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¶ … health care to the elderly.
In the next several years, many commentators argue that population aging will considerably affect the federal budget. When one turns sixty-five, his or her cost of care doesn't abruptly increase. However, the cost of healthcare to the federal government will go up since at that age Medicare usually becomes the main or primary insurer. According to studies by the CBO (Congressional Budget Office), over the next two decades, population aging will account for over fifty percent spending growth on various government healthcare programs (What Is Driving U.S. Health Care Spending? America's Unsustainable Health Care Cost Growth). As the baby boomers age, the population will lead to a higher percentage of seniors, which will in turn lead to an overall increase in per capita spending. Studies indicate that over the next decade or so, the aging American population will contribute to the increase in healthcare spending by at least 0.5% per annum. As of 2014, over half of the costs of long-term care (institutional) for the elderly were covered by Medicaid funds. These studies and statistics show the current situation in the country. It is obvious that more and more public funds are going to caring for the healthcare...
This situation somewhat creates an incentive for doctors to over-utilize the program. Also, the PPS (Prospective Payment System) designed to control expenses by paying healthcare facilities a prospective fee per DRG (diagnostic-related group) episode, is also prone to waste. While PPS promotes efficient care, and has led to considerable reductions in time spent at health care facilities by patients compared to cost-based payments, the system unfortunately encourages a reduction in basic care, resulting in increased readmissions and negative short-term health outcomes (REDUCING COSTS AND IMPROVING THE QUALITY OF HEALTH CARE). A better way to reduce costs would be through introducing bundled reimbursements or payments. A bundled payment is a fixed amount payment for comprehensive healthcare facility services and/or post-acute services, plus any services rendered in case of readmissions. Changing the system of payments from individual payments for various services to a bundled payment for sets of services across healthcare providers and different care settings will promote integration and increase coordination of care between health care facilities, leading to increased quality of care and a decrease in readmissions. Over 467 health care facilities across forty-six states are already trying out the bundled payment initiative and the results are encouraging to say the least. This payments system could reduce the growth in healthcare spending for the elderly.
Solutions into Policy
One of the best examples of initiatives…
References
Barr. (n.d.). Hospitals & Health Networks - Hospital and Health Care Executives. Baby boomers will transform health care as they age - H&HN. Retrieved 2014, from http://www.hhnmag.com/articles/5298-Boomers-Will-Transform-Health-Care-as-They-Age
(2012). Bipartisan Policy Center. What Is Driving U.S. Health Care Spending? America's Unsustainable Health Care Cost Growth. Retrieved December 2, 2016, from http://bipartisanpolicy.org/wp-content/uploads/sites/default/files/BPC%20Health%20Care%20Cost%20Drivers%20Brief%20Sept%202012.pdf
Rice, & Gabel. (1986). Protecting the elderly against high health care costs. Health Affairs,5(3). Retrieved, from http://content.healthaffairs.org/content/5/3/5.full.pdf
(n.d.). The White House - whitehouse.gov. REDUCING COSTS AND IMPROVING THE QUALITY OF HEALTH CARE. Retrieved December 2, 2016, from http://www.whitehouse.gov/sites/default/files/docs/erp2013/ERP2013_Chapter_5.pdf
Trivedi. (n.d.). The Merck Manuals - Trusted Medical and Veterinary Information. Overview of Health Care Financing - Fundamentals - Merck Manuals Consumer Version. Retrieved December 3, 2016, from http://www.merckmanuals.com/home/fundamentals/financial-issues-in-health-care/overview-of-health-care-financing
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