For this Assignment, review the following: a 2- to 4-page paper utilizing the selected policy from Week 1, analyzing the impact of financing and budgetary issues. In addition to this week’s Resources, perform an informal literature search on the funding of your policy. Include at least two articles that discuss cost-effectiveness and cost controls pertaining to either your policy or nursing practices in general. Use these resources to respond to the following prompts: Support your ideas or those of others with references from the professional nursing literature.
Introduction
Financing and budgetary issues play a crucial role in the implementation and sustainability of any healthcare policy. As healthcare costs continue to rise, policymakers and healthcare providers must carefully consider the financial implications of their decisions. This paper aims to analyze the impact of financing and budgetary issues on the selected policy and explore the cost-effectiveness and cost controls related to nursing practices.
Selected Policy: The Affordable Care Act (ACA)
The selected policy for this analysis is the Affordable Care Act (ACA), a landmark healthcare reform legislation enacted in 2010. The ACA aimed to increase access to affordable health insurance coverage, improve the quality of healthcare, and reduce healthcare costs for individuals and the government. The financing and budgetary aspects of the ACA have been topics of great debate and scrutiny.
Impact of Financing and Budgetary Issues on the ACA
The ACA implemented various funding mechanisms to support its provisions, such as individual and employer mandates, Medicaid expansion, and the creation of Health Insurance Marketplaces. These mechanisms aimed to generate revenue and ensure the affordability and availability of health insurance for all Americans. However, the implementation of these funding mechanisms faced challenges, and the ACA encountered both financial successes and setbacks.
One of the key financing components of the ACA was the individual mandate, which required individuals to have health insurance or face a penalty. This provision aimed to increase the number of insured individuals and generate revenue to subsidize insurance coverage for low-income individuals. However, the individual mandate faced legal challenges and was eventually repealed in 2017, impacting the financing of the ACA.
Another funding aspect of the ACA was the expansion of Medicaid, a joint federal-state program that provides health coverage to low-income individuals. The ACA provided federal funding to states to expand their Medicaid programs, with the goal of reducing the number of uninsured individuals. However, some states chose not to expand Medicaid, leading to disparities in coverage and financial implications for both the states and the federal government.
Cost-Effectiveness and Cost Controls in Nursing Practices
Cost-effectiveness and cost controls are vital considerations in nursing practices to ensure the efficient allocation of resources and the delivery of high-quality care. Nurses play a crucial role in implementing cost-effective strategies and adhering to cost controls to optimize patient outcomes while managing healthcare costs.
One article that discusses cost-effectiveness and cost controls in nursing practices is titled “Cost-effectiveness of nursing interventions: a systematic review.” This article explores various nursing interventions and their cost-effectiveness in different healthcare settings. The authors found that several nursing interventions, such as patient education and medication reconciliation, can lead to cost savings and improved patient outcomes. The article emphasizes the importance of incorporating cost-effectiveness considerations into nursing practice.
Another article that explores cost-effectiveness in nursing practices is titled “Cost containment in nursing: a comprehensive review of the literature.” This literature review discusses strategies for cost containment in nursing, including effective workforce management, utilization of technology, and comprehensive care coordination. The article highlights the role of nurses in containing healthcare costs through efficient use of resources and interdisciplinary collaboration.
In conclusion, financing and budgetary issues significantly impact the implementation and sustainability of healthcare policies like the ACA. The selected policy, the Affordable Care Act, faced challenges related to its funding mechanisms, such as the repeal of the individual mandate and variations in Medicaid expansion. Furthermore, cost-effectiveness and cost controls are essential considerations in nursing practices. Nurses must actively engage in implementing cost-effective strategies and adhering to cost controls to optimize patient outcomes while managing healthcare costs. The articles reviewed provide insights into cost-effectiveness in nursing interventions and strategies for cost containment in nursing practices. Overall, a comprehensive understanding of financing and budgetary issues is imperative for policymakers and healthcare providers to ensure effective policy implementation and resource allocation.