Assessment 3 Business Case for Change Student Name Capella University Course Name Prof Name June 9 2024 Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample The Healthcare Economic Challenge and its Potential Ramifications Presentation The issue of healthcare economics is a critical concern affecting individuals healthcare providers organizations and communities at large The lack of affordable healthcare coverage has significant implications for people s lives extending beyond financial burden to encompass broader aspects of health and productivity McKinsey 2022 Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample Individual Level Ramifications Individually inadequate insurance coverage poses risks of financial strain and limited access to healthcare services For organizations this issue may lead to increased healthcare costs and decreased productivity as employees miss work due to illness or resort to costly emergency care Communities lacking preventive care may witness the spread of infectious diseases reduced economic productivity and increased healthcare expenditures Implications for Organizations Individuals without adequate insurance coverage may face financial strain and restricted healthcare access in various ways Peng Zhu 2021 For instance the absence of insurance requires individuals to bear healthcare costs out of pocket which can be particularly burdensome for those with ongoing medical needs or chronic conditions Consequently individuals may postpone or forego essential medical care potentially leading to more severe health issues in the future Peng Zhu 2021 World Health Organization s Emphasis The World Health Organization WHO underscores the undeniable impact of healthcare economic issues and emphasizes the need for action to improve access to essential healthcare services reduce costs and enhance productivity through the provision of affordable healthcare insurance WHO 2019 Thus coordinated efforts are crucial to ensure universal access to affordable healthcare irrespective of income or socioeconomic status Feasibility and Cost Benefit Analysis Addressing the economic challenge of accessible and affordable healthcare insurance requires a comprehensive consideration of feasibility and cost benefit analysis Mitigating Risks to Financial Security To mitigate financial risks faced by healthcare organizations three potential strategies can be adopted Improve Cost Management Healthcare organizations can enhance cost management by negotiating lower prices for medical services and supplies and by improving the efficiency of healthcare delivery This can alleviate financial strain and enhance organizational sustainability Sturmberg Bircher 2019 Diversify Revenue Streams Exploring alternative revenue sources such as grants or partnerships with other healthcare providers can provide a more stable Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample financial foundation and reduce dependence on fee for service models Kosala Heengama 2019 Implement Risk Management Strategies Developing and implementing risk management strategies including contingency plans for unexpected events like pandemics or natural disasters can help organizations navigate financial risks more effectively Auditboard 2021 Evidence Based Research to Support Strategies Evidence based research and academic sources support these proposed strategies For instance studies published in the Journal of Healthcare Finance and the Journal of Healthcare Management affirm the effectiveness of cost management strategies and revenue enhancement in improving financial performance and sustainability in healthcare organizations Truong 2022 Carney 2020 Additionally the Agency for Healthcare Research and Quality provides guidance on risk management strategies in healthcare organizations Sturmberg Bircher 2019 Affordable Healthcare Insurance Solutions Several changes and solutions can be implemented to address the economic challenge of accessing affordable healthcare insurance Expanding Medicaid Extending Medicaid coverage to include individuals and families currently ineligible has proven effective in improving access to healthcare services reducing costs and enhancing health outcomes for low income populations Graves et al 2020 Implementing a Public Option Introducing a public option for healthcare insurance allows individuals to purchase affordable plans through a government run program This could potentially enhance competition improve access to affordable insurance and reduce overall healthcare costs Rapfogel Calsyn 2021 Addressing Prescription Drug Costs Tackling the high cost of prescription drugs is another solution with potential benefits including reduced healthcare costs and improved access to essential medications This can be achieved through measures such as price transparency importing lower cost drugs and regulating pharmaceutical companies KFF 2019 Solutions Addressing Cultural and Ethical Considerations Proposing a solution to the economic challenge of accessing affordable healthcare insurance requires ensuring cultural sensitivity ethical considerations and equity within the community and healthcare setting Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample Conclusion The economic challenge of accessing affordable healthcare insurance is a multi layered issue with widespread effects on individuals organizations and communities Resolving this issue requires a comprehensive approach that considers feasibility cost benefit analyses and social ethical and equitable ramifications By adopting evidence based strategies and implementing solutions such as Medicaid expansion public options and addressing prescription drug costs we can mitigate financial risks promote health equity and enhance access to essential healthcare services for all community members Do you need Help to complete your Capella Uni MSN FlexPath Class in