Business Finance - Economics Economics-Assignment W4

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Aging Population

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Aging Population

One of the economic issues driving change in healthcare is the aging population. A remarkable shift has increased the population of older adults. The increasing population presents both challenges and opportunities in healthcare. One of the challenges is the increased demand for healthcare. As the proportion of the elderly increases, the service demand increases (Gilbert et al., 2018). This is because the prevalence of chronic diseases like cancer, diabetes, and cardiovascular diseases increases, necessitating specialized care. The increasing demand for care results in rising costs. This is because there is a need to expand the healthcare infrastructure and workforce, which needs significant financial investment (Newman et al., 2023). In addition, the increasing demand for services exacerbates the workforce shortage issue. With the increasing demand for care, there is also increasing demand for healthcare professionals. Thus, the existing workforce needs help in meeting the demand.

On the positive side, the aging population presents various transformative opportunities. One is the focus on preventive care (Newman et al., 2023). healthcare systems have shifted their focus from treatment-based to prevention. Healthcare providers promote cost-effective prevention, like a healthy diet, early intervention, and regular screening. The issue has also promoted technological advancement by providing new possibilities such as telemedicine, remote patient monitoring, and other digital solutions. In addition, the aging population has increased the need for geriatric specialization to meet the unique needs of healthcare professionals. The complexity of conditions affecting older people has increased the call for integrated care models to help build a gap between primary healthcare, social services, and specialized services. The issue of the aging population also has policy and social implications. For example, governments have recognized the need to address health issues the aging population faces. This has led to formulating of policies such as increased funding for geriatric care (Gilbert et al., 2018).

References.

Gilbert, T., Neuburger, J., Kraindler, J., Keeble, E., Smith, P., Ariti, C., ... & Conroy, S. (2018). Development and validation of a Hospital Frailty Risk Score focusing on older people in acute care settings using electronic hospital records: an observational study.  The Lancet,  391(10132), 1775-1782. https://doi.org/10.1016/S0140-6736(18)30668-8

Newman, A. B., Odden, M. C., & Cauley, J. A. (2023). Epidemiology of aging. In  Handbook of Epidemiology (pp. 1-37). New York, NY: Springer, New York. https://doi.org/97814614662531