JHT2 Task 3 1
JHT2 Task 3
The Healthcare Industry
A1. Economic Features
One dominant economic feature of the healthcare industry is the growing need for both basic and specialized healthcare due to the continued aging of the “Baby Boomer” generation. This generation consists of over 79,000,000 individuals born in the US between 1946 and 1964. As this generation has aged, the need for healthcare has increased dramatically. Let us take a look at some statistics:
As of 2012, there were 65.2 million Baby Boomers still living in the US. These individuals, all now currently between the ages of 50 and 68 years old, represent 21% of the current US population.
A member of this group turns 65 years old every 10 seconds.
66% of individuals over the age of 65 have at least 1 chronic disease and see 7 different doctors per year on average.
This generation currently accounts for 62% of over the counter (OTC) medication and 80% of all prescription medication sales in the US. These figures are expected to increase dramatically in the coming years. (USAToday.com, 2013)
A2. Driving Forces
The Patient Protection and Affordable Care Act (ACA), commonly referred to as Obamacare, represents the greatest regulatory overhaul to the US healthcare system since the introduction of Medicare almost 50 years ago. The ACA sets federally mandated standards for insurance companies in regard to rates and coverage. It also established mandatory penalties for any uninsured or underinsured US citizen. The act has caused a great deal of speculative panic in the healthcare community at large as it opened the door for greater federal scrutiny of the patient care and financial practices of healthcare institutions.
A2a. Provision
The best way to offset any detriment that may come to the institution in light of the ACA is to promote a culture of caring for our patients while providing an acceptable level of transparency and compliance to federal regulators and eliminating wasteful practices in order to
The Healthcare Industry
A1. Economic Features
One dominant economic feature of the healthcare industry is the growing need for both basic and specialized healthcare due to the continued aging of the “Baby Boomer” generation. This generation consists of over 79,000,000 individuals born in the US between 1946 and 1964. As this generation has aged, the need for healthcare has increased dramatically. Let us take a look at some statistics:
As of 2012, there were 65.2 million Baby Boomers still living in the US. These individuals, all now currently between the ages of 50 and 68 years old, represent 21% of the current US population.
A member of this group turns 65 years old every 10 seconds.
66% of individuals over the age of 65 have at least 1 chronic disease and see 7 different doctors per year on average.
This generation currently accounts for 62% of over the counter (OTC) medication and 80% of all prescription medication sales in the US. These figures are expected to increase dramatically in the coming years. (USAToday.com, 2013)
A2. Driving Forces
The Patient Protection and Affordable Care Act (ACA), commonly referred to as Obamacare, represents the greatest regulatory overhaul to the US healthcare system since the introduction of Medicare almost 50 years ago. The ACA sets federally mandated standards for insurance companies in regard to rates and coverage. It also established mandatory penalties for any uninsured or underinsured US citizen. The act has caused a great deal of speculative panic in the healthcare community at large as it opened the door for greater federal scrutiny of the patient care and financial practices of healthcare institutions.
A2a. Provision
The best way to offset any detriment that may come to the institution in light of the ACA is to promote a culture of caring for our patients while providing an acceptable level of transparency and compliance to federal regulators and eliminating wasteful practices in order to