Understanding The Business Side Of Healthcare HCS120 746640

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.

Paper For Above instruction

The healthcare industry is a complex network of various entities working together to deliver quality care and services to the population. Beyond the clinical providers such as physicians and nurses, numerous organizations operate in the business sector to support, manage, and finance healthcare operations. Understanding how these entities contribute to the broader healthcare system is essential for grasping the industry's economic and operational dynamics.

One major healthcare entity is insurance companies. An example of such a company is Blue Cross Blue Shield (BCBS). BCBS provides health insurance coverage to millions of Americans, playing a pivotal role in financing healthcare services. The company's contribution involves offering policy plans that allow individuals and organizations to access medical care without bearing the full cost out-of-pocket at the point of service. By negotiating rates with healthcare providers and facilitating claims processing, BCBS helps to streamline healthcare financing, reduce financial barriers for patients, and promote the continuity of care.

Another critical healthcare entity is health information technology (HIT). An illustrative example is Epic Systems, a leading electronic health records (EHR) provider. Epic's contribution lies in developing and maintaining sophisticated software systems that enable healthcare providers to efficiently document patient information, coordinate care, and manage clinical workflows. Their technology improves patient safety, enhances data accuracy, and facilitates interoperability among different healthcare entities, thus supporting better clinical decision-making and overall healthcare quality.

Pharmaceutical companies also constitute a vital segment within healthcare. Pfizer, for instance, designs, manufactures, and markets pharmaceutical drugs and vaccines. Pfizer’s contribution is significant in advancing medical treatments and cures for various diseases. They conduct extensive research and development to innovate new medications, provide essential drugs that improve patient outcomes, and work with healthcare providers to ensure medication safety and efficacy.

Medical waste management companies address environmental and safety concerns related to healthcare facilities. Companies like Daniels Health specialize in handling, treatment, and disposal of medical waste. Their contribution involves ensuring that hazardous medical waste is disposed of properly to prevent environmental contamination and protect public health. They often work under strict regulatory guidelines to manage infectious waste, sharps, and pharmaceuticals, thereby supporting healthcare facilities' compliance and safety standards.

Manufacturing companies also play a critical role. 3M Healthcare, for example, produces medical supplies such as wound dressings, surgical drapes, and infection control products. Their contribution facilitates the effective and sterile treatment of wounds and surgical procedures, improving patient outcomes and reducing infection risks. They supply essential products to hospitals and clinics worldwide, supporting day-to-day healthcare operations.

Beyond these entities, additional sectors are integral to healthcare's ecosystem. For example, architecture and interior design firms such as HOK provide hospital and clinic facility design. They contribute by creating spaces optimized for infection control, staff efficiency, and patient comfort, incorporating medical terminology and healthcare standards into their design processes. Similarly, legal and compliance firms, like Sidley Austin LLP, assist healthcare organizations in navigating complex regulations and policy changes, ensuring compliance and reducing legal risks.

Understanding the contributions of these entities highlights that healthcare is a multifaceted industry driven by diverse organizations working synergistically. Each one addresses specific needs—financial, technological, environmental, or infrastructural—fostering an environment where clinical providers can focus on patient care within a well-supported system. Recognizing this interconnectedness is crucial for appreciating the full scope of the healthcare industry and the essential role that each entity plays in delivering quality health services.

References

• Brickley, J., Smith, C., & Zimmerman, J. (2015). Managerial economics and organizational architecture (6th ed.). New York: McGraw Hill/Irwin.
• Gellad, Z. F. (2017). The role of health information technology in improving healthcare quality and safety. American Journal of Managed Care, 23(8), 283–285.
• Kaiser Family Foundation. (2021). The role of health insurance in the U.S. healthcare system. Henry J. Kaiser Family Foundation.
• Harper, D. (2018). Pharmaceutical innovations and access to medicines. Global Health Journal, 12(4), 145–152.
• Daniels Health. (2022). Medical waste management solutions. Daniels Health. https://www.danielshealth.com
• 3M Health Care. (2020). Medical supplies and infection control products. 3M Company. https://www.3m.com
• HOK. (2023). Healthcare architecture and interior design services. HOK Design. https://www.hok.com
• Sidley Austin LLP. (2021). Legal and regulatory services for healthcare organizations. Sidley. https://www.sidley.com
• Epic Systems. (2023). Electronic health record solutions. Epic. https://www.epic.com
• Blue Cross Blue Shield Association. (2022). About us. BCBS. https://www.bcbs.com