The healthcare market is changing fast. Therefore, the sector needs to respond quickly to the changes for it to continue operating normally. As healthcare is one of the vital sectors of the economy, monitoring it with care will help the government to manage health issues well.
Current and Future Economic Issues Confronting and Changing Healthcare
In the health system, the rising costs have a significant impact and are changing its face. For example, insurance covers for all Americans are taking a big percentage of the American budget and straining government coffers (Blendon & Desroches, 2013). The problem is present and set to change healthcare in the future and thus, using the correct approach is vital. With the strained operation costs, the healthcare sector faces the challenge of seeking alternative sources of income (Blendon & Desroches, 2013).
The side revenue generated can help in boosting efficiency of services offered. Equally, this is a current and future issue that needs attention. On the other hand, healthcare organizations should contain their core operating costs (Blendon & Desroches, 2013). Operating cost is a critical challenge facing healthcare, and if managed correctly, most issues will come around.
Implication of Issues facing Healthcare
As identified, the bulging cost of healthcare is among the issues that have a severe impact on the industry. Thus, the cost significantly implicates market efficiency because in the United States, the healthcare budget comprises about 17% of the total budget (Johnson, 2012). With such a significant budgetary allocation, the healthcare system efficiency needs to impact the economy in a positive manner. The sector is also affecting other industries because businesses that operate in the United States need to cough out a lot of funds to support health needs for their employees (Johnson, 2012). The implication is that there is a lot of pressure on the healthcare system to deliver and to live up to its hype.
Comparison of U.S. health care delivery system relative to spending per capita and ranking of healthcare outcomes with the healthcare system of two other countries
It is estimated that an individual spends about $7,960 per year in the United States (Kane, 2012). The per capita spending is a very huge figure as compared to other countries in the same development and economic status as the United States. However, despite the large number, a lot of reports have suggested that the U.S does not have a superior health sector performance when compared to most developed countries.
Thus, health outcomes disappoint with the high cost. In comparing the figures in the United States to Canada, the figures in Canada are half of what America spends per capita. In Canada, per capita spending amounts to $4,676 (World Health Organization, 2014). Despite the small figure, healthcare performance in Canada is effective as the number of deaths per 1000 persons is relatively lower. In the United Kingdom, health spending per capita ranges between £2,000 and £2,100 a year (Health Care Spending, 2014). As compared to the United States, health outcomes are more efficient because of the patient-physician ratio and the ratio of patients to hospital beds.
One Aspect of Systems from each country selected to support response
In the United States, the levels of outcomes are not as expected. From the available information, the number of hospital beds per 1000 persons in the U.S is 2.6 as compared to the standard 3.4 for OECD countries (Kane, 2012). In Canada and other OECD countries, the cost of coronary bypass is half the price charged in the United States thus, the argument that per capita spending in the U.S is high (Kane, 2012). On the other hand, the ratio of physician per 1000 people in The United Kingdom is 2.7, which is relatively higher than in the United States (Health Care Spending, 2014).
Blendon, R. J. & Desroches, C. (2013). Future Health Care Challenges. Web.
Health Care Spending per person in the UK. (2014). Web.
Johnson, T. (2012). Healthcare Costs and U.S. Competitiveness. Web.
Kane, J. (2012). Health Costs: How the U.S. Compares With Other Countries. Web.
World Health Organization. (2014). Countries, Canada. Web.