Healthcare System of Financing
American healthcare is one of the most interesting and unpredictable societal institutions to study. It has refocused on the economically disadvantaged classes over the past decade, but associated cost figures continue to rise. Economists claim profit margins in the health industry will continue to fall slowly (Healthcare services profit margin 2010-2021, 2021). The medicine industry should switch to a non-profit strategy if its management has a very long-term strategy for structural growth. The strongest barriers are the need to change the corporate culture quickly, the transition to a cost-saving distribution of medical organizations’ resources, and the need to increase the present workforce’s skill capacity. The billing specialist must maintain a positive financial position for medical professionals so that they can provide patients with the services. A six percent premium would be good for health consumers, I believe that the US population should have a choice of for-profit and non-profit insurance categories.
My opinion on the American healthcare institution remains mixed and many of its elements are still looking for ways to fit together. I love the freedom this industry offers but the prices are getting phenomenally high every year (Araujo, 2021). I will continue to argue that both insurance systems should be provided for US citizens. On the dilemma of rising insurance costs and associated commercial profits, I believe that businesses dealing with human life must be ethical and sacrifice something. If the majority opts for a single-payer plan, this will either create more jobs for billing professionals or make them unemployed. The adoption of some elements of the European institutional aspects of healthcare will help to solve these deep-seated problems. It will also reduce additional costs for Medicare for All and increase its program flexibility. 15 years ago, Obamacare was a fantasy, so the single-payer option could become a reality.
Araujo, M. (2021). Average health care costs and ways to save. The Balance. Web.
Healthcare services profit margin 2010-2021 | HCSG. Macrotrends. Web.