THE ECONOMIC, FINANCIAL AND FUNDING RAMIFICATIONS OF NEW TECHNOLOGIES IN HEALTH CARE

THE ECONOMIC, FINANCIAL AND FUNDING RAMIFICATIONS OF NEW TECHNOLOGIES IN HEALTH CARE

INTRODUCTION

There has many modifications and innovation the industry of healthcare and medicines since last few decades. These modifications have given a better way of life regarding those diseases that were beyond cure in last few years. This has provided many facilities to the people as well as changed the language of medicine and health. These innovations have far progressed in the field of management as well regarding the financial and economic aspects of the management. Furthermore it discusses the ramifications of the new technology. And the fund management programs and initiatives.

Therefore, healthcare organizations are under the great pressure and competition due to the innovation of new technologies and methodologies adopted for the better of society and health wellness. Consequently it has increased the financial and economical pressure on the healthcare organizations. Innovation of new technologies has open new gates to the machines in the industry of healthcare. Similarly it has also increased the demand regarding many aspects in the industry. There is a universal revision in the management practice and evolution of the beliefs and values by the society.

All the healthcare organizations are under a great competition in the management of the resources and economy to give a more productive output as compared to the input or original cost of the resources (McConnell, 2000). In past few years there are numerous issues encountered by the organizations working in the field of medicines and healthcare. These issues include a lot of technical, management and organizational problems regarding the economics and fund managements.

Other general problems that fall under the management issues include shifting of services e.g. from inpatient to the outpatient, decrease in reimbursement, shifting of services from the inpatient to the outpatient setting, downsizing of personnel or human resources to reduce the operating cost, restructuring through acquisitions. On the other side, the demand of the consumers to obtain a high quality of services in the most worth mentioning target of any organization in the industry of healthcare and medical wellness. In addition, these organizations are under the accountability of better performance and more and information and innovation bout the availability of healthcare treatment options available and there productive outcome. Therefore the healthcare must keep a constant balance in the need of cost containment compared to the need of quality improvement. (Leatt and Porter, 2004).

These ramifications have been a great outcome in enhancing the quality of life of the people, life expectancy, options for diagnostics and treatments as well as increasing the efficiency, and effectiveness of the healthcare system [Varkey, Horne and Bennet, 2006].

This essay explores the issues involved in the economic, financial and funding ramification and modifications in the industry of healthcare. Further it will discuss the issues in the management of the resources in the terms of replacement of old technologies and treatments with the new technology or a treatment or innovation of a new technology or a ...