In not more than 4-5 sentences, state what is implied by ‘Value’ in

Full Name

In not more than 4-5 sentences, state what is implied by ‘Value’ in context of Healthcare. (25 points)

The concept of value in any organization is perceived to be the achieved output relative to the incurred cost. This implies that if the value does not exceed the incurred cost in achieving the desired output, then, the value of the output is beneficial for the organization. According to a research study by Porter (2010), in health care, the outcome of a patient’s health achieved per dollar spent is considered to be the value of health care.

Value is seen as the most important objective in the health care system, because it is what eventually matters to patients, especially for patients who want safe and quality health care that is affordable. Therefore, if the value of health care improves significantly, which encompasses goals, such as safety and quality of health care being provided, the patients benefit for any amount of money they spend.

Refer the Mckinsey &amp Company report – reading assignment ‘US Healthcare Industry’ posted on Blackboard. In not more than 4-5 sentences, explain 3-4 ways in which healthcare companies in the US can take advantage of the current changes in the healthcare industry. (25 points)

Health care companies in the United States can take advantage of the current changes in the health care industry in several ways. First, there is a new technology in the health care system where a heart does not need to be cracked open for a surgery to be carried out, and therefore, health care companies’ surgeons can easily replace a heart valve with a metal and plastic. Second, there is a new technology in health care system where blood vessels in the heart are propped open for heart attack patients, and therefore, health care companies can save the lives of many patients suffering from heart attack.

Third, there is a new technology in the health care system where prostate cancer can be treated using proton beam accelerators, and thereby, companies in health care can use this technology to treat prostate cancer and improve the recovery time. Therefore, from the above current changes in the health care industry, companies in health care can use technology to treat patients without resorting to open surgery where a body is opened as well as improving the recovery time for patients after a surgery.

Based on the discussions in the reading assignments, write about how the use of technology in patient care has evolved in the last 5-6 years. Limit your response to 4-5 sentences, (25 points)

Based on the discussion in the reading assignment, the use of technology in patients care has evolved significantly from reducing the number of open surgeries to improving the recovery time for patients after a surgery. Before the evolution of technology in health care, a heart had to be cracked open for a surgery to be carried out. However, with an evolutionary technology of replacing a heart valve with a metal and plastic, it implies that a heart does not need to be cracked open for surgery.

As a result, the recovery time for patients after a surgery is extremely fast because there are no open wounds to heal. Thus, it can be seen that the use of technology in patient care has evolved significantly.

References

Porter,M. (2010). What Is Value in Health Care? TheNew England Journal of Medicine,363(26),2477- 2481.