The Substantial Impact of Diabetic Care and Its Correlations on Healthcare Economics

Research Paper

Using the topic you selected and the outline you followed in week 3 assignment, please write a 7-10 page research paper using APA Format. Your research paper must include an extensive explanation and have a thesis statement. A thesis statement is a strong statement that you can support with evidence. The research paper should have a abstract, literature review and discussion (body of the paper addressing the issues listed below), recommendation, a well-defined conclusion, and reference pages. You must use at least 5 resources.

Please see the attached template for more information.

In your paper, you must address the following:

An overview of the issue
Why is this issue a concern from a health care economics perspective?
Who are the major parties involved in this issue?
Which market forces have an impact on this issue?
How is demand illustrated in this issue?
How is supply illustrated in this issue?
How has the affordable care act impacted this issue?
How are health disparities demonstrated in this issue?
How has this issue been improved in other global markets?
What is your recommendation for making improvements based on economic principles.
PLEASE!!!!! USE OUTLINE AND ANNOTATED BIBLIOGRAPHY!!!!!!

ANSWER

The Substantial Impact of Diabetic Care and its Correlations on Healthcare Economics

Abstract

Global diabetes care management has revealed major gaps that produce adverse healthcare economics. As diabetes cases surge, the government and insurance providers have experienced a significant economic burden. Also, patients are struggling with an increased cost of services and poor productivity based on exposure to diabetes. Communities also lose their productivity as they spend most of their time looking after these patients. Addressing these negative economic results calls for public education, reduced healthcare costs, and investing in suitable tools and systems that offer excellent services to persons who have diabetes.

Overview of the Issue

Diabetes is one of the significant healthcare concerns in the US and globally. It emerges from a high production or deficiency of glucose levels in the blood system (Mobasseri et al., 2020). This predispositions individual to the occurring forms of diabetes. In the United States, one out of 10 Americans has diabetes (CDC, 2020). This shows that a vast number of its people suffer from this condition. Further details show that 1 out of 5 Americans are unaware of their diabetes status, while 8 out of 10 people are considered prediabetic (CDC, 2020). Depending on these statistics, it is evident that many Americans have diabetes. The situation is similar globally, with most nations reporting an increasing prevalence of diabetes. Patients suffering from this illness require greater care and attention services. This has continued to take a significant toll on national resources as the care services offered to these patients attract heavy capital investment. A nation like the US has one of the highest costs of accessing diabetes care services (Seuring, Archangelidi & Suhrcke, 2015). This undermine efforts in seeking care services since a large segment of its population cannot afford. Diabetes care has become a primary challenge based on diminished resource availability and lack of care affordability. The government, insurance providers, and healthcare providers are experiencing a challenge in providing diabetes care based on the rising number of patients attracting increased attention and resource usage.

Reasons why this issue is a concern from healthcare economics perspective

The care and attention services provided to persons who have diabetes attract significant resource investments. Worldwide nations spend massive resources to offer care systems like drugs and other support systems. Statistics reveal that 2-3% of healthcare budgets are invested in diabetes expenditures (Josson, 1998). The government, insurance companies, and other care providers spend marginal revenues to cater to the care needs of diabetic patients. This is likely to exhaust available resources even as the government and these other stakeholders experience reducing financial status due to the rising number of patients. For example, as diabetes cases surge, governments are forced to increase their budget allocations. This means that they sideline other productive areas since most of the available funds are directed towards the care of diabetes patients. Notably, insurance companies are forced to limit their spending based on the rising number of patients in constant need of their service.

The resources needed in diagnosing and treating diabetes are costly (American Diabetes Association, 2018). This means that various healthcare stakeholders directly or indirectly involved in diabetic care experience will potentially experience high-cost investments. As for the patients, most are unable to meet the high cost of care services. Based on their low economic status, they cannot seek insurance services and pay out of pocket for the services offered. This affects access to quality treatment amidst the dire need for care services. Overall, diabetic care poses an adverse economic status for global nations as the government, insurance providers, and patients have to spend massive resources in meeting care needs. Also, healthcare providers spend a large part of their time handling these patients, reducing their chances of seeing other patients. This affects healthcare economics based on the lack of providers handling other patients. It translates to a weaker care system that fails to guarantee patient safety and security (Mosadeghrad, 2014). Quality of care is diminished by a lack of ample healthy systems and resources targeting all patients.

Handling diabetic patients reduces productivity among various parties like workers and those looking after diabetic patients. As research shows, diabetic treatment has caused a $90 million loss of productivity (The American Diabetes Association, 2018). This is based on absenteeism in the workplace and engagement in other core tasks. For instance, a diabetic person is likely to miss work to attend treatment and recommended bed rests. Disabilities emerging from diabetes also accelerate a lack of productivity. Families and community members are expected to take care of diabetic patients. This hampers their productivity because they spend most of their time looking after these patients. Therefore, diabetic care is attributed to adverse economic outcomes.

Major Parties Involved

One of the key parties involved is the government, primarily responsible for providing appropriate healthcare tools and resources. It allocates healthcare organizations with vital resources that they need to fight various illnesses and associated conditions. For example, if it invests limited resources in diabetic care, patients with experience inadequate care outcomes. As diabetes cases increase, governmental resources are constrained. The other relevant party is the insurance providers. These institutions are forced to spend marginal means to care for diabetic patients amidst a rising number of persons seeking these services. Another major party is the healthcare providers, including neurologists, nutritionists, pharmacists, and pain management professionals. Their ability and capacity to offer healthcare services are integral in quality diabetic care. Also, consumers exist as the main party since they are the ones affected by the disease. Understanding diabetic care strategies can enable patients to achieve quality health and overall well-being.

Market Forces Impacting on this Issue

One of the market forces attributed to this issue is the rising cost of care and attention services. The resources needed to offer efficient and effective care services to these patients are costly. The American Diabetes Association (2018) reveals that resources integral in diagnosing, reducing effects, and treatment are expensive. For example, diabetic medications are specialists seeing these patients attract a rising cost of expenditure. Amidst the need for specialized frequent care services, these services generate a significantly higher cost for the consumer. Also, restrictive diets and daily body checks make patients spend massive resources. Thus, the rising cost of care services is one of the forces that makes diabetic care generate significant economic effects. Another primary market force behind this issue is the changing insurance conditions.

Insurance providers are front liners committed to ensuring that diabetic patients receive quality care services. However, their conditions change depending on the patient’s exposure to the condition. After patient signs for insurance services, they are bound to receive services. However, if they increasingly seek these services, these providers use the Law of Diminishing Marginal Utility to determine care satisfaction and meet minimal costs (Henderson, 2016). This shows that insurance providers change their conditions over time, an approach that diminishes care service provision among diabetic patients. They are left bearing a significant economic burden because they have to pay out of their pockets.

Illustration of Demand

In the diabetes care issue and subsequential economic impacts, demand is illustrated by patients seeking diabetic services and their amount of consumption targeting these services. As statistics show, 11% of U.S. medical expenditures are diabetic (CDC, 2020). This means an increased demand for diabetic care services that straggle economies based on the high prevalence of diabetes and rising expenditures. Also, the 2-3% budget allocations show significant demand for diabetes care services. Therefore, demand illustration is illustrated by statistics that highlight the patient capacity seeking diabetic care.

Illustration of Supply

Supply is illustrated by the ability to access quality healthcare services among the diabetic population. This relates to entities available to offer diabetic care services. For example, insurance providers like Medicaid and Medicare offer services to these patients. There are also other promising treatments and care services that are not covered by insurance. This means that patients can tap into these available opportunities. Also, the Affordable Care Act (ACA) is another platform that individuals can use to access these services. The availability of healthcare providers, staff members, and supplies also determines demand. For example, the rising cost of accessing medications can affect diabetic care services provided to the patients. This is because most of them would be reluctant to seek these services based on the high cost of care services required. This will translate to reduced supply which will affect healthcare quality.

The Impact of the Affordable Care Act

The role of ACA is to accelerate the access and acquisition of diabetes care services. It ensures that all patients who have diabetes are eligible for care services because it eliminates premiums. This makes health insurance obtainable and affordable. Due to the high medical expense and prescreening services insurance providers require for diabetes care, ACA came in handy to accelerate universal coverage for these patients. Thus, the central aim of ACA is to reduce barriers associated with the demand and supply of healthcare services. For example, based on the zero premium, more patients are likely to access healthcare services. This also positions service providers in a better place to offer diabetic care services. It equalizes demand and supply.

Demonstration of Health Disparities

Patient demographics, physician attitudes, and environmental factors are key issues that demonstrate health disparities. As far as patient demographics are concerned, elements like education, income level, and compliance to treatment can generate different outcomes. For example, a person with a low education status is likely to fail to identify when exposed to the condition and comply with the recommended treatment compared to one with a higher education status. Also, poor income status translates to inadequate care services compared to those with higher incomes to access these services. This will create diverse outcomes for the two groups. Physician’s attributes like competency, motivation, and satisfaction can also potentially raise health disparities based on how they handle and provide care services to diabetic patients. Lastly, environmental factors like the availability of resources and systems can also generate health disparities. For example, suppose a particular healthcare center lacks systems that support diabetic care services. In that case, it is likely to fail in service provision compared to a setting with advanced systems and structures. This is a recipe for health disparities among diabetic patients.

Improving Diabetic Care in Other Global Markets

One of the ways that global markets have handled this issue is by offering suitable instruments and supplies that provide diabetic care. This ensures that patients in dire need of services can access them and boost their health and well-being. It has aided in reducing mortalities and morbidities associated with the diabetes condition. Notably, these nations recommend and ensure that their population has insurance coverage that facilitates better access to diabetic care services. Exposing their members to various educational opportunities has also enabled early detection and treatment (Kapur, 2007). This means early access to services and reduced exposure to adverse health outcomes that attract heavy economic impacts. Lastly, global nations have also accelerated providers and supplies coverage to render quality services.

Recommendations for Improvements Based on Economic Principles

Educating and training the general public about early detection and seeking care services when exposed to diabetes is one of the suitable ways of handling this issue to ensure positive economic outcomes. When community members understand the rationale behind these steps, they are more likely to make informed decisions. This means that they seek services and commence treatment early to avoid adverse health results. A significant economic burden is linked to individuals with lower educational outcomes. This emerges from a lack of education focusing on diabetic recognition and treatment-seeking approaches. Also, healthcare stakeholders should become more responsible towards diabetic patients through programs that change their lives.

The role of offering effective diabetic care services lies in the hands of all healthcare stakeholders. They must depict greater responsibility towards the situation of persons suffering from this disease. For instance, insurance providers should make their services accessible for diabetic patients. Also, pharmaceutical companies should provide effective guidance when providing medications to these patients. Healthcare settings should ensure that they are equipped with vital tools and systems to relay quality diabetic care services to the patients.

Conclusion

The diminished diabetes care handling and management situation has continued to expose global economies to adverse economic results. Conditions like high cost of care services, lack of public education, and accountable and responsible systems remain key barriers towards effective diabetes care services. The strategic way of handling these limitations includes the reduced cost of seeking and receiving care, general public education, and providing responsible systems and structures across all care centers. They will accelerate diabetic care services opening room for advanced economic impacts.

References

American Diabetes Association. (2018). The cost of diabetes. The Cost of Diabetes | ADA. Retrieved from https://www.diabetes.org/resources/statistics/cost-diabetes.

Centers for Disease Control and Prevention. (2020). A snapshot: Diabetes in the United States. Centers for Disease Control and Prevention. Retrieved from https://www.cdc.gov/diabetes/library/socialmedia/infographics/diabetes.html.

Henderson, M. (2016). Insurance companies impede ability of physicians to care for patients. The Lund Report. Retrieved from https://www.thelundreport.org/content/insurance-companies-impede-ability-physicians-care-patients.

Jonsson, B. (1998). The economic impact of diabetes. Diabetes care. Retrieved from https://pubmed.ncbi.nlm.nih.gov/9850479/.

Kapur A. (2007). Economic analysis of diabetes care. The Indian journal of medical research, 125(3), 473–482.

Mobasseri, M., Shirmohammadi, M., Amiri, T., Vahed, N., Fard, H. H., & Ghojazadeh, M. (2020). Prevalence and incidence of type 1 diabetes in the world: A systematic review and meta-analysis. Health promotion perspectives, 10(2), 98.

Mosadeghrad A. M. (2014). Factors Affecting Medical Service Quality. Iranian journal of public health, 43(2), 210–220.

Seuring, T., Archangelidi, O., & Suhrcke, M. (2015). The economic costs of type 2 diabetes: a global systematic review. Pharmacoeconomics, 33(8), 811-831. https://doi.org/10.1007/s40273-015-0268-9