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Financial Impact on the United States Healthcare System Essay.

Financial Impact on the United States Healthcare System Essay.


The world is currently faced by a financial crisis of unprecedented levels, this may come as a surprising event in consideration of the fact that the earlier years of this century were marked by considerable economic developmental. The US is headed for a recession, at least that is what financial analysts predict, unless quick measures are instituted to control the situation. The management of the current situation is a short term remedy however a long term solution requires proper analysis of the causes of failure and development of strategies and measures that will effectively address the causes.Financial Impact on the United States Healthcare System Essay.


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The US healthcare system has not been exempted from the current crisis and if the economy is to recess the social amenities and provision of basic social services will be affected a great deal (O’Neill, 2002). The failure of the capital markets and financial systems have been blamed on the internal workings of such systems, this paper seeks to establish the nature of the health care system and determine if medicine errors has nay effect on the financial status of the healthcare system.


The healthcare system is a very important social system thus its proper functioning is a key concern to not only the federal government but all in the social system. Budgetary allocation to the healthcare systems are derived from the taxpayers thus in one way or the other all individuals are involved in either financing the healthcare systems, using its services or both (Katsoris, 2001). A proper understanding of the factors that affect the finances of the healthcare system is desirable to all stakeholders.

This paper seeks to determine the nature of the effects of medicine errors on the financial status of healthcare system with the aim of coming up with recommendations that will minimize negative financial impacts of such errors by minimizing the rate of occurrence of such errors. This will be accomplished by thorough research that implements a content analysis approach. Findings from the research form the basis for findings and recommendations made thereafter.

Healthcare management is a field of study that is concerned with the management of medical resources and the development and implementation of medical policies with the aim of ensuring improvements on the healthcare system (Demaine ; Fellmeth, 2002). Ensuring proper management of healthcare system for ease of access to quality health services is therefore the motto in this field of management (O’Neill, 2002).Financial Impact on the United States Healthcare System Essay.

The research is relevant to HCM as a field of management in that it aims at making recommendations that are for the betterment of the healthcare systems, this is in line with the mission of healthcare management. The research relates to HCM as a field of study in this two ways: ? A goal in the education systems is to ensure graduands have the required skills and experience to apply theories learned in class to real life situations (O’Neill, 2002). The applicability of theories and principles is a foundation stone to the education system. This paper seeks to analyze financial effects of medical errors on the US.

healthcare system, analysis is a theoretical approach and involves the application of principles learned in class, the healthcare system is a real life system and the recommendations are therefore applicable to the society. The research is thus a perfect example of the benefits a society can reap from the education system. ? Retention is a key objective in transmission of knowledge. The ability to retain theories determine the likelihood of their use at a latter time. It has been noted that application of principles to real life situations and their use in a variety of complex situations are all important in ensuring retention.

This research provides a platform for analysis of literature from different aspects of HCM and their practical application in recommending corrective actions and is therefore relevant to meeting the retention objective in transmission. Problem Statement Medical errors are a part of the medical practice. Though it may be possible to minimize the occurrence of medical errors, it is nearly impossible to eliminate their occurrence they should therefore be considered an aspects of medical practice. Errors invariably have effects be it at the individual level or at the systems levels; these effects tend to take on a negative dimension.Financial Impact on the United States Healthcare System Essay.

The management of the ramification of these errors often involve intense resource use; a proper understanding of these errors and their financial implications on the healthcare systems is therefore desirable not only to the management of finances but also in ensuring errors are solved in a timely manner. Purpose The purpose of this study is: ? To determine the cause of medicinal errors in a healthcare system. ? To determine the financial implication of the errors in a healthcare system. ? To make recommendations on what should be done to ensure the proper financial management of the healthcare system in light of medicinal errors.

Research Questions This research is guided by the following questions: ? What are the causes of medicinal errors in the US. healthcare systems? ? Are their ways that the causes can be dealt with to eliminate or minimize medicinal errors in the US. healthcare systems? ? How do medicinal errors affect the US. healthcare system’s finances? ? What should be dome to ensure the proper functioning of the US. healthcare system with regards to medicinal errors? Methodology Content analysis is the approach employed in this research.

There are a lot of cases of medicinal errors in record and their financial impacts have been well assessed. The area of healthcare system is one of the most well researched on area of study and getting access to literature sources regarding the research questions should be easy. Cost especially time considerations are deterministic in choosing this approach. The first step in this approach is the determination of key research areas that are to be dealt with. Healthcare is such a diverse area and determination of the exact areas of study that will be focussed on is important in ensuring objectivity and cost minimization.

The key areas of study in this research include medicinal errors and their management, financial implications of medicinal errors and proper management of patient-physician communication in healthcare systems. The next phase involves choosing literature resources that will be used. Not all sources that are well presented have credible data or information. The accuracy of the literature resources that will be used in these research is of utmost importance since it forms the basis for the findings. To ensure accuracy the following guidelines are used in choosing literature resources:Financial Impact on the United States Healthcare System Essay.

? The research resources must either be books or journals. The use of internet resource is prohibited due to the inaccuracies associated with information from certain internet sites. ? All literary resource must be peer reviewed. This is a measure put in place to further guarantee the accuracy of the information that will be retrieved. ? At least ten literature resource will be referenced in the research. Ten is reached on in consideration of time and the variety of sources required to ensure accuracy. ? Literature resource should not be of more than ten years to guarantee their relevance to current issues and practices.

? All resource must be schemed through to ensure their relevance to the research objectives thus minimizing the risk of content irrelevance. ? Sources that display clear sign of bias are disqualified immediately. Bias and subjective opinions dent the integrity of information. ? Any sign of physical damage leads to automatic disqualification as integrity of such data cannot be guaranteed. ? All resources should have proper bibliographic details to ensure proper referencing and ensure originality by avoiding plagiarism. Failure to meet bibliographic specifications as per APA specifications lead to automatic disqualifications.Financial Impact on the United States Healthcare System Essay.

After choosing literature resources the next phase involves analyzing content. A key concern in analysis of the literature is ensuring relevance to the objectives and diversity of opinions. The analysis should therefore involve a summary of the content retrieve from literature analysis. Analysis encompasses a critical review of the literature with relevance to the themes brought out in the research questions. Findings are made from the critical review and recommendations constructed with respect to information got from the literature. Population

The research will center around FDA’s report on medicinal errors whose data is retrieved from voluntary reporting from all over the US. The population is therefore a portion of US. population who have reported medicinal errors to FDA voluntarily. Advantages These are the advantages of the research approach: ? Primary research is not required by this qualitative approach to research. Quantitative approaches to research are often associated with experimental errors which may be difficult to control if the researcher has little experience.

The criteria used in the selection of information ensures that data is of high integrity thus guarantee accuracy in analysis and recommendations derived from such data. ? Qualitative approaches are generally cost effective, the time taken in undertaking this research is small compared to the time that would have been taken had a quantitative approach been used. ? The approach is quite simple due to the elimination of mathematical and statistical complexities associated with quantitative research. Furthermore, the researcher is given more control of the research process which if well used could ensure research is carried out effectively.Financial Impact on the United States Healthcare System Essay.

Disadvantages These are the disadvantages of the research approach: ? The researcher is in control of the entire research process thus increasing the risk of bias. ? The use of a qualitative approach makes it impossible to provide an error bound and significance level for the results thus the statistical accuracy of the results cannot be ascertained. Limitations These are some of the limitation to this approach to research: ? Though the use of a large number of resource may be desirable, cost considerations makes it unrealistic.

This creates a bound on the number of resource one can use and thus the comprehensiveness of the findings. ? The research approach is not readily applicable in specific research areas for example if the research involves a specific hospital or a clearly set hypothesis, the application of a more quantitative approach would be desirable. Assumptions These are some of the assumption made in applying this approach methodology: ? The selection process ensures the elimination of bias and use of resources that are of high integrity and accuracy.

? The data contained in the selected materials is representative of the conditions in the US. healthcare system. Literature Review Medication Errors The Food and Drug Agency (FDA) is the body responsible for receipt of error reports on human and non-vaccinal products (O’Neill, 2002). The FDA is responsible for the management of drugs and foods and is tasked with ensuring management of issues relating to the quality of both services and products relating to food and health. Medication errors are defined as preventable causes that may lead to inappropriate prescription of medication or harm the patient (Puglise, 1998).Financial Impact on the United States Healthcare System Essay.

It is therefore quite clear that medication errors revolve around healthcare products, communication, packaging, naming, distribution and monitor (O’Neill, 2002). Medication errors are quite wide and involve almost all aspects in healthcare management since failure in any area of operations invariably has ramifications that either affect patients, consumers or healthcare professionals. Though the definition may involve a number of stakeholders the central issue is the harm the patient is exposed to as a result of erroneous medication.

Over 95000 cases of medication errors have been reported ever since 2000 (Orentlicher, 2005). The figures are based on voluntary reports thus there is a high likelihood that a number of cases are not reported to FDA. Furthermore, some cases are never reported thus the exact medication errors prevalence level is not clear. The American Hospital association states the following as the most common medication errors causes: ? To effectively prescribe a course of treatment the physician should have a thorough grasp of the patient’s condition.

Prescription being an important part to the determination of the nature of health complication and its subsequent management is central to healthcare. Errors in retrieving patient information may be due to incomplete interview or analysis of the patient which leads to failure in noting allergies, underlying conditions, medication that they may be in, previous diagnosis and lab results (O’Neill, 2002). ? Lack of Drug information: Though physicians are specialists in human anatomy and physiology, the drug industry is a fully commercialized industry and drugs are a commercial products (O’Neill, 2002).

It is almost impossible for a physician to master information pertaining to all drugs they are therefore dependent on additional information provided by either medical journals or manufactures on the action and side effects of drug. Further developments and research on a drug may make recommendations that were not present in the original development of the drug. Lack of information on the effects of a drug may lead to prescription of drugs that may either be ineffective in managing the condition in question or lead to other medical complications.

? Poor communication of Drug Orders: This is one of the most common cause of medicinal errors. Ordinary people may consider the handwriting of physicians poor; there are cases where even their fellow practitioners fail to decipher meaning from their scribbles. Poor communication of orders may result from confusion of drug names especially drugs with similar names due to misuse of numerical symbols for instance wrong placement of zeros and decimals, confusing metric and dosing units and inappropriate abbreviation that may create a meaning different from what is intended (Maynard, 2000).

? Poor Labeling: Labeling is a key factor in ensuring organization and reducing the risk of mix ups. A number of drugs are prepared in large units and then repackaged into smaller units. Poor packaging due to improper management of repackaging and labeling process may lead to the administration of completely different drugs to a patient. Administration of a drug not relevant to a patient’s condition leads to drug abuse and the patients conditions worsens since it is not being addressed.

? Environmental Factors: The physician’s task in prescription requires observing a patient, interviewing the patient, analyzing symptoms and signs, coming up with a conclusion and drafting a recommendation (Orentlicher, 2005). These are activities that require well developed skills and proper use of individual mental faculties. Environmental factors like excessive heat, noise, continued interruption may interrupt the diagnosis process and lead to failure by the physician to take note of some symptoms or information. These leads to wrong recommendations which places the patient in danger of their condition not being addressed effectively.Financial Impact on the United States Healthcare System Essay.

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