Healthcare Cost Flashcards
What are the 3 Main Factors that are driving healthcare cost up?
1) Ageing Population
2) Medical Advancement
3) Operating Cost/ Labour Cost of Healthcare
Can you Elaborate why Ageing Population will drive healthcare costs up?
Older patients tend to have more co-morbidities and complications, requiring more medical attention, more medication, procedures and longer hospital stays.
Therefore as the Population Ages the demand for Treatment and Hospital Facilities are getting higher hence the cost of healthcare naturally increases.
Can you Elaborate why Medical Advancement will drive healthcare costs up?
New Advancement in medical technology may allow for previously untreatable condition to be treated currently which will cost more.
New and better technology used in the medical field to replace old techniques will also be more expensive but also more efficient as well hence this will drive up the cost of healthcare.
Can you Elaborate why Operating Cost/ Labour Cost of Healthcare will drive healthcare costs up?
As the demand for healthcare rises with ageing population, there needs to be a big enough pool of healthcare workers to support the demand hence more resouces needs to be used to hire new healthcare talents and also retain current talents in the healthcare system. As a result this drives the healthcare cost up inorder for it to be sustainable.
What are the ways your can manage healthcare cost?
1) Healthier Lifestyle
2) Regular Medical Screening
How does Healthier Lifestyle helps with managing healthcare cost?
by working on preventitive health such as eating a healthy diet, regular excercise, cutting down on alchohol and cigarettes it will reduce the probability of you getting sick and getting into situations that you have to seek costly medical interventions this will in the long run help you save on the cost of healthcare.
How does Regular Medical Screening helps with managing healthcare cost?
Eventhough we try to have a healthy lifestyle there are still things that we cant control. Hence, regular medical screening helps with early detection of early stage diseases which are easier to treat and does not require long term medical interventions. this help with reducing the healthcare cost for individuals.
