Write a paper on Healthcare Technology and Finance
Discussion Post
Question: Although medical technology brings numerous benefits, what have been some of the main challenges posed by the growing use of medical technology in the United States?
Answer: The healthcare industry generates billions of dollars annually, fueling research and development of new medical tools and their eventual implementation in clinical settings. The norms and rigor of the scientific, regulatory, and clinical communities before innovative techniques have been brought to the clinic (El Haj, 2020) .This interpretation relies on new methods that use cutting-edge resources and equipment. A broad academic base spanning numerous scientific and engineering communities will be necessary to develop the kinds of expertise needed by future industries. Many aspects of the area need to be determined and defined. Many elements, such as shifts in the healthcare system and the role of physicians, cultural norms and expectations, advances in medical science, and a wide range of pedagogical approaches, are contributing to the dynamic nature of medical education today (Guze, 2015).
Medical technology raises healthcare expenditures.
Health care innovation drives up costs. Doctors and patients often adopt new treatments before fully understanding them. These technologies can increase expenses because they are more expensive than earlier treatments or expand the types and quantities of patients treated (Barbush et al., 2010). Health insurance reduces customers’ financial obstacles, raising IT demand. Technology’s economic impact often conflates with the cost of equipment, drugs, or a surgeon’s fee. Total technological influence on health care costs may comprise balancing savings and induced expenditures. A capital-embodied technology’s direct cost comprises both its capital and running costs. Even the most capital-intensive technology may require more operating and supervisory staff, training, insurance, supplies, and space than expected. A new drug or gadget may be more expensive to buy but less expensive to administer, causing providers to offer a more expensive combination of services (Neumann & Weinstein, 1991).
Increases consumer expectations and unnecessary care, mainly because insured individuals do not incur the costs.
Overtreatment causes healthcare harm and waste. According to Lyu et al., “unnecessary services” are the most significant contributor to waste in United States (US) health care, accounting for approximately $210 billion of the estimated $750 billion in excess spending each year. The report estimated the cost using four analytically distinct studies, including two projections of excess spending associated with variation in care. Previous studies of specialty care have observed that 30% of inpatient antimicrobial therapy, 26% of advanced imaging, and 12% of acute percutaneous coronary interventions are unnecessary or inappropriate (Lyu et al., 2017) (Lyu et al., 2017). Romans 12:2 says “And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God” (Nelson, 1982). It would be naïve to assume that we would never arrive at a definitive answer to the complex medical ethics arguments surrounding technological advancements.
Medical technology Leads to overspecialization.
Health care overspecialization has been a failure for patients and the budget. The threat is the imbalance in the number of experts and generalists. Additionally, overspecialization encourages one-sidedness and hinders the acquisition of broader, more comprehensive global knowledge (Anderlini, 2018).
How do American cultural beliefs and values influence the use of medical technology?
Due to a continuous influx of immigrants from different regions, American culture has grown increasingly defined by several distinct subcultures in recent years. Conservative notions of commercial justice have long formed the foundation of American culture, while principles of social justice have taken a back seat. Because of this variance, different cultures have many different perspectives on health, illness, and death (Shi & Singh, 2019, p. 32). Cultural norms and practices influence patients’ perspectives on medicine, their ability to comprehend and deal with their sickness, the significance of their diagnosis, and the results of their therapy. Health and sickness beliefs, symptom reporting, expectations for care delivery, and treatment views are all influenced by the patient and their family’s cultural background. Patient responsibilities and expectations, the amount of information sought regarding sickness and treatment, grief patterns, gender and family roles, and decision-making procedures are all impacted by cultural norms.
As a result of technological advancements, patients now have easier access to the care they need, and medical professionals can spend more time treating them. The advancements in medical technology that have resulted from the use of technology have received a warm welcome. Patients can now benefit from state-of-the-art diagnostic equipment, innovative therapeutics, and a wide range of minimally invasive procedures that reduce discomfort and speed recovery (Shi & Singh, 2019, p. 110). Digitalizing a patient’s information helps doctors and nurses make more informed decisions about diagnosis and treatment. In addition, the information can remain in the system for much longer than it could preserve in paper form. Thanks to technological advancements, the price of medical care has been brought down as well. Despite its benefits, technology is not without its drawbacks; the most significant is the spread of patient data through artificial intelligence hacking, which significantly contributes to healthcare waste.
