Examine at least three economic challenges that the existing health care system is facing, both now and in the future.
Analyze the important consequences of the problems in question for market efficiency of the health care system.
Cite concrete instances from your program’s readings or publications from peer-reviewed journals to support your position.
Overview
Cybersecurity
The 2020 Covid-19 epidemic exposed the true vulnerability of sensitive patient health information, despite the fact that ransomware, data breaches, and other cybersecurity threats are nothing new to the healthcare business.
A significant factor in the sharp rise of compromised patient information is the recent expansion of digital health initiatives, such as telehealth doctor consultations. Over the coming year, more healthcare services will go online, therefore it’s critical to make sure these operations are secure from outside attacks.
Telehealth
Consumer acceptance of telehealth increased from 11% in 2019 to 46% in 2020, with the Covid-19 Pandemic supporting little to no in-person human engagement. Although the future effects of Covid-19 are yet unknown, it appears that telehealth adoption will keep rising. In reality, customers who are extremely or somewhat likely to adopt telehealth in the near future comprise 76% of the market.
The telehealth industry is nevertheless plagued by significant problems, such as a potential digital health bubble and an uncertain regulatory future.
Processing Invoices and Payments
As consumers are paying for a growing percentage of their medical bills, medical practices are listing patient collections as their biggest revenue cycle management challenge. Providers must take steps to encourage patients to send payments in a timely way.