Cost Control Policy

Cost Control Policy

[Name of the Writer]

[Name of the Institution]

Cost Control Policy

It has been observed that an increase in the cost of care is becoming a significant problem in the health care system. Health care waste tends to increase the cost of healthcare organizations on a daily basis (Brot-Goldberg et al., 2017). Spending money on unnecessary treatments, diagnostic imaging and laboratory testing is considered to be the main resource of increasing costs. On June 12, 2017, the policy of Hospitalists was published. The matter of fact is that the bundled payment systems tend to deter unnecessary procedures and testing. Considering Hospitalists, the organization play a vital role in the payment arena. Hospitalists ensure efficient care providence with the best quality. As per the institution of Medicine, there are certain dimensions in the U.S. healthcare system that needs to be addressed. The dimensions include equity, efficiency, timeliness, patient-centeredness, effectiveness, and safety. It must be considered that these dimensions are addressed by the Value-Based Purchasing Program. The Medicare Access and CHTP Reauthorization Act 2015 is undoubtedly a significant step in order to reward the providers for the quality instead of quantity.

In the current scenario, hospitalists must educate the significance of value-based purchasing on quality outcomes. The policy seems to be a great step when it comes to cost control. Hospitalists must be advocating in order to expand the value-based purchasing across each payer. The reason for that is quite simple as it will encourage the providers to treat each patient the same way. Another important step that hospitalists can take is to advocate for the utilization of same measure to determine the quality across each payer. The outcomes of this will result in creating a wide room for efficient administrative efforts (Thompson et al., 2015). In a nutshell, it can simply be assumed that the main aim of the policy is to improve care and reduce cost.

References

Brot-Goldberg, Z. C., Chandra, A., Handel, B. R., & Kolstad, J. T. (2017). What does a deductible do? The impact of cost-sharing on health care prices, quantities, and spending dynamics. The Quarterly Journal of Economics, 132(3), 1261-1318.

Hospitalists and cost control in the U.S. health care system. (2019). The-hospitalist.org. Retrieved 20 June 2019, from https://www.the-hospitalist.org/hospitalist/article/140161/leadership-training/hospitalists-and-cost-control-us-health-care-system

Thompson, S., Kohli, R., Jones, C., Lovejoy, N., McGraves-Lloyd, K., & Finison, K. (2015). Evaluating health care delivery reform initiatives in the face of “cost disease”. Population health management, 18(1), 6-14.