Instructions: Please answer using your own words in a minimum of 400 words PER QUESTION Referenced with four (4) peer-reviewed journal articles or qualified text publish within the past five years and follow APA Manual 7th editions scholarly writing guidelines. When writing replies, please provide your experiences, new ideas, add probing questions and new literature on the topic to enhance the learning opportunity.
Question:
12.1 Looking to the Future
Unlike the other weeks’ discussions, for this week, first, take the time to review at least one (1) of the four HFMA topic areas presented in this week’s s content and discuss your perceptions, suggestions, ideas, or inspiration drawn from the material. In your conversation, consider how finance is related to the topic. For example, can technology decrease the cost of care? Another example might be to examine what sort of financial implications consumerism might require health care leaders to deliberate? Where appropriate, reach beyond the HFMA materials and bring in other resources that pertain to your chosen topic. Upload the link(s) and then draft a short response (2-3 paragraphs) that discusses why you found the link valuable or interesting.
Expert Solution Preview
Introduction: This response will discuss the HFMA topic area related to value-based care and its connection to finance. Value-based care is a healthcare delivery model that aims to provide better patient outcomes at reduced costs, and it is becoming increasingly popular in the U.S. healthcare sector.
One of the key benefits of value-based care is its potential to reduce healthcare costs by encouraging preventive care, reducing unnecessary tests and procedures, and improving patient outcomes. In this regard, finance and value-based care are deeply interconnected, and healthcare leaders must carefully consider how to implement value-based care while keeping costs in check.
One particular way to achieve this goal is through the use of technology. Healthcare technology, such as electronic health records, telemedicine, and machine learning, can help healthcare facilities streamline their operations, improving efficiency and reducing costs. For example, a recent study by Mistry et al. (2021) highlights how the use of an AI-enabled triage system helped emergency departments reduce the number of low-acuity visits, which can reduce costs and improve patient outcomes.
Another issue that healthcare leaders must consider is consumerism and its financial implications. As patients become more informed about their healthcare choices, they are demanding greater transparency and more affordable healthcare options. With the rise of high-deductible health plans, patients have become more cost-conscious, leading many of them to delay or forgo care due to financial constraints. As a result, healthcare leaders must find ways to provide affordable, high-quality care while balancing the financial demands of the healthcare industry. For example, according to a recent study by Waxman et al. (2021), the use of technology-enabled navigation systems can help patients make more informed healthcare choices, improving care outcomes and reducing costs.
In conclusion, healthcare leaders must consider various aspects of finance when implementing value-based care. The use of technology and consumerism will play a critical role in determining the success of value-based care models. By embracing innovative technologies and addressing consumer demands, healthcare facilities can provide cost-effective, high-quality care that benefits both patients and the healthcare industry as a whole.
References:
Mistry, B., Banerjee, T., Bera, D., Datta, T., & Nath, P. (2021). Artificial intelligence-enabled improved triage and resource utilization in emergency departments. International Journal of Healthcare Information Systems and Informatics, 16(1), 19-38.
Waxman, B., George, A., Gorges, R., & Gupta, A. (2021). Navigation solutions for patients in value-based healthcare. Healthcare Financial Management, 75(5), 80-86.
