthcare organizations must continually evaluate the healthcare markets, their labor costs, and present infrastructure to ensure soundness of their business plan.
This also has caused hospitals, medical practices, physicians, and other healthcare businesses to merge and unite to stay viable in healthcare marketplaces. These mergers and acquisitions have reduced overall costs for business processes and have spread out some financial risks and have increased their market share. This has allowed better negotiating influence with insurers, other medical centers, physicians, and the government. The horizontal and vertical consolidation of healthcare providers has demonstrated lower business costs but increased costs to consumers and insurers that have revealed a disturbing nationwide …show more content…
Drug companies will have large increases of new prescription drugs being developed that have promising potential in combating diseases. Also medical device companies will benefit, the technology has advanced from a $3 billion dollar cost to sequence the human genome in 1990 to new equipment capable to repeat the process faster and for less than $3 thousand dollars. This will lead to creating drug therapies that are designed specifically for each patient. Technology advancements in Healthcare IT may revolutionize Electronic Medical Records (EMR) and the capability to have your medical history on your smartphone in the form of an app. (Waggoner, 2012)
Is technology a good investment risk?
Technology will be a great investment as the healthcare industry transfers to an Accountable Care model from a Fee for Service model. Advanced hospital organizations have invested in Healthcare IT to manage the increased financial risks that are being confronted with and this technology has increased the coordination of care by managing the healthcare risk. Healthcare providers are optimizing major Healthcare IT systems and investing in cloud technology, data security, data loss prevention, encryption, mobile devices, and healthcare information exchanges. (Cerrato,