Business of Healthcare

Published: 2019-10-28 10:00:00
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The healthcare sector consists of different industries ranging from hospitals and health insurers to devices and pharmaceuticals. Each of these industries has different dynamics. Conducting a business in health care needs a wider approach to adequately understand the basic drivers. Business owners can earn profit when they invest in the industries or the overall sector. This paper will detail some of the functions of business of healthcare and will also look into activities that are related to it.

Throughout the world, business of healthcare not only improve peoples well-being and offer better health services, but also boost the economy of a country, improve personal productivity, and create jobs. In general, business of healthcare is a significant societal and economic catalyst. Many studies have shown that there is a symbiotic relationship that exists among health, stability, and development. According to Hernandez, there is a strong relationship existing between enhancement in health and potential social and economic gains (Hernandez P. et al., 2009). However, in order to convert the potential into the intended gains, there is need for translational institutions, that is, economic or social institutions necessary for changing health gains into welfare gains and productivity, for example, open markets access, educational opportunities, transportation and vital infrastructure. Investment in healthcare has created opportunities such as education and infrastructure which play a very significant part in growing the economy of a particular country. There is significance of more investors getting into business of healthcare so as to promote invention and innovation and also to make sustainable effects of health.

Some of the activities related t to the business of healthcare include; marketing, budgeting, staffing and program planning.

The area of staffing includes knowledge about the environment of employment, inclusive of staff health and safety and their protection and legal rights (Mahar and Maggie, 2006). The activity of staffing in business of healthcare involves understanding of systems of human resources employed in the health sector such as; workforce planning, diverse environmental management, and performance management.

It is important for healthcare providers to employ a productive business strategy in their operations. There are many areas that are of essence, such as information technology so as to provide information about patients based on valuable care initiatives, and budget for initiatives of population and health that will boost care quality. A special emphasis is also necessary on areas to allow patients to control their own health outside the healthcare facility.

From the healthcares perspective, the fundamental market is the physicians who offer services on the medical staff. Much as healthcare providers have recently adopted a way of reducing their risks by offering pathways into their facilities that do not necessarily need direct medication by a physician, healthcare facilities must depend on their staff to bring in more patients since the governing variable is the vitality of the practices of a physician.

Understanding of an agreement on objectives and goals of a program is significant to the management of any program. A program is considered successful if it has met its objectives and goals. Planning assists a business find a way of achieving its goals. The process starts with review of the organizations current operations and determines what should be improved in the years to come.

In conclusion, it will require some innovations in order to improve care quality and reduce overall costs of health services. For this to happen, more stakeholders are needed to come into the business of healthcare to steer the boat.

References

Hernandez P. et al. (2009)."Measuring expenditure on the health workforce: concepts, data sources and methods", in: Handbook on monitoring and evaluation of human resources for health. World Health Organization. Geneva.

Mahar, Maggie (2006). Money-Driven Medicine: The Real Reason Health Care Costs so Much. Harper/Collins.

sheldon

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