NHS FPX 6008 Assessment 3
[Student Name]
Capella University
Professor’s Name
August 2025
Healthcare Financial Crisis and the Potential outcomes
Healthcare economics happens to be one such issue that individuals, healthcare providers, organizations and even communities take seriously as highlighted in NHS FPX 6008 Assessment 3. It seems that the total effect of the inaccessibility of the affordable healthcare insurance is rather high in relation to the economic dimension of the problem and is diffused to other health and productivity-related variables (McKinsey, 2022).
At the personal level, insufficient insurance cover subjects a person to alienation and lack of access to health care, creating a strong business case for change in how coverage and accessibility are addressed. Once this is handed over to the organizations, then this issue would translate to increased medical cost and even reduced output since employees get sick or need expensive emergency care. In the absence of preventive medication, the community is at risk of the spread of infectious diseases, loss of economic activity, and rising health care expenditures
The impact of the absence of financial stability and health service access can manifest itself in the uninsured in several ways (Peng and Zhu, 2021). An example would be that without insurance, these individuals would have to pay for healthcare costs themselves, which is a very expensive situation when considering people with long-term care or chronic illnesses. It also implies in NHS FPX 6008 Assessment 3 that individuals can postpone or even evade the required medical care that can lead to severe medical issues later in life (Peng and Zhu, 2021).
There is an extremely high probability that organizations will need to pay the bills to treat uninsured people on their own, which in turn will cause healthcare to be more costly and will potentially increase insurance payments that employees will be forced to make (Karpman et al., 2021). Moreover, low productivity is also an important issue as emphasized in NHS FPX 6008 Assessment 3 since uninsured employees are more likely to get sick or seek costly emergency treatment, and thus, it will affect the productivity of any organization adversely.
According to the World Health Organization (WHO), the aspect of the healthcare issue that should not be overlooked is the economic one, as it requires taking the steps to improve the availability of the necessary healthcare services, as well as the costs and productivity of the healthcare industry by means of the affordable healthcare insurance (WHO, 2019). Therefore, there is a need to push efforts to achieve universal coverage of affordable healthcare services regardless of income and social status, presenting a clear business case for change management in health policy and practice.
Feasibility and Cost-Benefit Analysis
The economic issue of the availability and affordability of healthcare insurance needs to be addressed with a careful assessment of feasibility and a cost-benefit analysis. Feasibility considerations can be defined as the examination of the viability of executing affordable healthcare insurance, keeping in mind such aspects as the modern situation in political life, the economy, resources, and so on (Illinois Government, 2021). ACA is a template, and the political bias towards spreading the coverage of healthcare insurance did not avoid the states that failed and opposed it politically (Campbell and Shore-Sheppard, 2020).
Based on the cost-benefits approach, the solution to high-cost healthcare insurance is high start-up cost, not to mention that one day it will result in low healthcare cost and better health results (King, 2020). As it has been demonstrated in literature and emphasized in NHS FPX 6008 Assessment 3 , the saving in costs it takes to provide the ACA coverage benefits have contributed to a third of the reduction of the annual cost of uncompensated care to uninsured persons and that shows that cost savings can be obtained in the long term (Karpman et al., 2021). Furthermore, the ACA also led to more preventative care services, which is another argument in favor of cost-effective solutions to healthcare.
Mitigating Risks to Financial Security
Mitigating Risks to Financial Security
In order to reduce financial risks associated with healthcare organizations, it is possible to implement three possible approaches which are noted in NHS FPX 6008 Assessment 3:
- Enhance Cost Management: Healthcare organizations can improve cost management through negotiating reduced prices of medical services and supplies and they can also increase healthcare delivery efficiency. This would alleviate the financial stress and help the organization to become more sustainable (Sturmberg and Bircher 2019).
- Grant Receipts or Partnership with other healthcare providers: Another way of alleviating the over-dependence on the fee-based model and strengthening the financial base role is by receiving grant and partnership with other healthcare providers (Kosala & Heengama 2019).
- Adopt Risk Management Plans: Risk management strategies, they can also be referred to as contingency plans, in the event of any unexpected situation, such as pandemics or natural disasters will help organizations become more risk-tolerant regarding finances (Auditboard, 2021).
Evidence-Based Research to Support Strategies
These proposed ideas are backed by evidence-based research and academic sources. The findings of the Journal of Healthcare Finance and Journal of Healthcare Management research papers (Truong, 2022; Carney, 2020) provide grounds for the concept that cost-control and
revenue-diversification projects in the healthcare industry are significant contributors to the financial outcome and survival of healthcare organizations. Also, the Agency of Healthcare Research and Quality provides recommendations regarding risk management within healthcare organizations (Sturmberg and Bircher, 2019).
To conclude, the financial issue of affordable healthcare insurance is complex and requires consideration along with several other dimensions such as feasibility, cost-benefit analysis, and risk management, serving as a business case for change management example in healthcare reform. This is due to the fact that the study and the scholarly materials are evidence based in the construction of such solutions and may assist in providing valuable information to guide such approaches.
Affordable Healthcare Insurance Solutions
A number of changes and solutions can address the economic issue of affordable healthcare insurance:
- Expansion of Medicaid: The overall expansion of Medicaid to people and families who were uninsured and not previously eligible for Medicaid demonstrated success in terms of expanding access to health care, health care expenditures and the health status of the low-income population (Graves et al., 2020).
- Public Option: The other option is to usher in the idea of a public option in healthcare insurance to allow individuals to purchase cheap healthcare insurance plans by the government. This could severely make insurance and healthcare, in general, more competitive, affordable, and overall priced (Rapfogel & Calsyn, 2021).
- Discussing Prescription Drug Costs: Another solution that can have a positive impact, such as decreased healthcare expenses and better access to life-saving medication, is to address the high cost of prescription drugs. Tools and mechanisms to do so include price transparency, parallel importation of cheaper medicines and regulation of the pharmaceutical industry (KFF, 2019).
Implementation of the Provided Solution and Potential Benefits
Adopting these solutions would have a tremendous positive impact on organizations, co-workers and the general community as highlighted in NHS FPX 6008 Assessment 3. These resolutions can provide reduction in healthcare costs, worker health and productivity, and financial stability to companies. The community and colleagues will be able to access more healthcare services they need more readily, financial burden will decrease, and overall health outcomes will improve.
Lastly, with such resolutions as Medicaid expansion, a public option, and prescription drugs, the problem of affordable healthcare insurance can be solved economically. The above solutions can create significant benefits to organizations, colleagues, and the community by saving healthcare costs, increasing access to critical healthcare services, and positively influencing overall health outcomes. The research and academic references provide useful information to support the effective establishment of these solutions.
Solutions Addressing Cultural and Ethical Considerations
When suggesting a solution to the existing economic problem of obtaining affordable healthcare insurance, it is necessary to include the aspect of cultural sensitivity, ethics, and equity within the community and healthcare environment.
The former is cultural sensitivity due to the fact that various cultures and communities have differences in the way healthcare is provided and the beliefs (Georgetown University, 2019). To give an example related to this, when implementing a public option, it is important to think about the way the program is presented and promoted so that people can access it and it can be culturally acceptable.
Ethics is a critical factor in the adoption of any healthcare solution. The proposed solution should not discriminate against certain groups of people in the society. When considering the Medicaid expansion, the impact that it imposes on vulnerable people, such as people with disabilities or chronic conditions, should be considered. Additionally, the ethics should be applied to other aspects such as patient privacy, confidentiality, informed consent, and patient autonomy, all of which strengthen the business case for change in healthcare practices.
Health equity will mean equal access and equal distribution of costs to the populations within the society (Nall, 2020). This includes making sure that the society has every member who can afford basic healthcare services and making sure that healthcare is not prohibitively priced. By implication, in the context of a public option introduction to healthcare insurance, more focus will be put on making sure that premiums and deductibles remain affordable to low-income households and individuals.
Last but not least, cultural sensitivity, ethics, and equity of access and cost should be considered in proposing a remedy to the economic issue of affordable access to healthcare insurance. This includes the cultural value consciousness, moral conduct and justice in accessibility and affordability to every community in society. In this manner, there will be a possibility of health
equity, and the probabilities of getting the required healthcare services will increase among all within a community.
Conclusion
In NHS FPX 6008 Assessment 3, it is noted that access to physician coverage is a problem for business, society, and individuals alike. Its solution must be practical, just and sensitive to moral and cultural limitations. Public health coverage, Medicaid expansion, and lower prescription drug prices are just a few examples of policies that will lessen financial burden, increase access to health care, and simply make it easier for everyone to access the goods and services they need.
References
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Auditboard. (2021, February 18). 10 Types of risk management strategies to follow in 2021. Www.auditboard.com. https://www.auditboard.com/blog/10-risk-management-strategies-2021/
Campbell, A. L., & Shore-Sheppard, L. (2020). The social, political, and economic effects of the Affordable Care Act: Introduction to the issue. RSF: The Russell Sage Foundation Journal of the Social Sciences, 6(2), 1–40. https://www.jstor.org/stable/10.7758/rsf.2020.6.2.01
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Graves, J. A., Hatfield, L. A., Blot, W., Keating, N. L., & McWilliams, J. M. (2020). Medicaid expansion slowed rates of health decline for low-income adults in Southern States. Health Affairs, 39(1), 67–76. https://doi.org/10.1377/hlthaff.2019.00929
Illinois Government. (2021). Feasibility report for coverage affordability initiatives in Illinois. Illinois.gov.https://www2.illinois.gov/hfs/SiteCollectionDocuments/04022021FeasibilityStudyReportFinal.pdf
Karpman, M., Coughlin, T. A., & 2021. (2021, April 6). Declines in uncompensated care costs for the uninsured under the ACA and implications of recent growth in the uninsured rate. KFF. https://www.kff.org/uninsured/issue-brief/declines-in-uncompensated-care-costs-for-the-uninsure d-under-the-aca-and-implications-of-recent-growth-in-the-uninsured-rate/
KFF. (2019, March 15). KFF Health Tracking Poll – February 2019: Prescription Drugs. The Henry J. Kaiser Family Foundation. https://www.kff.org/health-costs/poll-finding/kff-health-tracking-poll-february-2019-prescription-drugs/
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