Understanding The Business Side Of Healthcare HCS120
Understanding The Business Side Of Health Carehcs120 Version 41univer
Understanding The Business Side Of Health Carehcs120 Version University of Phoenix Material Understanding the Business Side of Health Care The Business Side of Health Care infographic was created to show individuals how different entities contribute to the health care industry. For a long time most people assumed you were talking about doctors and nurses, i.e., the clinical aspect of health care, when discussing health care. As you complete this course and many others in your degree, it will be important to remember that there is a business side to health care that interacts with different entities to make the health care industry successful. As such, it is helpful if you remember that health care is an industry.
Note: The terms “healthcare” and “health care” are often used interchangeably. Review the Business Side of Health Care infographic. Provide your own example of a company that contributes to each of the major health care entities listed in the infographic. Describe how the company contributes to the identified health care entity.
Health Care Entity Example of Company Company’s Contribution
Insurance Companies Aetna Aetna provides health care insurance and coverage, products, and services to individuals and families, employers and organizations, health care professionals, and producers.
Health Information Technology Example: Epic Systems Epic Systems develops electronic health record (EHR) software that enables healthcare providers to manage patient information efficiently, improving coordination and safety across healthcare settings.
Pharmaceutical Example: Pfizer Pfizer researches, develops, and manufactures medications and vaccines that treat various health conditions, contributing to patient care and health management.
Medical Waste Management Example: Stericycle Stericycle manages and disposes of medical waste safely and in compliance with regulations, ensuring a clean environment and reducing infection risks in healthcare facilities.
Manufacturing Companies Example: Medtronic Medtronic designs and produces medical devices and equipment used in diagnostic and therapeutic procedures, supporting healthcare delivery through advanced technology.
Identify at least two additional health care entities that could be represented in the infographic. Describe why these entities can be represented in the infographic.
1. Architecture and Interior Design Firms (facility design): Facility design firms provide products and services to health care facilities planning to build or redesign their spaces. They need to understand medical terminology and healthcare concepts to create effective, efficient, and compliant healthcare environments, making them an integral part of the healthcare industry.
2. Health Insurance Brokers/Consultants: These entities assist individuals and organizations in selecting appropriate insurance plans, providing expertise and personalized recommendations. They facilitate access to insurance coverage, making them critical players in the health care financing process.
Paper For Above instruction
The business side of healthcare encompasses a vast array of entities that work synergistically to ensure the delivery of effective and efficient health services. Recognizing these entities’ roles and contributions is vital for understanding the complex infrastructure that sustains healthcare systems globally. This paper explores several key healthcare entities, provides examples of companies contributing to each, discusses additional potential entities, and examines their significance to the overall healthcare industry.
Firstly, insurance companies are foundational to healthcare operations, facilitating financial access to services. A prominent example is Aetna, which offers various insurance products and services to individuals, families, and organizations. Aetna’s contribution lies in providing coverage options that protect individuals from catastrophic health expenses, manage risk, and assist in the financing of healthcare needs. This role not only ensures that patients can afford necessary care but also influences healthcare delivery by setting reimbursement standards and shaping patient-provider interactions.
Secondly, health information technology (HIT) companies play a critical role in modern healthcare by enhancing data management, communication, and decision-making processes. Epic Systems exemplifies this category, developing electronic health record (EHR) systems that aggregate patient data for accessible and coordinated care. Their software enhances efficiency, reduces medical errors, and improves patient safety through real-time data access, thereby transforming healthcare into a more data-driven industry.
Third, pharmaceutical companies such as Pfizer contribute through the research and development of medications and vaccines. Their innovations improve treatment options, manage diseases, and prevent health outbreaks. By supplying essential drugs, Pfizer supports healthcare providers in delivering effective patient care, reducing disease burden, and improving health outcomes on a global scale.
Furthermore, medical waste management entities like Stericycle are essential for maintaining safe healthcare environments. These companies handle biomedical waste disposal in compliance with regulations, reducing infection risks and protecting public health. Their contribution ensures that healthcare facilities can operate safely without environmental hazards, supporting the overall integrity of healthcare infrastructure.
Another vital component includes manufacturing firms such as Medtronic, which produces medical devices, surgical tools, and diagnostic equipment. Their innovations enable advanced diagnostics, minimally invasive procedures, and improved patient monitoring, directly impacting the quality of care and health outcomes.
In addition to these core entities, other organizations can be added to the infographic. For example, architecture and interior design firms are instrumental in constructing and redesigning healthcare facilities. They ensure that healthcare environments are functional, accessible, safe, and compliant with health regulations. Their understanding of medical workflows and patient needs is crucial for designing spaces that facilitate optimal care.
Another potential entity is health insurance brokers and consultants. These professionals help individuals and organizations navigate the complexities of insurance plans, enhancing access to coverage. They are vital in connecting consumers with appropriate insurance options, thereby improving healthcare access and affordability.
In conclusion, the healthcare industry is multifaceted, populated by numerous entities that contribute specialized services, products, and expertise. Recognizing the roles of these entities highlights the interconnectedness of healthcare delivery and finance, emphasizing the importance of collaboration and innovation in improving health outcomes worldwide.
References
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- Pfizer Inc. (2023). About Pfizer. Retrieved from https://www.pfizer.com
- Stericycle Inc. (2022). Medical waste disposal solutions. Retrieved from https://www.stericycle.com
- Medtronic. (2023). Corporate overview. Retrieved from https://www.medtronic.com
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