Pros and Cons for a Free Market of Healthcare in the U.S. A free market represents the ability to perform an exchange between two or more persons. This voluntary agreement can comprise of money being exchange for goods or services. An example is the child who receives an ice cream cone from the ice cream man in exchange for a dollar. Both parties partake in the transaction because of the perceived benefit each is to gain. The child delights in the treat, while the ice cream man has an extra dollar to reinvest in his business. This simple model highlights the foundation for beneficial trade between persons and businesses. In a free trade market, the prices for goods and services are set freely. The supply and demand for such goods
…show more content…
It is many of these watch-outs that have most nations with some level of regulation. A government’s ability to regulate medical practice can help ensure everyone has the right to care. It can provide for standardized billing practices, ensure ease of access to patient files. The U.S. is currently embarking on standardization of electronic medical records (EMR). An EMR is a digital version of a paper chart in a clinician 's office. It contains the medical and treatment history of the patients in one practice. Use of EMR can ensure critical patient information is available during treatment regardless of what facility the patient is at. This can help prevent reactions from allergies or other misdiagnosis. To promote this, the U.S. instituted the Health Information Technology for Economic and Clinical Health (HITECH) Act, into law on February 17, 2009. This Act promotes the adoption and meaningful use of health information …show more content…
Projections through 2022 have healthcare as the number 1 growth industry in the U.S. Positioning one for a career in healthcare can provide a livelihood and more importantly the satisfaction of helping people. More importantly understanding the goal and objective of health care is to provide for safe and effective outcomes is primary. While a free market for health care would offer certain advantages, it is the disadvantages and the potential ethics of others that create the need to regulate medical institutions and standards of treatment. While insurance providers continue to profit, changes in health care toward simplification aim to swing the pendulum of power back to the person requiring
It is many of these watch-outs that have most nations with some level of regulation. A government’s ability to regulate medical practice can help ensure everyone has the right to care. It can provide for standardized billing practices, ensure ease of access to patient files. The U.S. is currently embarking on standardization of electronic medical records (EMR). An EMR is a digital version of a paper chart in a clinician 's office. It contains the medical and treatment history of the patients in one practice. Use of EMR can ensure critical patient information is available during treatment regardless of what facility the patient is at. This can help prevent reactions from allergies or other misdiagnosis. To promote this, the U.S. instituted the Health Information Technology for Economic and Clinical Health (HITECH) Act, into law on February 17, 2009. This Act promotes the adoption and meaningful use of health information …show more content…
Projections through 2022 have healthcare as the number 1 growth industry in the U.S. Positioning one for a career in healthcare can provide a livelihood and more importantly the satisfaction of helping people. More importantly understanding the goal and objective of health care is to provide for safe and effective outcomes is primary. While a free market for health care would offer certain advantages, it is the disadvantages and the potential ethics of others that create the need to regulate medical institutions and standards of treatment. While insurance providers continue to profit, changes in health care toward simplification aim to swing the pendulum of power back to the person requiring