Waste in the US Health Care System - Essay Example

Article summary

The articles chosen for analysis were published in January 2020 and focus on the issue if financing the healthcare system in the US. The article is particularly concerned with the lack of a Universal government-funded or government-controlled financing system that offers a uniform payment system in the US. The article, "Projected costs of single-payer healthcare financing in the United States," was authored by Cai et al. (2020), and the research contributes a lot in financing healthcare in the US. US for many decades has been using a multi-payer healthcare financing system, which many have contested and proposed reforms. Economists claim that the multi-payer healthcare financing system in the US eventually leads to inflated healthcare costs. While a universal government-mandated health care insurance system known as the "Medicare for All” still remains a proposed policy since 2011, there has been renewed traction for its implementation (Cai et al., 2020).

The authors evaluated the effectiveness of the single-payer healthcare financing system, with a specific focus on the cost implications of the proposal. The article purposed to demonstrate the economic feasibility of the proposed system and whether it will help lower the cost of healthcare in the US. The authors also hypothesized that a single-payer healthcare financing system in the US would bring down medical expenses while increasing the efficiency of health insurance. A universal healthcare plan will provide a simplified approach to high-quality health insurance. The authors found a near-consensus in the analysis of multiple single-payer plans. A single-payer system will lower medical expenses and offer highly-efficient healthcare insurance. Cost savings will be achieved through a negotiated cost of drugs and simplified billing.

How the Article Relates to Healthcare

This article evaluates the effectiveness and efficiency of a single-payer healthcare insurance system, hence significant to the subject matter of healthcare. It is a prime responsibility of any nation to ensure that its citizen has access to high-quality medical care. The issues of financing are crucial to the accessibility and affordability of medical care. The US government has, however, allowed a multi-payer healthcare financing system, which in one way or the other has made Americans underinsured (Levey & Jacobs, 2019). The proposed single-payer system will make healthcare accessible to all residents by providing a simplified financing system. The total government spending on healthcare in the US has been on the rise, and addressing these challenges could help save expenditures. As Cai et al. (2020) observe, the increased government spending on healthcare is not due to utilization, but rather higher charges and administrative costs.

The issue of financing the US healthcare system continues to evolve over time, mainly due to concerns over rising medical expenses and insurance plans that make some people underinsured or uninsured. The level of government spending on healthcare has increased over the years as healthcare costs continue to rise (Levey & Jacobs, 2019. In addition, the number of underinsured residents has also changed over time, with most non-elderly people remaining uninsured, despite the enactment of the Affordable Care Act (ACA) of 2010. Although to some extent, the regulation opened access to healthcare insurance for many, the Act continues to face political headwinds, with some legislature calling for alternative regulation or reforms.

Changes

Since the inception of President Trump administration, there have been policy changes regarding medical insurance, especially in the mandates of the ACA. Since Trump had promised to repeal the ACA, his failure to do so has resulted in many relentless changes and orders that have affected the enforcement of the Act. For example, some issues under the policy that were mandated by the federal government have been passed back to the states. Some of the changes instituted by trump administration on the ACA include removal of the individual mandate take insurance, and eliminating incentives and cost-sharing reduction subsidies (Shrank et al., 2019). The major changes in the healthcare system that touches on financing revolve around reforming or repealing the ACA, with current traction towards a single-payer system.

Ultimate Impact on Consumers

A single-payer healthcare financing system will improve access to healthcare for all people. Cai et al. (2020) found that a single-payer system will reduce medical expenses and simplify medical insurance, under this system, the government will be the sole insurer, and private insurers will not operate. There will also be no cost-sharing under this system. This means that the government will not need to offer cost-sharing subsidies and will lower expenditure on healthcare. At the same time, administrative inefficiencies under the multi-payer financing system will be eliminated, lowering prices for medical services. The net cost of healthcare will decrease due to the negotiated cost of drugs and the simplified billing system (Cai et al., 2020). Many people will have access to medical insurance in the long run, including low-income earners.

Although a single-payer healthcare financing system will lead to efficient insurance through the elimination of administrative inefficiencies, the acceptance and effectiveness of the system will depend on the features and implementation of insurance plans. Universal healthcare aims at ensuring every resident, including low-income earners and those who are not employed (Levey & Jacobs, 2019). As such, the single-payer system will be successful to the extent that it addresses this objective. While eliminating private insurers might destabilize healthcare financing in the short-run, a universally mandated health insurance system will reduce the cost of healthcare (Cai et al., 2020).

Professional Impact

The research topic has a lot of impact on my current and future role in the healthcare profession. The effectiveness of a healthcare financing system affects healthcare administration and the efficiency of the healthcare system. As a physician, I want to see that everyone gets the best healthcare and live a healthy life. However, this goal depends on how the current healthcare insurance system covers everyone. For physicians in private healthcare providers, the effectiveness of the financing system is crucial to a career. Private healthcare givers depend on insurance reimbursements to run their operations and compensate medical professionals (Shrank et al., 2019). Therefore, a healthcare financing system that simplifies the billing process is significant to the medical profession. Even public hospitals rely on an effective payment system to finance operations.

In the future, the single-payer healthcare financing system will also have an impact on my career. The objective of the system is to offer less expensive and highly efficient healthcare insurance that will guarantee high-quality healthcare for everyone. The goal of healthcare will be actualized, and my professional objectives will also be promoted. I will be able to offer my assistance to even the poor in society. I will also save many lives, and people will not have to worry about medical expenses. In addition, I will have all the necessary work equipment and facilities. The availability of medical equipment and supplies, such as drugs, is a significant part of the medical profession. With an effective healthcare financing system, the work environment will improve, and healthcare facilities will be well-equipped, making my work easier.