HEALTHCARE INDUSTRY

The Future of Healthcare Industry



Abstract

In this study we try to explore different dimensions of “healthcare industry” in a holistic context. The main focus of the research is on “the healthcare industry” and its relation with “health insurance”. The research analyzes different aspects through which “the healthcare insurance” can affect the advancement and stability of “the healthcare industry”. The study enlightens different characteristics “healthcare insurance” (hospital insurance, private health insurance, single payer insurance system and the rising cost of healthcare) in order to evaluate the significance of these elements in “the healthcare industry”.

Table of Contents

Introduction4

Discussion and Analysis5

The Availability of Hospital Insurance5

Evolution of Private Health Insurance6

Single Payer System and Resistance by other Nations8

The Rising Cost of Healthcare10

Conclusion11

References13

The Future of Healthcare Industry

Introduction

The healthcare system of a country depends upon some factors. These factors play a significant role in the growth and development of health sector of a country. In addition, the stability of the healthcare industry is also dependent upon these factors; these factors are service delivery in the health industry, the quality of healthcare, the stability of financing in healthcare and the healthcare insurance. This paper will select one of these factors and deeply analyze the impact of that particular factor on healthcare industry. This study will explore the concept of healthcare insurance and analyze its impact on the healthcare system of United States. U.S. health care system is represented by independent services at three main levels, family medicine, hospital care and public health. Medical services in the U.S. are private individuals and legal entities.

Various commercial, charitable and government organizations offer patients both outpatient and inpatient services. About 47% of all U.S. health care costs are the costs of hospital care, about 2% - home care, 10% - medication and 10% - for the maintenance of nursing homes. The remaining 11% cover services of dentists, ophthalmologists and other specialists. American healthcare is considered as one of the most costly healthcare sector that provides healthcare services to the citizens of United States. This paper will discuss the availability of hospital insurance in United States, the evolution of private insurance, the single payer system in the healthcare system of United States and the rapidly increasing cost of the healthcare industry. Finally, this paper enlightens the evolution and reform of the private healthcare insurance and its impact on the healthcare services in United States.

Discussion and Analysis

The insurance in the healthcare industry plays a significant role in maintaining the stability and advancement in the healthcare system of a country. In 2006, this figure amounted to 47 million people (15.8% of the population). This is a big problem, since many of these people cannot pay for treatment and postpone it, which ultimately leads to higher costs for medical services (Barton, 2004). The healthcare insurance of a country guarantees to pay the healthcare expenditures of the residents. Nevertheless, in most countries the health insurance is restricted to the legal residents of the country.

The healthcare insurance covers the expenditure related to the healthcare; the expenditure ranges from the ...