Business ventures target positive health with successful managing acting as an ingredient for continuity. Achieving such success requires putting skills and good management considerations into action. Healthcare equally stands to benefit from successful management; however, one current issue that stands to impede gains made in achieving success for management is costs. Their increasing trend is a concern for all organizations within the healthcare industry with negative impacts magnifying its significance. Although the increasing rates is hard to completely handle, measures such as suitable policymaking and outsourcing may bolster handling the issue.
Successful Managing
Business continuity massively relies on proper management for the benefit of an establishment and directly and indirectly involved parties. Businesses require ideal input ensuring the most probable output to be positive and sufficient thereby ensuring the success of a venture. The overall positive expectation for business ventures conceptualizes goals, visions, and objectives that act as a guide towards such achievement. The positivity directly impacts those involved with a specific business. For example, employees stand the chance to have their salaries improved or acquire promotions while shareholders get sufficient returns for their investments. Furthermore, a business with positive outcomes has the guarantee of success through increased traction and longevity. At the center between a business venture and positive outcomes is management with proper managing of an entity acting as the conveyor belt towards success. The well-thought strategies and successful enactment creates the foundation for ideal results that ensures a business venture continues growing with little chances of stopping. Therefore, successful management is key for business continuity with specific considerations prudent to achieve the success.
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The success of management highly depends on paying attention to many essential issues that impact the well-being on the organization and concurrently enacting effective initiatives that guarantee positive outcomes. Managers have a significant role to play as the key individuals within an establishment in structuring the foundation for progress. An effective manager considers multiple management facets, leadership skills, and learning within an entity. The considerations bolster critical skills that management must profess to develop a good rapport with employees and inculcate a suitable culture that promises success for an organization in the short-term extending to the long-term. According to Girdwichai et al. (2018), some issues a manager must consider for positive outcomes include connecting purpose to personal and team activities, listening to the opinions of others and making them count, and unlocking human motivation by connecting with subjects leading to recognizing and rewarding excellence. The effective application of the mentioned ideologies would propagate managers’ initiatives into positive outcomes. Therefore, management can succeed provided there is the right input in enacting effective considerations.
Successful managing is equally an essential realm for healthcare given it guarantees positive health outcomes and bolsters the significance of the industry. The healthcare industry , j ust like any other business, demands proper enactments to warrant successful outcomes; perhaps to a level that one may consider the needed input to be exceptional given the significance of health. According to Tretiakov et al. (2017), management in the healthcare industry requires building strong relationships, comprehending other perspectives, eradicating failed strategies while building upon ideal ones, and pushing for transparency. Managers in the industry must differentiate between regulation, policy, and good practice. The overall goal for health is maintaining or improving the social welfare for the public through issuing sufficient care. The objective places management in the healthcare industry at a crucial spot with pressure to deliver on their mandate. They have to enact structures that ensure the industry is performing at an optimum level. All countries across the globe emplace profound emphasis in the sector illustrated by financing and multiple policies to benefit citizens. Despite the significance of successful management to ensure positive incomes in improving healthcare systems, impediments exist within the realm.
Costs Impediment
One major issue that stands as a barrier to successful management in healthcare is costs. All businesses including those within the medical field target continuity. Sufficient returns guarantee a lengthy tenure for entities. Such ventures require maximization of revenue and concurrently reducing costs to the lowest level, which in turn results in highest profit margins. The target may seem simplistic; however, its achievement can prove challenging. Providers in the healthcare industry currently face the challenge of increased costs from medical to pharmaceutical. According to Wang & Hajli (2017), “U.S. health care costs currently exceed 17% of GDP and continue to rise while other countries spend less of their GDP on health care but have the same increasing trend.” Managers face the challenge of balancing between placing costs at a suitable level and ensuring that access to care remains at a commendable level. The costs act as an impediment towards achieving positive outcomes within the healthcare industry thereby hurting chances of making improvements. Therefore, a major barrier for successful management in healthcare is costs given the potential of hurting positive outcomes from enacting efficient strategies and tactics.
Some factors that are propagating the increased costs within healthcare include development of new treatments, perverse incentives, and a generally aging population. The contemporary world highly factors technological improvements and innovations leading to ground-breaking developments. In the medical field, technology warrants the development of new treatments with bolstered care practices and drugs. However, the improvement comes at a cost with much spending to keep up the good work and high probability for the increasing trend to remain constant given the further technological improvements facilitated by an ever-rising research and experimentation. Many nations equally face the challenge of perverse incentives such as third-party payers for services provided. They include insurance companies and governments who make reimbursements for performed procedures. However, they fail to reimburse for achieved outcomes thereby propagating the cost issue. The costs conundrum in healthcare is further facilitated by an aging population in many countries such as the U.S. They need much care which proves challenging as they mostly lack the financial muscle for care. Therefore, the mentioned factors propagate the costs issue within healthcare which impedes on successful management.
The exhibited concern regarding costs within healthcare magnifies its significance for the general public and relevant authorities. According to Yearby (2018), healthcare costs ranks top of the issues that Americans express their concern over citing it as the main agenda that they would like the government to address by seeking solutions that guarantee affordable care. Healthcare costs top the budget list of most household expenses which facilitates most citizens to worry about affording seeking medical services. The citizens frequently use relevant avenues to express their costs concerns such as using community groups and the availed platforms issued by their leaders. The discussion regarding healthcare costs transcends to the political arena professed in public and during debates. Every electioneering year has potential candidates promising the citizens that they will ensure healthcare becomes affordable for all by expanding on the positives and addressing inefficiencies. The expression to resolve healthcare costs is a global conversation with asocial welfare of the general public. Therefore, the expressed concern from different quotas regarding healthcare costs exhibits how it is a significant issue.
Affected Organizations
Increasing costs affects all organizations that belong to the healthcare industry such as hospitals, clinics, or Long-term Care (LTC) Facilities thereby impeding on successful management. The mentioned organizations have one thing in common; they offer products and services to patients with the overall goal of improving care. The overall objective involves ensuring the social well-being of the public. The differences that exist within the mentioned establishments include the rendered services, the methodology behind delivering on mandates, and the agents within each facility tending to patients or consultants. Given they factor technological improvements to improve quality care provided and use somewhat homogenous products in delivering their services, all establishments face the increasing costs issue. However, the weight of the burden may differ across board given the rendered services at every juncture. For example, clinics may not feel the cost pressure as LTC facilities given the element of longevity in service provision by the latter when compared to the former. The issue thereby impedes on achieving success for managers within the establishments and may have further devastating impacts.
Implications
From one perspective, Increased costs can have far-reaching implications for patients who are the significant party when it comes to receiving care. In the healthcare industry, patients are the most significant individuals with structures, strategies, and tactics put in place to ensure sufficient service delivery to them. Addressing their needs facilitates positive healthcare outcomes with improved care bolstering complex healthcare systems. Patients rationality drives them to consider what adds value to their well-being while shunning aspects that do not benefit them. The increasing costs places patients at a dilemma considering they require proper care while at the same time prefer not to part away with substantial funds. Many American citizens attest to the cost issue preventing them from getting much needed care. According to Yearby (2018), “half of U.S. adults in the past year say they or a family member delayed or skipped care - or relied on an alternative treatment-because of costs.” Therefore, increasing costs can hurt patients’ capability to seek care services which may hinder positive outcomes for healthcare organizations.
From a different standpoint, increasing costs may negatively impact agents within healthcare organizations leading to a hitch on longevity. Healthcare organizations, whether hospitals, clinics, or LTC facilities, run operations through generated income from provided services and in some cases grants offered by the government. When the rates for receiving treatment increases, patients may seek alternative care plans that hurts the returns the entities receive from providing meeting their mandate. Increasing costs equally hurts management success which may further dent future strategies and tactics waiting for enrollment to bolster the provided services. Other parties that directly or indirectly associate with specific organizations such as doctors in hospitals, clinicians working in clinics, nurses in LTC facilities, and shareholders for all of them can equally bear the burden. The negative results can hurt the entities leading to losses and in most extreme cases closure. Other probable outcomes include losing out on suitable care provision outcomes and laying off workers to cushion the entity from further expenses. Considering the implications for the healthcare organizations from different standpoints, there is need to address the costs concerns.
Recommendations
I would recommend considerations such as outsourcing and enacting policies that address any gap that leads to inefficiency which propagates the increased healthcare costs. Organizations must factor sufficient and effective input to ensure efficient output. Healthcare organizations should outsource whenever necessary to manage the issue of costs. For example, one indirect way to improve public health involves educating the masses on how to improve their health. Communicating to the population on health improvement means will reduce personal costs incurred when seeking treatment which when viewed from a general perspective may mean mass-making decisions that would reduce costs for the healthcare industry. Lawmakers should equally enact suitable policies that addresses any inefficiency that stands to negatively impact the industry. They can include handling the frequent concern pervasive third-party handlers. The recommendations may not fully address the increasing costs issue that healthcare faces; however, their proper enactment will produce suitable results and catapult the ongoing conversation over the issue to the next level thereby resulting in further resolutions.
The realm of successful management in healthcare is essential considering the potential to propagate positive outcomes subject to efficient practices. Costs is an issue that adversely affects the realm as it impedes on achieving positive outcomes. Increasing costs, facilitated by issues such as improved care (propagated by technological improvements), is a concern within he healthcare industry. All organizations within the industry suffer the negative outcomes from increased care with patients as the heavy bearers of the burden. Relevant parties such as policymakers and managers must increase efforts directed towards reducing the increasing costs trend in the healthcare industry.
References
Girdwichai, L et al. (2018). Factors of Success: The Management of Modern Organizations. In The 2018 International Academic Multidisciplinary Research Conference in Lisbon , 1-5.
Tretiakov, A et al. (2017). Knowledge management systems success in healthcare: Leadership matters. International journal of medical informatics , 97 , 331-340.
Wang, Y., & Hajli, N. (2017). Exploring the path to big data analytics success in healthcare. Journal of Business Research , 70 , 287-299.
Yearby, R. (2018). Racial disparities in health status and access to healthcare: the continuation of inequality in the United States due to structural racism. American Journal of Economics and Sociology , 77 (3-4), 1113-1152.
