Business Finance
Health care reform

Question Description

Health care reform

Explain the major reasons why health care markets are highly regulated in advanced economies. Discuss the ways the Affordable Care Act addresses market failures in health care. What do you see as the main avenues for improvement in the US health care market and its regulation, such as improvement of the ACA, repeal and replacement of the ACA, or other alternatives?

Barack Obama, “United States Health Care: Progress to Date and Next Steps,” JAMA issue 316 number 5 August 2016 http://jamanetwork.com/journals/jama/issue/316/5

Joseph Antos et al, “Replacing the Affordable Care Act and Other Suggested Reforms” JAMA issue 316 number 5 August 2016 http://jamanetwork.com/journals/jama/issue/316/5

Suggested: John Bowman, Capitalisms Compared, Chapter 2, “Health Policy.” ADDITIONAL SOURCES: To support your arguments, read at least 2 additional sources. Sources may include reputable business and economics periodicals such as the Economist, the Wall Street Journal, Business Week and Forbes.

CITATIONS: Acknowledging that you have used other people’s ideas is a central part of academic discourse. It is only fair to give credit to someone whose work you are using. For this reason, all quotations, and all significant ideas or facts taken from your sources, must be acknowledged.

In this assignment, you may use an abbreviated style to refer to the assigned texts, such as (North p. 34). For your additional sources, use the author’s name, publication date and then page. For example, if you are citing Jared Diamond’s Guns, Germs and Steel, published in 1999, you may write (Diamond 1999, p. 3) in the text, and then include the full citation in a bibliography at the end of the text.

MAXIMUM LENGTH: 7 pages, 1.5 space, 12 point Times Roman type. Please do not exceed to this length.

Final Answer

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Name
Institution Affiliation
Date
Health Care Reform

Introduction
Health care is making sure that the health of the people is improved and maintained. This
is done through proper diagnosis, prevention of diseases as well as treatment. Health care is
important for each and every country. While some challenges are faced in the health care sector
it is important to make sure that they are solved or a way forward is found. Healthcare normally
has several stakeholders, in the US healthcare is provided by different organizations which all of
them are equally important. One of the cornerstones of health care in the US has been the
Affordable Care Act. This was the health care reform bill 101 also referred to as the
“Obamacare”. It was signed in 2010 into Law by President Barrack Obama. The Act provides for
a way to make insurance companies accountable for their services and also give a variety of
choices to the consumers as well as making health care more affordable.

Why Health Care is Highly Regulated
The health care industry is normally regulated by the state, local laws as well as federal
laws. There are a lot of regulations that govern health care and at the time it can be complex. The
health practitioners at times can feel like they spend most of their time observing and following
the rules than doing the work itself. Regulation is very vital when it comes to health care as well
as the health care insurance. Regulations normally ensure that people are getting the best of
services they can as well as to monitor the health practitioners how they offer the services and if
they are following the code of ethics that govern them and well as promoting safety. Health care
is a very sensitive area which cannot avoid been regulated, some of the reasons why healthcare is
regulated are to make sure that the practitioners are offering the best services they should.
Health practitioners have a set of code of conduct and ethics that they should observe
failure to which they risk facing legal implications. A misdiagnosis from a doctor can be
detrimental and at times lead to death, this can be avoided by paying much attention and
following the code of conduct that they should. This also helps them to have some defense

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ground if any legal implication is brought to them. For example, a counselor can produce the
notes he or she has been taking during the sessions if the court requires them.
This regulation also keeps the drug manufacturing companies on their toes making sure
that they do not compromise on the products that they release to the market which would result
in more harm than good. The regulation also makes sure that the prices of the drugs are not
raised to an unrealistic figure which the market cannot be able to access and afford. Some of the
drugs are crucial for the survival of some patients and they cannot survive without them. There is
a monopoly when it comes to drug manufacturer as well as insurance companies. Monopoly can
lead to compromising of services as well as products since the companies feel that there is
nothing that can be done to them. Regulation comes in to make sure that this does not happen.
Another reason as to why health care is highly regulated is to make sure that all the
facilities coming up and those that already exist are able to deliver. These facilities are normally
inspected severally to make sure that they are fit and they can be able to handle patients. The
health providers found in the facilities are also checked to make sure that they are fit and also
that they are well qualified and they know how to handle a client. The regulation also helps to
make sure that the patients are not overly exposed to any risks that could be avoided easily
(Bowman, 2013, P. 166).
Governments find it important to regulate the health care because it is a crucial sector of
the country which can even affect the economy of the whole country if it is not well observed.
For example, in the United States, health care occupy a...

agneta (47467)
Cornell University

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