Escalating Costs in Healthcare Discussion

Escalating Costs in Healthcare Discussion

The healthcare cost has been on the rise over the years in the United States. During the 1960s, the healthcare expenditure was 5% of the GDP which is approximately $27.2 billion compared to the current cost amounting to $3.5 trillion as at 2017 (Minton, Vela & Wright, 2017). It also means that the cost of health has gone higher than the average annual income with the individual expenditure in 2017 being $10,739 (Minton, Vela & Wright, 2017). The escalated costs in healthcare are thus a major source of concern in both the local, regional and international clinical setting. Nurse practitioners play notable roles in containing the escalating prices of healthcare. As such, this paper seeks to examine the impact of nurse practitioners in managing the healthcare costs and the projected impacts in the State of Texas. Escalating Costs in Healthcare Discussion

The Texas healthcare system takes up a large share of the state’s budget. The rising costs are currently challenging the lawmakers as they seek for means to manage the expenditure.  The state spent $42.9 billion on healthcare in 2015 which represents almost half of the budget (Minton, Vela & Wright, 2017). From 2011 to 2015, the healthcare costs increased by 19.7% which indicates the seriousness of this financial crisis in the medical sector (Nahin, Barnes & Stussman, 2016). Health insurances are also taking a toll on Texas medical spending including the Medicare and Medicaid program.  This escalating problem can be contained by nurses in several ways since their services contribute highly to the increased expenditure in the state.

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For instance, nurses can contain the cost of healthcare through maintaining accurate patient records. The adoption of Electronic Medical Records (EHR) and other technologies by different healthcare organizations in Texas seek to increase the effectiveness of patient records (Vanhook, 2007). In this case, the engagement in proper production, sending and information keeping will prevent losses associated with loss of patient records. On the other hand, nurses are responsible for ensuring that they remain within the set budget for each healthcare department. This helps prevent wastage and overuse of finances and ensures proper planning. Nurses are also able to optimize the available financial resources in providing care without compromising on the quality.

Moreover, nurses positive impact son cost continence involves reduction of wastes. This reduces safety risks in the healthcare facility which may increase the expenditure. Consequently, reduction of wastage of resources in the hospital facilitates use for long duration and also saves the repair costs particularly the machinery (Arkansas State University, 2016). The provision of costs-conscious care to patients by nurses also guarantees cost reduction. Extra efforts can be injected in seeking lower benefits for employees and nurses. The appreciation of this approach to cost management by the nurses will help in saving money while still maintaining the delivery of quality care. Notably, nurses can develop adequate staff schedules (Everhart et al., 2013). This avoid overtime hours which take up extra compensation for the healthcare practitioners. Escalating Costs in Healthcare Discussion

Therefore Healthcare expenditure in Texas is a major concern that demands urgent attention from the nurses since they play a direct role in the hospitals’ costs. Through the implementation of waste reduction and employee benefits, honoring the set budgets, maintenance of patient hospital records facilitates cost cutting and continence of healthcare expenditure in Texas. These efforts by nurses are therefore essential in positively impacting the future of the healthcare system in the State of Texas. The improvement of quality of care will be an essential impact of cost-reduction by nurses projected in Texas.

References

Arkansas State University (2016). What Is the Nurse’s Role in Cost-Conscious Care? Retrieved from https://degree.astate.edu/articles/nursing/what-is-the-nurses-role-in-cost-conscious-care.aspx on May 8, 2019

Everhart, D., Neff, D., Al-Amin, M., Nogle, J., & Weech-Maldonado, R. (2013). The effects of nurse staffing on hospital financial performance: Competitive versus less competitive markets. Health care management review, 38(2), 146.

Minton, Vela & Wright. (2017) Counting the Cost of Texas Health Care. Retrieved from https://comptroller.texas.gov/economy/fiscal-notes/2017/march/health-care.php on May 8, 2019

Nahin, R. L., Barnes, P. M., & Stussman, B. J. (2016). Expenditures on complementary health approaches: United States, 2012.

Vanhook, P. M. (2007). Cost-Utility Analysis: A Method of Quantifying the Value of Registered Nurses. Online Journal of Issues in Nursing, 12(3). Escalating Costs in Healthcare Discussion