Cost Control" Please respond to the following:

• Use the Internet or Strayer Databases to research cost escalation within the health care segment. Next, determine one (1) key driver of health care cost escalation. Indicate one (1) strategy health care managers can implement to reduce costs in the future. Provide support for your rationale.
• Assumethatyouareafinancialadministratorofahospital,andyouareresponsibleforreducingcosts(e.g.,fixed,variable,semi-fixed,etc.)forthefacility.Determinethemostsignificantcostwithinthehospital,andrecommendastrategyforreducingthiscost10%overthenextyear.Providesupportforyourstrategy.Don'tsenttomethisanswersseeatt

i need a paragraph for each answer

Week 3 discussion "Cost Control" Use the Internet or Strayer Databases to research \"cost escalation\" within the health care segment. Next, determine one (1) key driver of health care cost escalation. Indicate one (1) strategy health care managers can implement to reduce costs in the future. Provide support for your rationale. Assume that you are a financial administrator of a hospital, and you are responsible for reducing costs (e.g., fixed, variable, semifixed, etc.) for the facility. Determine the most significant cost within the hospital, and recommend a strategy for reducing this cost 10% over the next year. Provide support for your strategy. The United States spends twice as much on health care as it does on food. There are quite a few factors that drive health care cost. Advancing technology, demographics, payment systems distortions, medical malpractice, inappropriate utilization, higher prices and administrative costs are just a few. Savings can be achieved by reducing inappropriate utilization of services and encouraging clinically-effective care based on effective research. Medical technology has help advance the medical field, but it has also increased health care spending. There is no single cause of the escalating cost of health the significant cost drivers are embedded throughout the system. As payment models move from fee-for-service to value-based care, hospitals and health systems work to maintain hospital budgets by reducing spending across individual departments. Many hospitals realized significant savings is the medical device supply chain--one of a hospital's costliest areas. Supply costs are usually the second largest expense in a hospital after labor. It is important that purchasing decision makers have a solid working knowledge of specific devices in addition to a business background, for credibility and physician buy-in. Streamline to drive out redundancy, as many processes and devices are similar and lead to inefficiencies Show physicians their cost per case and how they compare to others in the department Optimize product selection through physician engagement Educate physicians on the effectiveness of less expensive devices that offer the same clinical outcomes 1. 2. 3. 4. Thinking creatively about supply chain management and engaging physicians in those efforts can help organizations quickly achieve greater value and savings--which can ultimately make a significant impact on a hospital's overall financial goals. www.hospitalimpact.org/.../proper_budget_reduction_more_than_just_c http://abcnews.go.com/Politics/HealthCare/health-care-costs-biggest-drivers/story? id=10044091 http://hospitaladministrations.blogspot.com/2012/09/reducing-operatingcost.html