Affordable Care Act
The all-inclusive healthcare reform act regarded as the Affordable Care Act was ratified in March 2010. The act has substantial financial impacts on the state of healthcare organizations (HCOs). The number of uninsured patients who visit HCOs has greatly reduced, which means that these organizations get financial value for their services due to the decrease in care that is not compensated. This has significantly reduced the amount of bad debts owed to HCOs by states thus increasing profits for these organizations (Emrick, 2017). With an increase in profits, HCOs have the liberty to scout for and acquire highly qualified professionals who can then offer the best care to patients. It means that these HCOs have the financial ability to acquire the necessary talent for patient satisfaction and health assurance.
The act has further reduced the financial burden on HCOs through extending the coverage of children from 18 years to 26 years (Emrick, 2017). It means that more young adults can access care that HCOs will be compensated for and the likelihood of their health problems becoming worse decreases. This decrease means that HCOs do not have to endure the financial burden of treating young adults at their worst and they get to spend less when these individuals are allowed coverage under their parents’ insurance cover. Considering that compensation is founded on the satisfaction of patients, the act has enabled HCOs take active steps in enhancing patient experiences. To enhance patient satisfaction, HCOs have channeled monetary resources into enhancing patient waiting time or improving accessibility to care through integrating online mechanisms.
It would be vital to ascertain what patient experience facets are most significant to HCOs and the organizations generate objectives that enhance these aspects. To enhance compensation for value-based acquisition, HCOs have managed to switch to automated health records for improved data management. Enhanced data gathering is also utilized by HCOs to enhance quality metrics. Utilization of automated health records offer vital data used to make timely care pronouncements to enhance the results. All these are enabled by the increased financial resources that have resulted from the ACA.
Reference
Emrick, A. (2017). The Effect of the Affordable Care Act on the Financial Stability of the Healthcare System.