Module One Discussion
Healthcare economics plays a pivotal role in capacitating and equipping nurse leaders with insights on ways to deal with inevitable costs constraints more effectively. Nurse leaders require the understanding imparted by healthcare economics to establish more financially sustainable care systems ( MacLeod, 2014) . In the long-term, healthcare economics instill business skills required by nurse leaders to enhance their ability to articulate fundamental concepts of economics and business models for healthcare organizations. Nurse executives through healthcare economics can participate actively in development and implementation of sophisticated economic modelling which is prerequisite for organization success, efficiency and delivery of healthcare services. Nurse leaders armed with fundamental economic concepts drive healthcare organizations to maintain financial viability. Healthcare economics create a foundation for nurse leaders to reverse healthcare costs to an economically sustainable balance and establish a viable relationship between basic economic realities and legitimate clinical needs.
Challenges encountered in my clinical role as a homecare nurse include physical and mental stress. According to Salmond and Echevarria (2017), the difficult instances trigger stress due to being alone at a patient’s home consequently resulting to reduced power and physical exhaustion. Second, economic challenges such as disproportion between income and expense often arise due to imbalances between earnings and expenditures, which make it difficult to work at home ( Shin, Park & Bae, 2018) .Third, lack of social security when offering home care in Newark and Irvington cripples the ability to efficiently deliver services. Instances of violence arise when patients become agitated in their home which jeopardizes nurse safety ( Fatemi, Moonaghi & Heydari, 2019) . The feeling of insecurity in unfamiliar regions is a critical challenge and a source of concern in my homecare clinical experience.
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Module 2 Discussion
Healthcare is different from other free markets since the government largely imposes interventions and controls that regulate the healthcare industry. Healthcare does not abide to free market tenets as competition cannot be relied on to maintain prices down as healthcare prices are kept secret ( Garattini & Padula, 2019). Influences such as market power, healthcare insurance coverage and technology affect purchase of healthcare. Increased market power characterized by consolidation of hospitals and physicians leads to an uptick in hospital prices thereby negatively affecting purchase by users. Insurance coverage potentially reduces patient’s incentives thereby contributing to reduced healthcare purchase. Permeation of technology builds efficiency hence positively affecting purchase.
Healthcare in the United States is not an equitable as evidenced by racial and ethnic disparities that are rife for example in the Affordable Care Act ( Edelman, Taylor, Ovseiko & Topp, 2017) . The United States controls healthcare costs through letting Medicare negotiate consumer drug costs, imposing tax caps that limit health benefits entitled to employer from individual taxable income and directly funding Medicaid to subsidize healthcare costs ( Dunn, Grosse & Zuvekas, 2018) . For profit organizations are privately owned and have the primary motive of making profit to survive while not-for-profit outfits are non-governmental establishments whose sole intent is quality service delivery but not profit making.
References
Edelman, A., Taylor, J., Ovseiko, P. V., & Topp, S. M. (2017). The role of academic health centres in building equitable health systems: a systematic review protocol. BMJ open , 7 (5), e015435.
Dunn, A., Grosse, S. D., & Zuvekas, S. H. (2018). Adjusting health expenditures for inflation: a review of measures for health services research in the United States. Health services research , 53 (1), 175-196.
Fatemi, N. L., Moonaghi, H. K., & Heydari, A. (2019). Perceived Challenges Faced by Nurses in Home Health Care Setting: A Qualitative Study. International Journal of Community Based Nursing and Midwifery , 7 (2), 118.
Garattini, L., & Padula, A. (2019). Competition in health markets: is something rotten?. Journal of the Royal Society of Medicine , 112 (1), 6-10.
MacLeod, L. (2014). The importance of fundamental economic concepts for nurse leaders: No margin, no mission. Clinical Nursing Studies , 2 (2).
Salmond, S. W., & Echevarria, M. (2017). Healthcare transformation and changing roles for nursing. Orthopedic nursing , 36 (1), 12.
Shin, S., Park, J. H., & Bae, S. H. (2018). Nurse staffing and nurse outcomes: A systematic review and meta-analysis. Nursing outlook , 66 (3), 273-282.
