Economic Influences
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Economic Influences
In terms of inflation in the United States, health care costs are extremely high. The cost of goods and services determines healthcare spending. Inflation is a constant rise in the cost of goods and services. The majority of American citizens are affected by rising costs. Inflation impacts healthcare coverage costs (Dunn & Zuvekas, 2018). Inflation is a significant cause of the increasing cost of medical supplies and medications. It occurs as a result of the need for companies to increase labor salaries where the cost of production rises. Ordinarily, treatment costs rise, which has a direct impact on health care healthcare insurance. The cost of healthcare insurance is increasing for similar services. Furthermore, such inflammation raises the cost of hospitalization.
Changes in population demography, including ethnicity and age, could affect healthcare services and costs. Health facilities are less accessible due to a lack of insurance and socioeconomic issues. Client access to health care is hindered by traditions, socioeconomic circumstances, and religious beliefs. A significant factor in rising healthcare insurance premiums is population demography. As the population grows, so does the demand for healthcare services (Malehi et al., .2015). Naturally, the need for hospital beds rises too. Hospitals must provide care to clients despite inadequate infrastructure. It is a significant factor in raising the cost of health insurance.
The intensity and health care prices increase healthcare costs due to high ambulatory costs, population age, growth, the health insurance premium, Medicaid, and Medicare demand. Also, in health care, technology helps to enhance the quality of care. Medical coder and biller appointments, digitized systems, Inpatient records, diagnostic codes, advancing medical knowledge, and clinical science are all influenced by technology. It decreases the risk of mistakes. It raises healthcare costs and fecundity. Moreover, new medical tools are created day by day. The diseases are detected using new technology (Bardhan& Thouin, 2013). Clients would have to pay extra to use the latest technology’s features. Consequently, the cost of healthcare increases.
References
Bardhan, I. R., & Thouin, M. F. (2013). Health information technology and its impact on the quality and cost of healthcare delivery. Decision Support Systems, 55(2), 438-449.
Dunn, A., Grosse, S. D., & Zuvekas, S. H. (2018). Adjusting health expenditures for inflation: a review of measures for health services research in the United States. Health services research, 53(1), 175-196.