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Essay / Research Paper Abstract
A 10 page paper discussing economic factors affecting the home health care industry. The bottom line for home health is that it is likely to be increasingly attractive to third-party payers because of its much lower cost relative to hospital or nursing facility care. Forecasts are only guesses, but they are not blind guesses. Ranking eighth among the Bureau of Labor Statistics' forecasts of industries with the largest wage and salary growth over the next decade bodes well for home health care as an industry. It will be left to individual businesses to take advantage of external economic conditions. Bibliography lists 6 sources.
Page Count:
10 pages (~225 words per page)
File: CC6_KSeconHmHlth.rtf
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Unformatted sample text from the term paper:
As the first of the baby boomers begin to reach retirement age and the costs of health care continue to spiral upward, home health care has become increasingly attractive to
virtually all areas of health care including the patient. The home health area of healthcare has been growing rapidly in recent years as care-providing organizations seek to reduce costs
while simultaneously increasing quality of care. Patients that do not need constant, direct attention are able to finish recuperation time at home, being visited regularly by a nurse qualified
to assess their progress and educate them in what they need to do for themselves. Home health agencies are limited in what they
can charge for services and how they can increase productivity of their visiting nurses. They are subject to regulation of charges approved by Medicare, which by association controls virtually
all of health care pricing. Private insurers set their maximum rates to equal those of Medicare; higher prices either will go unpaid by patients or cause the organization to
be investigated by Medicare for fraud. Even with the constraints under which home health operates, however, it is a viable business for local
markets that can be quite lucrative. The industry can expect greater numbers of patients in the future, resulting both from demographic changes in the population and from increasing pressures
to hold the line on increases in health care spending. Individual Product Pricing Component The organization of interest is a home health agency
that provides visiting nurses to provide direct patient care in the patients own home. Services include wound care, diabetic care, medication management, patient education and IV therapy. Patients
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