With the ever increasing and ever persistent health issues, a major portion of economic resources is being shelled out on meeting the increasing needs. Studies have shown that there are multiple factors that have led to this situation some of which being increased population, change in demographics and advancements in medical technology domain, inflation, and certain favorable change being introduced in Health Care domain.

Most of the economies share a close relationship between its performance and health care costing, thus for any economy to grow and prosper it is important to assess the costing factors and ways to manage the same. Many statistical experts and economists have come up with measures that can your economy assignment help in curtailing this rise, else this is prone to impact the economic growth and employment rate in the worldwide economy, gripping US economy first.

Many studies have already been conducted to understand the reasons for increasing cost needs to hand out healthcare benefits to people in an economy. As per a 5recent survey, business leaders were seen expressing their concerns about the effects of rising healthcare costs that suck up the major portion of the federal budget. However, if seen as an upside, this has proven to be of great advantage since it has led to easy access to modern medical technologies importing the overall health rate in an economy. Also, it has helped in creating more jobs for the residents, along with led to a hike in wages of healthcare professionals, which ultimately gets covered in tax revenue. Some of the immediate effects that healthcare market is facing due to stagnating economy are detailed below:

  • Minimized Funding – As a key objective, all the private hospitals aim at spiking the profit rate in order to keep shareholders content. This ultimately leads to an inverse effect on the hospital employees, patients, and public. A share of funding from government and private institutes is very limited.
  • Widespread Count of Uninsured Families – With the increasing rate of unemployment, the count of uninsured families have been spiked who have thus lost their insurance sponsored by their respective employers. Since not all families are capable of maintaining their insurance, the hospitals make the profit while treating patients who are not covered.
  • Increase in the rate of Obesity – This is not often talked of but is an ever-persistent issue that is again taking up major revenue share in the medical domain. Most children are these days exposed to several diseases such as diabetes, high levels of cholesterol, blood pressure, heart ailments, and cancer which are resultant effects of obesity. Curing these diseases is an expensive affair thus it puts a lot of pressure on the healthcare system.
  • Shortage of Staff – With limited funds in hand, most of the hospitals fail to hire doctors and nurses inadequate number that again puts a lot of pressure on the existing resources also, it affects the quality of care since every doctor has to attend so many patients and the hospitals often seen being discreet about the issue.
  • Increased rate of Medicines – Another widely experienced issue is that the cost of medicines are not price-controlled and pharmaceutical companies are set free to escalate the price of drugs at their free will. This has offered limited access to right medicine and cure since many patients settle for cheaper medicines which are either ineffective or lead to some other health ailments.