The success and prosperity of any economy or country has a great deal to do with the stability and efficiency of the healthcare system in operation in that particular country. Despite this, the healthcare system in operation in many countries is far from efficient. Wakefield (2004), notes that health care is plagued with inappropriate utilization of health services and errors in health care practice in the united states, a factor that accounts for a great deal of wastage and inflation of the cost on Medicare. In light of this, it is quite surprising to note that the adoption and use of high quality facilities and well trained healthcare personnel as a method of reducing the cost of healthcare is often overlooked (Castlight Health, 2012)
One of the great costs of a low quality healthcare system is the inflated cost of treatment as a result of late diagnosis or misdiagnosis. Scarborough (2008), projects that the national costs of medical injuries that are incurred by the United States economy range from between $17 to $29 annually. Such losses mainly result from the use of low quality facilities that may not be accurate and up to date as required. Another reason for such a poor state of affairs may result from the use of poorly trained personnel in the healthcare system. Such wastage of finances can be easily remedied through the adoption of better facilities and the revision of the required credentials for one to be able to practice medicine or work in the healthcare system.
Another negative financial implication of the lack of quality healthcare in the healthcare system is the loss of income and able bodied labor as a result of death. A low quality healthcare system may not be able to completely prevent all the possible ailments and dangerous scenarios that may face a patient. This may lead not only to lack of oversight in the treatment process, but may also result in a situation where despite there being a correct diagnosis, the required corrective action cannot be successful undertaken due to the lack of the necessary facilities or personnel. The institute of medicine (1999) noted in a report that between 44000 and 98000 Americans die annually as a result of medical errors. A good number of these people represent the working population, which consequently means that productive income that could have been positively utilized is lost, not to mention the financial value that is lost due to the death of professionals.
In the context of a hospital, absence of a high quality system of healthcare can have grievous financial implications on the successful operation of the institution. The institution will not only incur high costs of operation due to readmissions and continued occurrences of medical errors that may harm the goodwill of the institution, but progress and improvement in the mode of operation will be greatly hindered. A hospital can effectively make progress through the use of small continuous improvements in different areas of operation. On the contrary, the presence of a low quality system of healthcare may make such improvements impossible due to the continuous recurrence of mistakes. Diamond (2011) observes that the best way to improve the quality of healthcare in any medical institution is to encourage the adoption of continuous improvements in the healthcare system as a whole. Hence the best way for a medical institution to manage it finances and implement maximum cost saving is through the use of the best possible facilities and the training of its workforce for maximum possible efficiency.
In conclusion, the quality of the healthcare systems present in any country has far ranging implications on the financial stability of the same. It is only through the adoption of high quality healthcare that savings in the field of Medicare can be achieved.
References
Castlight Health. (2012). The High Cost of Low Quality Health Care presented by Consumer Reports and Castlight Health. Retrieved from: http://vimeo.com/41506941
Diamond F. (2011). High Quality Saves Money,’ Or So the Story Goes. Retrieved from: http://www.managedcaremag.com/archives/1105/1105.costs.html
Scarborough N. (2008). Medical Misdiagnosis in America 2008: A Persistent Problem with a Promising Solution. Retrieved from: http://www.medsolutions.com/images/Misdiagnosis_in_America.pdf
Wakefield M. K. (2004). The Quality Chasm Series: Implications for Nursing. Retrieved from: http://www.ahrq.gov/qual/nurseshdbk/docs/WakefieldM_QCSIN.pdf
