Question

Discuss the role of all parties (patient, providers, and payers) to contain costs. What is the impact of cost-containment efforts on the rising cost of healthcare?

Answer 1

Introduction

Healthcare has emerged as one of the key sectors in which governments of a country would spend it resources on.

Nutrition of kids, elderly the youth and the working class all is important for the country. Each country across the globe, spends a significant amount of money towards people and the associated healthcare. While developed economies have realized the importance of taking an insurance cover, the developing ones see increasing activity in the same also.

Discuss the role of all parties (patient, providers, and payers) to contain costs. (Healthcare)

The costs of healthcare has effected all people involved in the society. People end up paying high sums of money to their healthcare requirements respectively.

In this regard it becomes essential to contain costs respectively. Patients spend tones of money in ensuring that they receive critical healthcare support when required. They can keep them at a minimum level by ensuring that they take insurance cover and further they educate themselves on the value of nutrition respectively.

Providers i.e. the government and the insurance providers can reduce the impact by passing laws that restrain the prices of live saving medicine and act as a threshold for private players that often increase prices disproportionate to the actual costs.

Other players such as regulatory authorities should increase awareness like anti-tobacco campaigns and reduced population campaign and this will also help in reducing the overall costs.

What is the impact of cost-containment efforts on the rising cost of healthcare?

The impact of cost-containment efforts is such that countries can highly cut down on their overall expenses that take place in the society.

Further, the rising costs of healthcare and their impact on the poorest sections of the society can also be limited in the sense that it helps them seek healthcare at a rate that they can afford.

Also, it helps in reducing the government expenditure and hence the overall fiscal deficit respectively