HMGT 322 ASSES

Running head: HEALTHCARE FINANCIAL CONCEPT 1

HEALTHCARE FINANCIAL CONCEPT 5

Healthcare Financial Concept

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DO NOT POST MY PAPER ON A HOMEWORK PAPER SITE , IT SHOWS UP AS PLAGIARISM WHEN I SUBMIT AND I AM WATERMARKING MY PAPERS FOR COPYRIGHT.

Healthcare Financial Concept

Its objective is always to offer quality care to the patients in the healthcare sector. Offering quality care is possible when a suitable payment plan is in place that makes it efficient and affordable. Some pay for services through their income and those that use insurance cover. The government has imposed rules and policies that govern the healthcare industry.

Article Summary

The article was written by Courtemanche et al. (2018) titled "Effects of the Affordable Care Act on Health Care Access and Self-Assessed Health After 3 Years". It discusses the Affordable Care Act (ACA), a policy introduced and enforced by the government to regulate the access of healthcare insurance to low-income earners in the country. The primary components of the ACA include the individual mandate in looking for access to healthcare, subsidized marketplace coverage, access to care, and self-assessed care. ACA is a financial concept that changed how healthcare insurance organizations would handle clients including subsidizing the cost of getting insurance coverage, and this led to more low-income earners getting insurance that guarantees them quality access to healthcare (Courtemanche et al., 2018). In addition, the policy requires the insurance firms to make sure that it offers insurance in equity without discriminating against those with pre-existing conditions. The article has highlighted that ACA has led to the Medicaid expansion, which influenced health-related outcomes, and this includes the gain in those that access health insurance coverage and an increase in access to quality of care.

Financial concepts found in the article

President Barack Obama signed the Affordable Care Act (ACA) into law in March of that year. In order to help millions of Americans who are now uninsured, the Patient Protection and Affordable Care Act (often known as Obamacare) was enacted. Health insurance exchanges were set up, expanded Medicaid eligibility was mandated, and insurance companies were forbidden from rejecting coverage or charging more because pre-existing diseases were all part of the law. Allows children to stay on their parent's insurance plans until they become 26. It was the goal of the ACA to lower the cost of health insurance for those who qualified for it. Individuals and families on a tight budget will benefit from premium tax credits and cost-sharing reductions included in the plan. Your monthly health insurance costs will be less expensive thanks to tax benefits. Reduced out-of-pocket expenses such as deductibles, coinsurance, copays, and the annual out-of-pocket maximum are achieved by a reduction in your cost-sharing. Also mandated by the Affordable Care Act (ACA) is the inclusion of a list of free preventative treatments in most insurance plans, including those purchased through the Marketplace was done. Health checks, such as physical exams, vaccines, and patient education, are among these. It also permitted states to provide Medicaid coverage to a greater population if they chose to join. Comment by Busayo Oyewole: Theses are the same sentence. Comment by Busayo Oyewole: March of what year, what led to the signing?

A Financial Concept Application

Health care providers, like Mayo Clinic, use a variety of financial principles to devise and implement plans that help them generate enough money to pay for future expansion and expenses. This implementation of the Affordable Care Act has presented Mayo Clinic with many difficulties, including the need to balance income generation with the needs of ACA insurance customers, who generate a small portion of Mayo Clinic's overall revenue. Rochester, Minnesota, is home to the Mayo Clinic, a for-profit medical facility. A primary focus of the clinic is on research, education, and clinical procedures. Mayo Clinic is able to reap the benefits of both health care financing methods by making a well-informed decision. The clinic's mission is to provide quality and universal health care coverage, and the standard-of-care option helps accomplish this goal. Since the option provides a base payment, providing the independent option encourages doctors inside the clinic (Mayo Foundation for Medical Education and Research, 2019).

Even yet, the clinic ought to give both choices in order for the patient to make an informed decision. The article's notion could help Mayo Clinic generate income to help it grow. The Mayo Clinic ran some problems when providing care once the ACA was implemented. In order to make health insurance more widely available, the Affordable Care Act imposed new obstacles on access to health care (Tilhou et al., 2020). In order to keep costs down, health insurance companies have used high deductibles and restrictions on which doctors and hospitals members can utilize. The desire of unwell people to have additional options has a self-interested motivation. A prestigious and pricey health care facility like his may be excluded from many limited health insurance networks. Studies demonstrate that Americans are worried about less choices for them as a result of rising costs. Patients or people they know have been advised by doctors to seek out treatments that are not covered by insurance. In the private entity like the Mayo Clinic, there are limitations and challenges for them to adopt the ACA since it lowers the profit generation as a business entity and this affect the quality of healthcare delivered.

References

Courtemanche, C., Marton, J., Ukert, B., Yelowitz, A., & Zapata, D. (2018). Effects of the Affordable Care Act on Health Care Access and Self-Assessed Health After 3 Years. INQUIRY: The Journal Of Health Care Organization, Provision, And Financing, 55, 004695801879636. https://doi.org/10.1177/0046958018796361

Tilhou, A., Huguet, N., DeVoe, J., & Angier, H. (2020). The Affordable Care Act Medicaid Expansion Positively Impacted Community Health Centers and Their Patients. Journal Of General Internal Medicine, 35(4), 1292-1295. https://doi.org/10.1007/s11606-019-05571-w