Health care Homework is an industry compatible for first-mover advantage?:Contrast your statements with the story of Theranos and Elizabeth Holmes. Contrast the advantages and discuss which provides the best return on investment? Cite at least 2 peer-reviewed, scholarly, or similar references.
Format your citations according to APA guidelines.
Is health care an industry compatible for first-mover advantage?: What Is the Healthcare Sector? The healthcare sector consists of businesses that provide medical services, manufacture medical equipment or drugs, provide medical insurance, or otherwise facilitate the provision of healthcare to patients.
Understanding the Healthcare Sector
The healthcare sector is one of the largest and most complex in the U.S. economy, accounting for close to a fifth of overall gross domestic product (GDP). The U.S. healthcare sector benefits from a strong system of medical research and development, in cooperation with the higher education system and the technology industry. The aging U.S. population and the advancing senescence of the Baby Boomer generation are driving ongoing strong demand in the healthcare sector.
Economically, Healthcare Sector markets are marked by a few distinct factors.Is health care an industry compatible for first-mover advantage?: Government intervention in healthcare markets and activities is pervasive, in part due to some of these economic factors. Demand for healthcare services is highly price inelastic. Consumers and producers face inherent uncertainties regarding needs, outcomes, and the costs of services. Patients, providers, and other industry players possess widely asymmetric information and principal-agent problems are ubiquitous. Major barriers to entry exist in the form of professional licensure, regulation, intellectual property protections, specialized expertise, research and development costs, and natural economies of scale. Consumption (or non-consumption) and production of medical services can involve significant externalities, particularly regarding infectious disease. Is health care an industry compatible for first-mover advantage?:Transactions costs are high in both the provision of care and the coordination of care.
Industries within the Healthcare Sector
The healthcare sector contains a diverse array of industries, with activities ranging from research to manufacturing to facilities management.
Drug manufacturers can further be broken down into biotechnology firms, major pharmaceuticals firms, and makers of generic drugs. Is health care an industry compatible for first-mover advantage?:The biotech industry consists of companies that engage in research and development to create new drugs, devices, and treatment methods. Many of these companies are small and lack dependable sources of revenue. Their market value may depend entirely on the expectation that a drug or treatment will gain regulatory approval, and FDA decisions or rulings in patent cases can lead to sharp, double-digit swings in share prices.
Major pharmaceuticals firms also engage in research and development, but tend to focus more on manufacturing and marketing an existing portfolio of drugs than the typical biotech firm. Health care Homework an industry compatible for first-mover advantage?:These companies tend to have more dependable streams of revenue and a more diversified “pipeline” of drugs in the research and development stages, making them less dependent on make-or-break drug trials and their shares less volatile. Examples of major pharmaceutical firms include Novartis AG and GlaxoSmithKline PLC.
Some pharmaceutical firms specialize in generic drugs, which are identical to name-brand drugs but no longer enjoy patent protection.Is health care an industry compatible for first-mover advantage?: As a result, there is often competition to manufacture identical drugs, leading to lower prices and thinner profit margins. An example of a generic drugs firm is Teva Pharmaceutical Industries Ltd.
Medical equipment makers range from firms that manufacture standard, familiar products—scalpels, forceps, bandages, and gloves—to those that conduct cutting-edge research and produce expensive, hi-tech equipment, such as MRI machines and surgical robots. Medtronic PLC is an example of a medical equipment maker.Health care Homework.
Managed Health care Homework
Managed healthcare companies provide health insurance policies. The “Big Five” firms that dominate the industry are UnitedHealth Group Inc., Anthem Inc., Aetna Inc., Humana Inc., and Cigna Corp.
Healthcare Sector Facilities
Health care facilities firms operate hospitals, clinics, labs, psychiatric facilities, and nursing homes. Examples include Laboratory Corp. of America Holdings, which operates facilities that perform blood tests and other analysis, and HCA Healthcare Inc., which operates hospitals and other healthcare facilities in the U.S. and U.K.Health care Homework.
Healthcare Sector in the U.S. and the OECD
According to the OECD, some of the highest-quality care in the world can be found in the U.S., but in terms of some measures of health the U.S. lags other wealthy, developed countries. Life expectancy is 78.6 years, according to the OECD, below the OECD average of 79.3 (the OECD’s 35 members are mostly rich, industrialized countries in Europe and North America).
What Are The 4 Biggest Challenges Facing the Healthcare Sector?
Is health care an industry compatible for first-mover advantage?:Over the years, providing and funding high-quality Healthcare Sector has come up against a number of challenges. Due to an ageing population, an increase in demand and associated spending has contributed to augmented stress to Australia’s healthcare system. Is health care an industry compatible for first-mover advantage?:In this article, we will be looking at the four biggest challenges that the Health care Homework is currently facing.
1: Burden of preventable medical errors
Dr Ujjwal Rao, Senior Clinical Specialist, Elsevier highlights in his recent whitepaper that it is estimated that for every 100 hospitalisations per year, approximately 14 adverse events occur. This means that every year, there are around 43 million patient injuries that are avoidable.
2:Medical information explosion
Is health care an industry compatible for first-mover advantage?:Obviously , such an undertaking is virtually impossible. However, this also means that medical practitioners can no longer rely on their training, medical intuition, and experience
When it comes to the delivery of high-quality healthcare. Is health care an industry compatible for first-mover advantage?:With this in mind, it has been suggested that integrating technology such as Clinical Decision Support Systems (CDSS) are the only way medical professionals can hope to keep up with the increase in information.Health care Homework.
up with the increase in information.
3. The slow diffusion of Healthcare Sector knowledge
Is health care an industry compatible for first-mover advantage?:You might be aware that the acceptance of new scientific discoveries into clinical practice can take a long time. However, this diffusion of medical knowledge is more drawn out than many realise. According to Balas, only 14% of new scientific discoveries make their way into daily clinical practice. Furthermore, those that do become accepted, take an average of 17 years to do so.
In Australia specifically, it takes:
● 3.48 years for regulatory bodies to withdraw drugs that are found to be unsafe
● 8.2 years for drugs to reach a stable level of prescription
Is health care an industry compatible for first-mover advantage?:This essentially means that patients are routinely waiting to be prescribed drugs or undergo procedures and interventions that have actually been proven to be effective decades ago. Unfortunately, there is no simple solution to this problem. That said, the use of CDSS (utilising guidelines built on the most current evidence-based information) at the point of care, will help overcome this challenge.Health care Homework.
4. Good care costs less
Is health care an industry compatible for first-mover advantage?Lastly, Healthcare Sector is currently being reformed globally. For example, payment models are increasingly moving away from Fee-For-Service (FFS) models to Pay-for-Performance (P4P) models.
The idea behind this is that P4P models reward care providers for providing better quality care, whilst simultaneously penalise them for medical errors, adverse outcomes, and excessive diagnostic and treatment costs.
Thus in the P4P model, providers and healthcare systems risk significant financial penalties if they are unable to avoid adverse clinical outcomes and unnecessary tests and procedures.
What does this mean?
In short, there are a number of obstacles that currently face the Healthcare Sector. Is health care an industry compatible for first-mover advantage?For some of these issues, only time and extensive research and funding will ensure a lasting solution. Is health care an industry compatible for first-mover advantage?:However, organisations can take the lead by implementing various technologies such as CDSS to combat preventable medical errors. The implementation of CDSS (and its incorporation of evidence-based medicine) means that medical professionals and healthcare providers will be able to reduce variability, improve patient outcomes, optimise EHR investment, and overall improve the quality of care for patients.
To read more about the challenges facing the Healthcare Sector, download Order Sets: A poka-yoke for clinical decisions.
Health Care Industry
Managing the Business of Health Information Exchange
The health-care industry has a mild obsession with the question of how to sustain health information exchange (HIE). This chapter explores the challenges of running an HIE as a sustainable business, as well as tactics for success. Key success factors for sustainable HIE are discussed, including the need for sound financial management and an alignment of mission, organizational structure, and business model. Ultimately, the basis of sustainability is the creation of value through HIE and monetizing this value with sufficient success to financially support the organization.Is health care an industry compatible for first-mover advantage?: A hypothetical HIE case study is employed to explain key financial aspects of HIE revenue and expense management; and highlight specific, practical approaches to improving an HIE’s financial performance.
Ethical Issues of Cancer Center Administrators
Frank R. Tortorella, in Ethical Challenges in Oncology, 2017
Appropriate Staffing Levels
The health care industry has staff shortages in certain positions, and the cancer center administrator must contend with these staffing limitations and yet provide the necessary services to patients. Is health care an industry compatible for first-mover advantage?:Additionally, the cancer center administrator has the challenge that some employees even after expensive recruiting and on-boarding processes find that they are not interested in working in a cancer center environment. First-year turnover can be high in a cancer center because treating cancer patients is rewarding but yet challenging.Is health care an industry compatible for first-mover advantage?: This turnover is costly for the cancer center and can affect the quality of patient care when employees are not retained and staff lack the sufficient years of valuable cancer care experience. Thus, the administrator has to monitor costly first-year turnover and find innovative solutions to make sure the right candidates are recruited and hired. The goal is to recruit the right person who will remain in the job and gather years of experience, Health care Homework,which will improve the quality of care for the cancer patient. For example, one such tactic to reduce turnover and improve the recruitment process was implemented in the Rehabilitation Services department at The University of Texas MD Anderson Cancer Center which had experienced high turnover in the past. Nationally, physical and occupational therapy departments have staffing shortages exacerbating the problem to remain fully staffed [30,31].Is health care an industry compatible for first-mover advantage?: One of the main reasons for the high turnover at The University of Texas MD Anderson Cancer Center was that physical and occupational therapists would be hired and complete a lengthy and costly orientation to only find that some therapists did not want to work with cancer patients.Health care Homework.
Another tactic for staff shortages that is sometimes appropriate, is hiring contract labor. The administrator of the cancer center must carefully assess the pros and cons of this option. One consideration is the specialized skills that the clinical staff must have for caring for cancer patients that a contract workforce may lack.Is health care an industry compatible for first-mover advantage?: Additionally, the administrator must assess the amount of desired control over staff education for their workforce. For example, ethics and patient privacy training are very important for the workforce in a cancer center to understand and follow. The administrator should assess whether to have their staff employed by the cancer center to ensure certain levels of training and skills are met rather than to fill certain positions with contract workers.
Another ethical issue with staffing is adjusting staffing levels and productivity targets due to the special circumstances in the cancer center.Is health care an industry compatible for first-mover advantage?: The administrator must balance meeting productivity standards while providing quality care for cancer patients. For example, the cancer center administrator has to factor into the productivity standard for physical and occupational therapists the significant amount of time to motivate cancer patients who are weak from their treatments and are required to perform the necessary therapies to build strength for their next treatment or to live at home. In fact, these types of staffing level and productivity issues must be considered is health care an industry compatible for first-mover advantage?:n all the clinical and support departments.
Health care industry
Comprises of providers of diagnostic , preventive, remedial, and therapeutic services such as doctors, nurses, hospitals and other private, public, and voluntary organizations. It also includes medical equipment and pharmaceutical manufacturers and health insurance firms.
Health care Homework|Overview of Healthcare Industry
The health care industry is tremendously important to people around the world. This industry comprises of different players including hospitals, doctors, nursing homes, diagnostic laboratories, pharmacies, medical device manufacturers, and other components of the health care system. This article provides an overview of the healthcare industry.
What is Healthcare Sector?
Health care (or healthcare) is the diagnosis, treatment, and prevention of disease, illness, injury, and other physical and mental impairments in humans. Health care is delivered by practitioners in medicine, chiropractic, dentistry, nursing, pharmacy, allied health, and other care providers. It refers to the work done in providing primary care, secondary care and tertiary care, as well as in public health.
What is Healthcare Industry?
The health care industry, or medical industry, is a sector that provides goods and services to treat patients with curative, preventive, rehabilitative or palliative care. The healthcare industry is composed of establishments devoted to prevention, diagnosis, treatment, and rehabilitation of medical conditions. Such treatment may be through providing products or services, and may be provided privately or publicly. Is health care an industry compatible for first-mover advantage?:The modern health care sector is divided into many sub-sectors, and depends on interdisciplinary teams of trained professionals and paraprofessionals to meet health needs of individuals and populations. Is health care an industry compatible for first-mover advantage?:The health care industry includes establishments ranging from small-town private practices of physicians who employ only one medical assistant to busy inner-city hospitals that provide thousands of diverse jobs.
Importance of Healthcare Industry:
Aging populations and increasingly prevalent chronic diseases are the fundamental drivers creating demand for expansion of lifestyle medical procedures and healthcare industry.Is health care an industry compatible for first-mover advantage?: There will be huge demand for medical technology products for years to come.
Impact of Healthcare Industry on Economy:
The health care industry is tremendously important to people around the world as well as to the national economies. It is one of the fastest growing industries in the world. Consuming over 10 percent of gross domestic product (GDP) of most developed nations, a correlation exists between income levels and expenditure on health care in various countries. For example, some of the large developing economies, such as Brazil, India, China, and Russia, spend less on health care than more industrialized economies, such as the United States or France.
The health care industry also plays an important role as being the largest employer in the global economy. If we add up the number of people working in each sector across the world. In most countries, the employment growth rate of the health industry is higher. Ijn comparison to that of other industries.Is health care an industry compatible for first-mover advantage?: However the healthcare industry as it exists today is highly fragmented and divided among many different companies and different players. No single firm/corporation has large enough share. Monopoly of the market to be able to influence the industry’s direction or price levels.
Classification of Healthcare Industry:
For purposes of finance and management, the health care industry is typically divided into several areas. As a basic framework for defining the sector, the United Nations International Standard Industrial Classification (ISIC) categorizes the health care industry as generally consisting of:
Medical and Dental Practice Activities
Other human health activities
This third class involves activities of, or under the supervision of, nurses, midwives, physiotherapists, scientific or diagnostic laboratories, pathology clinics, residential health facilities, or other allied health professions, e.g. in the field of optometry, hydrotherapy, medical massage, yoga therapy, music therapy, occupational therapy, speech therapy, chiropody, homeopathy, chiropractics, acupuncture, etc.
The Global Industry Classification Standard and the Industry Classification Benchmark further distinguish the industry as two main groups:
Health care equipment and services
Pharmaceuticals, biotechnology and related life sciences
Health care equipment and services comprise companies and entities that provide medical equipment, medical supplies, and health care services, such as hospitals, home health care providers, and nursing homes. Is health care an industry compatible for first-mover advantage?:The second industry group comprises sectors companies that produce biotechnology, pharmaceuticals, and miscellaneous scientific services.
Healthcare Providers and Professionals:
A health care provider is an institution (such as a hospital or clinic) or person (such as a physician, nurse, allied health professional or community health worker) that provides preventive, curative, promotional, rehabilitative or palliative care services in a systematic way to individuals, families or communities.
The medical industry is also supported by many professions that do not directly provide health care itself, but are part of the management and support of the health care system. Is health care an industry compatible for first-mover advantage?:The incomes of managers and administrators, underwriters and medical malpractice attorneys, marketers, investors and shareholders of for-profit services, all are attributable to health care costs.
Delivery of Healthcare Services:
The delivery of health care services – from primary care to secondary and tertiary levels of care – is the most visible part of any health care system, both to users and the general public.Is health care an industry compatible for first-mover advantage?: There are many ways of providing health care in the modern world. The place of delivery may be in the home, the community, the workplace, or in health facilities. The most common way is face-to-face delivery, where care provider and patient see each other ‘in the flesh’. This is what occurs in general medicine in most countries. However, with modern telecommunications technology, in absentia health care is becoming more common. This could be when practitioner and patient communicate over the phone, video conferencing, the internet, email, text messages, or any other form of non-face-to-face communication.
Medical tourism (also called medical travel, health tourism or global health care) is a term initially coined by travel agencies and the mass media to describe the rapidly-growing practice of traveling across international borders to obtain health care.
Such services typically include elective procedures as well as complex specialized surgeries such as joint replacement (knee/hip), cardiac surgery, dental surgery, and cosmetic surgeries. However, virtually every type of health care, including psychiatry, alternative treatments, convalescent care and even burial services are available. Is health care an industry compatible for first-mover advantage?:As a practical matter, providers and customers commonly use informal channels of communication-connection-contract, and in such cases this tends to mean less regulatory or legal oversight to assure quality and less formal recourse to reimbursement or redress, if needed.
Over 50 countries have identified medical tourism as a national industry. However, accreditation and other measures of quality vary widely across the globe, and there are risks and ethical issues that make this method of accessing medical care controversial. Also, some destinations may become hazardous .