Question

Discuss at least 3 characteristics that account for the exponential growth in healthcare spending.

Answer 1

Exponential Growth in Healthcare spending:

Healthcare advancements and continuous improvements and implementation of technologies lead the society to get benefits from it. This may help in the improvement of the average life span and quality of life.

Technology-based progress may be quite expensive in the research and development sectors. The upcoming years are likely to require a sustained upshift in the investment to unlock the different potential of these technology-based assets. Technology is used to make strategies that have the potential to meet significant effects.

Emerging technologies are reshaping healthcare in multiple ways. The online-based information makes holistic and longitudinal patient data that help in information from social systems, financial resources systems, home care, and self -care to monitor traditional modalities of care and activities of daily life.

Exponential Progress, however, is not preordained.

Characteristics:

1.Technology: It credited as having the most significant on healthcare spending growth. According to The Medical Payment Advisory Commission, the spending growth exponential increases from 38% to more than 65%.

2. Cost of Healthcare products: The technologies make the lifestyle and all the things related to it comfortably but it has a big impact on spending studies related that the consistent improvement uplift the price growth as the cause of between 10% and 25% of spending.

3. Demographics and patient characteristics: Aging factor and health states of different individuals can make a significant difference in healthcare spending. Aging people as a major driver of spending growth.

Moreover, National Income Growth, and the expenditure on different healthcare sectors like Insurance coverage, cost of healthcare equipment, and their maintenance lead to investment as changes in health technologies.