select and research what you believe to be the most important and pressing economic issue that confronts the United States in the health care industry today, and potential ways in which to mitigate the issue. Consider the economic effects of the issue on the health care industry, strategies to address the issue, and best practices for implementing the strategies. You will write a paper to formulate strategies and the application of best practices from other countries based on your research to address a selected economic issue confronting the U.S. health care industry.
Instructions
Provide a review of the selected issue in a 4-5 page paper in which you:
Develop a detailed description of the selected issue and the research process conducted.
Analyze the most significant economic effects of the researched issue on the health care industry supported with at least two examples of the economic effects.
Formulate specific strategies that relevant entities/stakeholders may use to address the selected issue from an economic perspective supported with a rationale for the strategy.
Develop a strategic manner in which the United States can apply economic best practices from other countries to support the strategies for addressing the issue.
The Issue
The most important and pressing economic issue that confronts the United States in the health care industry today is the high cost of care. The United States spends more on health care than any other developed country, yet it has worse health outcomes than many of those countries. In 2020, the United States spent an average of $11,582 per person on health care, while the average for OECD countries was $4,559.
There are a number of factors that contribute to the high cost of health care in the United States. These include:
The Economic Effects
The high cost of health care has a number of negative economic effects. These include:
Strategies to Mitigate the Issue
There are a number of strategies that can be used to mitigate the high cost of health care in the United States. These include:
Best Practices from Other Countries
There are a number of other countries that have successfully addressed the high cost of health care. Some of these best practices include:
Conclusion
The high cost of health care is a major economic issue in the United States. There are a number of strategies that can be used to mitigate this issue, such as increasing price transparency, reducing administrative costs, using less expensive medical technology, investing in preventive care, and expanding health insurance coverage. The best practices from other countries can also be used to inform reform efforts in the United States.