Introduction
Nowadays, the healthcare system faces many obstacles to becoming a perfect center for care. Carballo’s (2022) article discusses the challenges faced by Baylor St. Luke’s Medical Center in Houston, Texas. The article highlights the impact of lower prices on the hospital’s financial performance and argues that this is a broader issue that reflects problems with the US healthcare system. The article suggests that offering lower prices may benefit patients, but it can harm healthcare providers’ financial health. The article argues that the US healthcare system is marked by a shortage of competition, leading to providers charging higher prices than would be possible in a more competitive market.
Discussion
The challenges faced by Baylor St. Luke’s are not unique to this institution. Similar issues are being experienced by other healthcare facilities, such as Britain’s National Health Service (NHS). One of the main issues the NHS faces is the rising healthcare cost (Anderson et al., 2021). Despite being a publicly funded system, the NHS has struggled to keep up with increasing demands for healthcare services due to an aging population, increased chronic diseases, and more complex treatments (Anderson et al., 2021). As a result, the NHS has been forced to prioritize its spending, which has led to longer waiting times for patients and reduced quality of care in some instances (Rimmer, 2021). The NHS and other healthcare institutions face a challenge regarding the expensive cost of medicines (Anderson et al., 2021). Numerous drugs are being sold at excessively high prices, making it difficult for healthcare providers to provide these treatments to their patients. It has led to healthcare providers limiting access to certain drugs or choosing cheaper alternatives, which can compromise patient care (Anderson et al., 2021). These problems faced by the NHS and other healthcare facilities are similar to those faced by Baylor St. Luke’s, which also struggles with financial constraints due to lower prices.
The issues do not stem from the healthcare facilities per se but rather mirror the more extensive healthcare sector. The industry faces pressures from various stakeholders, including private insurers, government regulators, and the public, all with different goals and interests (Anderson et al., 2021). These problems are primarily influenced by private insurance, positively and negatively affecting the situation. For example, insurers can negotiate lower prices with healthcare providers, which may reduce profit margins. However, private insurers may also raise costs by increasing administrative expenses, ultimately hindering patients’ access to healthcare.
Market justice, or the idea that healthcare should be provided based on the ability to pay, also contributes to these issues. In a market justice system, healthcare providers are incentivized to charge higher prices to those who can afford to pay more, leading to disparities in access to care (Anderson et al., 2021). The current inflation crisis is also exacerbating the problems faced by healthcare facilities, as rising costs of goods and services are driving up the cost of healthcare.
It is possible to solve the problems faced by the US and global healthcare systems, but it will require a multifaceted approach. One of the main challenges is finding a balance between providing high-quality healthcare and making it affordable and financially sustainable. It will require collaboration between healthcare providers, insurers, policymakers, and other stakeholders.
Some healthcare systems have managed to overcome some of the problems faced by the US and global healthcare systems. For example, the healthcare system in Singapore is often cited as a prominent model for other countries. The system is characterized by a mix of public and private funding, which allows patients to choose their providers and promotes competition (Nurjono et al., 2018). The government plays an active role in regulating the cost of healthcare services and promoting preventive care.
Several actions should be taken in response to the disconnect between quality, price, and profit. First, there is a need for greater transparency in healthcare pricing, as this can help patients make informed decisions about their care and encourage competition among providers. It could involve standardizing pricing across different providers and making price information readily available to patients. Second, policymakers should explore alternative funding models for healthcare services, such as value-based care. Value-based care focuses on paying healthcare providers based on the quality of care they deliver rather than the volume of services provided (Modica, 2020). This approach has been shown to improve health outcomes and reduce costs (Modica, 2020). Finally, there is a need for greater collaboration between healthcare providers, insurers, and policymakers to address the underlying issues facing the healthcare industry. It could involve working together to find solutions that promote financial sustainability while ensuring high-quality patient care.
Conclusion
In conclusion, the problems facing the US and global healthcare systems are complex and multifaceted but manageable. Addressing these challenges will require collaboration and a multifaceted approach that includes increasing competition, exploring alternative funding models, and promoting stakeholder transparency and collaboration. It is possible to create a healthcare system that provides high-quality care that is accessible and affordable for all. It is vital to note that the ultimate goal of any healthcare system should be the improvement of the population’s health and well-being.
References
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Carballo, R. (2022). St. Luke’s loses money with lower prices, a problem with US healthcare. Houston Chronicle. Web.
Modica, C. (2020). The value transformation framework: An approach to Value-Based care in federally qualified health centers. Journal for Healthcare Quality, 42(2), 106–112. Web.
Nurjono, M., Yoong, J., Yap, P., Wee, S. L., & Vrijhoef, H. J. M. (2018). Implementation of integrated care in Singapore: A complex adaptive system perspective. International Journal of Integrated Care, 18(4). Web.
Rimmer, A. (2021). Leaders call for nhs funding boost as data show 5.5 million patients are waiting for routine care. BMJ, n2014. Web.