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Improving American Healthcare by Reducing Costs

Medicine in America is one of the critical factors in the social well-being of the population. The health care system in the United States of America has been a leader in the ranking for many years in terms of the scale of financial resources concentrated in it. Every year, the government allocates vast amounts of money to this area. Despite this, it has not only advantages but also significant disadvantages. Medicine in the United States is expensive, and many people are not able to pay for services. Commercial medical centers have impressive indicators of monetary turnover, which is why they can be compared with industrial giants. Free medicine in the United States does not exist; everything is based on the issued insurance policy. The authorities explain this approach to compensate for the cost of medical equipment, which is considered one of the best in the world. Due to the special prices, many citizens cannot afford medical care. If health care costs were reduced, it would be possible to have free medicine, and treatment would become more affordable for the country’s citizens.

Every year, the financing of medicine requires more and more funds from the federal budget and affects the increase in the US national debt. The costs incurred by hospitals are increasing; this leads to a rise in prices for the services provided by doctors. The quality of these services is constantly falling – because there are more and more patients (Ilan, 2021). Reducing health care costs would help address the growing annual waiting lists for doctor appointments and, as a result, the increasingly noticeable shortage of doctors in the country.

Access to medical services is provided by intermediaries – private insurance companies. Several large companies in the market have concentrated their influence in their hands. Since other companies are not allowed to enter the market, monopolistic insurers dictate their terms and set prices that are unaffordable and unprofitable for citizens. Reducing the cost of healthcare can help solve the problem of the monopoly in health insurance. The unavailability of insurance significantly affects the American economy. Lower health care costs would make them more affordable and reduce the losses from low life expectancy and low productivity of the uninsured.

The uniqueness of the US healthcare system is also evident in how the cost of medical services is repaid. Part of the taxes collected from citizens is transferred to Medicare – the national insurance company – and assists in paying for the most common medical services for all citizens (Melnyk, 2020). The Medicare system has many drawbacks: first, it does not make medical services completely free. All atypical expenses are costly and are repaid by the citizens or their employer. Reducing the cost of this program will also positively impact health care since it does not justify all the huge funds allocated to it.

When comparing the health care situation in the United States with the situation in other countries, a substantial difference can be seen between the systems. There is much to learn from other countries, such as achieving near-full coverage of health services with lower funding. Reducing the cost of the health care system would allow the creation of a medical procedure that would apply universally to every citizen. Insurance premiums would not be based on risk, and citizens would stop spending vast amounts of money on medicine, and being uninsured. Reducing the cost of the healthcare system would make it possible to achieve a successful healthcare system for value for money.

References

Ilan, Y. (2021). Improving global healthcare and reducing costs using second-generation artificial intelligence-based digital pills: A market disruptor. International Journal of Environmental Research and Public Health, 18(11), 1-12.

Melnyk, M. B. (2020). Reducing healthcare costs for mental health hospitalizations with the evidence-based cope program for child and adolescent depression and anxiety: A cost analysis. Journal of Pediatric Health Care, 34(2), 117-121.

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StudyKraken. (2022, September 9). Improving American Healthcare by Reducing Costs. Retrieved from https://studykraken.com/improving-american-healthcare-by-reducing-costs/

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StudyKraken. (2022, September 9). Improving American Healthcare by Reducing Costs. https://studykraken.com/improving-american-healthcare-by-reducing-costs/

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StudyKraken. "Improving American Healthcare by Reducing Costs." September 9, 2022. https://studykraken.com/improving-american-healthcare-by-reducing-costs/.

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StudyKraken. 2022. "Improving American Healthcare by Reducing Costs." September 9, 2022. https://studykraken.com/improving-american-healthcare-by-reducing-costs/.

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StudyKraken. (2022) 'Improving American Healthcare by Reducing Costs'. 9 September.

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