08 May WHAT IS THE MONETARY VALUE OF A HUMAN LIFE?
What is the monetary value of a human life? Healthcare managers are tasked with establishing and maintaining a delicate balance between creating a profit and providing patient-centered healthcare each and every day. All decisions have a cost that can be measured in money, time, and/or quality of life. In a perfect world we would be able to provide every patient with unlimited care.
In 1-2 pages, discuss a minimum of 3 managerial decisions that can have positive or negative implications to patients. You should consider asset allocation, human resources, and time management in this discussion. Be sure to support your position with of why the decision would be made and how it could affect the patient population.
For example, a provider may choose to stop participating with Blue Cross Blue Shield of Florida because the reimbursement from the insurance company is not high enough to meet the overhead costs involved with treating patients. The results to the patients would include patients with BCBS of Florida would have to change providers, potentially disrupting the continuity of care, or pay the increased fees not covered by their insurance. In addition, the provider could potentially lose some of his/her patients.
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