Evolution of Business and Economic Principles

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Reference no: EM133833302

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Evolution of Business and Economic Principles in Health Services Economic principles and business strategies have significantly impacted patient care, particularly due to the shift towards value-based care and cost-effectiveness: Patient-Centric Models: The focus on value-based care aims to improve patient outcomes while reducing costs. This is achieved through coordinated care and preventive measures. Technology and Innovation: Investments in technology such as Electronic Health Records (EHRs) enhance patient tracking and improve care quality. Insurance and Payment Models: Changes in insurance models, including the rise of Health Maintenance Organizations (HMOs) and Accountable Care Organizations (ACOs), have altered how services are provided and reimbursed. In practice, these principles promote efficient resource use and better health outcomes, but they can also lead to challenges such as increased administrative burdens on healthcare providers.

Reference no: EM133833302

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