Money….How are you spent?

Money….How are you spent?

I understand that today it is really to hard to pay our necessary needs and budget the money we have. Earning money is never easy to anyone. We all work hard everyday to earn a little income that will be use to pay expensive bills and necessities. This is why I want to inform people about how their money are utilized in the medical field knowing that healthcare is very expensive and it continue to grow rapidly due to advances. We can’t stop the changes but we have to adapt to these and accept the innovation. Given that medical technology costs is exceedingly high, there are group of people who have clashing opinions whether to limit or expand medical technology. This blog will expose the two sides of debate. But why should people care about this debate? It is because they are the ones who pay taxes that contribute to the funding of medical technology. That being said, they should be concerned if their money is efficiently and wisely spent.

Due to the fact that healthcare expenditures has been growing steadily, more people are becoming concern on this exorbitant costs. According to Corinna Sorenson, professor at London school of economics, medical technology is the main cost in healthcare field but theres more than that in the picture. She studied the costs of medical technology and analyzed the factors that contributes to its rising expenses. These factors includes the aging of populations, increased public demand and expectations, rising prices of physician and hospital services and inefficiencies in the usage of technological equipment. After the long analysis, she disagrees that medical technology is the cause of increase in healthcare expenditures. She think that it is not the medical technology that makes it expensive. There are many factors that contributes to its excessive costs such as the way that healthcare providers handle technologies. Due to that, she favors to the expansion of medical technology as long as healthcare providers know how to use technologies properly.

In her analysis, she elaborate the factors that makes medical technology pricey. One factor is the rising prices of hospital services which added to the increasing costs. Hospitals charge people the amount of service they conducted to them. However, do they really need the procedures and examination being performed? Sometimes, healthcare providers tend to conduct medical procedures that are needed by the patients. Additionally, their inappropriate usage of technology also adds up to the expenses. They sometimes repeat medical procedures to be sure of the results. This redundancy is also being paid which explains why healthcare is pricey. These factors only prove that there are a lot of things to be considered so we should not put the blame on medical technology.

In contrast, Peter Neumann, Doctor of Science and Milton Weinstein, Doctor of Philosophy exposes the downside of medical technology leading to their position of limiting its expansion. Neumann and Weinstein stated some underlying facts that people are not aware of. First, new technologies on average improve quality of medical care but that is not true in every technology only on average. Second, many technologies are redundant and do not improve health outcomes. Lastly, new technologies do, on balance, add healthcare costs. They added that american society may have reached  the point at which is not possible to provide the best available healthcare to americans regardless of costs. That being said, why should we continue to implement technology if some of it does not improve our health but only adds up to the rising expenditures. They further argue that it is not easy to recognize which technology is effective and ineffective at the time they are introduced. Although they are being tested, we cannot control what will happen and often times some technologies are less beneficial in the medical setting. This only paves way to the number of disadvantages including the exorbitant costs of medical technology.

It is always hard to balance the pros and cons of medical technology. With these provided information, people can have their own argument and decide whether we should expand or limit medical technology. Both sides have credible explanation and it is really up to us on which opinion weighs the most.

Neumman P., & Weinstein M. (2011, March 28). The diffusion of new technology: costs and benefits to health care. Retrieved April 15, 2015, from https://books.google.com/books?hl=en&lr=&id=Etl-1y0_ryAC&oi=fnd&pg=PA21&dq=medical+technology+costs&ots=ZdsJ6TX9GK&sig=ydjC4TokWRsWwtrifDfyOYBkj68#v=onepage&q=medical%20technology%20costs&f=false

Sorenson, C. (2013, May 30).Medical technology as a key driver of rising health expenditure: disentangling the relationship. Retrieved April 15, 2015, from http://www.dovepress.com/medical-technology-as-a-key-driver-of-rising-health-expenditure-disent-peer-reviewed-article-CEOR

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