Verified Document

COVID 19's Impact On Healthcare Financially Essay

Related Topics:

COVID-19

How Does COVID-19 Affect Healthcare Economically

Introduction

This paper aims at discussing the topic "How does COVID-19 affect healthcare economically." COVID-19 had caused much damage in both the health and economic sectors. As of March 28, 2020, the disease had contributed to the loss of 10 million jobs, and this data was for just two weeks. The damage that had happened before the two weeks was not captured in this duration. During the second quarter, the United States economy will shrink by 10% to 25%. The economy's slow growth is already happening in the USA, with main economic activities being affected (Cutler, 2020). Economy damage is occurring worldwide, with the health sector being the most hit. Financial markets that depend on other sectors, including health, are also losing huge profits daily. All these damages put together are expected to cause a loss of approximately $1 trillion in the world economy by the end of the year 2020 (Kabir et al., 2020). This recession's effect on the economy is being felt in the transport industry, manufacturing industries, with many people losing jobs primarily due to measures to contain the pandemic. At the initial stage of Covid-19, many countries underestimated the danger ahead and thought everything would be fixed in a few days. The economy was to remain stable, but things are turning out very differently. Both lives and economies must be supported to avoid total damage. What is even more discouraging is reports showing that the disease is here to stay, and so the world should come up with measures to live with the condition until that day when a vaccine will be found (Pak et al., 2020).

The pandemic has hit hard agricultural and food sectors of many countries. Disruption of the supply chain has affected these two sectors due to delays in custom and credit markets. The food industry also depends heavily on the transport industry. Therefore cessation of movement in countries had posed the world to another danger of experiencing food shortage in the future (Shrestha et al., 2020). COVID-19 will advance the health challenges that were already in existence, and the government should focus more on stopping damages that cannot be recovered. Prevention measures will help more to stop deaths that are affecting the population. UN security council advises nations to protect Vulnerable population whose survival rate is less when exposed to the virus. Some of the vulnerable groups include the elderly and people living with conditions such as diabetes. Nations have used police in enforcing containment measures. In some cases, police have violated human rights, and according to UN High Commissioner for Human Rights, the rate at which this is happening is alarming. (Lambert et al., 2020).

Significance

Many countries have reported total damages in the economies and have loosened COVID-19 containment measures to protect the economies from going to their knees. The health sector is also exhausted in many countries, and handling all patients needing help is no longer possible. Efforts to manage patients in home-based care have been put in place, but only people with mild symptoms can recover from homes (Khalid & Ali, 2020). Some guidelines to stop the spread of COVID 19, such as self-isolation, social distance, and travel restrictions, have reduced many companies' workforce, resulting...

Parts of this document are hidden

View Full Document
svg-one

…protect both doctors and patients (Hashmi et al., 2020).

Thesis Statement of Purpose Statement

The thesis statement is that "COVID-19 has affected healthcare economically." A pandemic's effect is viewed in terms of both mortality and its effect on people's livelihood. The world has spent billions of dollars fighting against the pandemic, and people have lost jobs in the process. Demand and supply chain have destabilized, and investors can no longer trust the market dynamics. Lastly, significant changes have happened in different sectors to prevent and streamline the pandemic's response (Shrestha et al., 2020).

The hard-hit countries such as the USA, Europe, and China contribute heavily to the world economy. Countries like China lead in manufacturing and their slowdown is felt globally. Going slow on production directly affects the supply chain, and trade depends on demand and supply to keep going Lenzen et al., 2020). Some hospitals are also experiencing a financial crisis, and paying their health workers has become an issue. Such challenges may prompt health workers to withdraw their services at this critical time. The United States should have programs to support health sectors in the United States and globally and more so in developing countries. (Blumenthal et al., 2020).

Organizational Plan

Study organization should conduct in-depth research on non-linear, heterogeneous, and macroeconomic effects of Covid-19 across the globe. A review of different information sources such as research articles, magazines, and news reports can help predict possible consequences and recovery measures that should be implemented (Chudik et al., 2020). The study should source knowledge from the rapidly growing literature to develop a robust report on economic consequences and how different governments should respond to the pandemic (Brodeur,…

Sources used in this document:

References

Blumenthal, D., Fowler, E., Abrams, M., & Collins, S. (2020). Covid-19-Implications for the health care system. N Engl J Med, 383, 1483-1488. DOI: 10.1056/NEJMsb2021088.

Brodeur, A., Gray, D., Islam, A., & Bhuiyan, S. (2020). A literature review of the economics of COVID-19. Discussion Paper Series. Institute of Labor Economics.

Chudik, A., Mohaddes, K., Pesaran, H., Raissi, M., Rebucci, A. (2020). Economic consequences of Covid-19: A counterfactual multi-country analysis. VOXEU. Retrieved from https://voxeu.org/article/economic-consequences-covid-19-multi-country-analysis

Cutler, D. (2020). How will COVID-19 Affect the health care economy? JAMA, 323(22), 2237-2238. DOI: 10.1001/JAMA.2020.7308Donthu, N., & Gustafsson, A. (2020). Effects of COVID-19 on business and research. Journal of Business Research, 117, 284-289. https://doi.org/10.1016/j.jbusres.2020.06.008

Gopalan, H., & Misra, A. (2020). COVID-19 pandemic and challenges for socio-economic issues, healthcare, and National Health Programs in India. Diabetes Metab Syndr, 14(5), 757-759. DOI: 10.1016/j.dsx.2020.05.041Hashmi, P., Pidani, A., Momin, S., Khamiso, R., Aftab, N., & Noordin, S. (2020). Socio-economic impact of Covid-19 pandemic on outpatient healthcare services of musculoskeletal and sports medicine services in LMIC. Journal of Hospital and Healthcare Administration.

Kabir, M., Afzal, M., Khan, A., & Ahmed, H. (2020). COVID-19 pandemic and economic cost; impact on forcibly displaced people. Travel Medicine and Infectious Disease, 35. DOI: 10.1016/j.tmaid.2020.101661Khalid, A., & Ali, S. (2020). COVID-19 and its challenges for the Healthcare system in Pakistan. Asian Bioethics Review. https://doi.org/10.1007/s41649-020-00139-x

Lambert, H., Gupte, J., Fletcher, H., Hammond, L., Lowe, N., Pelling, M. . ., & Shanks, K. (2020). COVID-19 is a global challenge: towards an inclusive and sustainable future. The Lancet, 4, 312-314.

Lenzen, M., Li, M., Malik, A., Pomponi, F., Sun, Y-Y., Wiedmann, T, et al. (2020) Global socio-economic losses and environmental gains from the Coronavirus pandemic. PLoS ONE 15(7). https://doi.org/10.1371/journal.pone.0235654

Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C. . ., & Agha, R. (2020). The socio-economic implications of the coronavirus pandemic (COVID-19): A review. Int J Surg, 78, 185-193. DOI: 10.1016/j.ijsu.2020.04.018Pak, A., Adegboye, O., Adekunle, A., Rahman, K., McBryde, E., & Eisen, D. (2020). Economic consequences of the COVID-19 outbreak: The need for epidemic preparedness. Public Health, 8(241). DOI: 10.3389/fpubh.2020.00241Roy, S. (2020). The economic impact of COVID-19 pandemic. A Preprint. Retrieved from https://www.researchgate.net/publication/343222400 Shrestha, N., Shad, M., Ulvi, O., Khan, M., Karamehic-Muratovic, A., Nguyen, U. . ., & Haque, U. (2020). The impact of COVID-19 on globalization. One Health. Retrieved from https://www.sciencedirect.com/science/article/pii/S2352771420302810

Cite this Document:
Copy Bibliography Citation

Related Documents

Health Care Law Ethics
Words: 383 Length: 1 Document Type: Essay

Healthcare Health Care Law Ethics Health care over the years has become one of the most important debates to take place within the United States of America. This fact holds particularly true for the major part of the Obama Administrations whose New Health Care policies has been criticized extremely (Zhi Qu, 2010). The world, however, is still waiting for the final curtain to rise and to witness the climax which would be

Healthcare Economics Overall Healthcare and Economics Healthcare
Words: 1497 Length: 4 Document Type: Research Paper

Healthcare Economics Overall Healthcare And Economics Healthcare economics: Current challenges from a nursing perspective Although the subject of healthcare economics has been hotly-debated, on one issue there is widespread agreement: the aging of the population will substantively increase the demand for healthcare in the near and far future. As the population worldwide is aging and living longer, the need for essential services over a longer lifespan will generate more costs for an already-beleaguered

Healthcare Must Be Provided by the Government to All Citizens Who...
Words: 2176 Length: 6 Document Type: Research Paper

Health Care As human beings, our health and longevity have never been better. Many people today live to 100 years and beyond, and often in good and active health. One of the major reasons for this is better health care and more access to health care for more people. On the other hand, however, many people do not have access to the same health care services as others. Often, the main

Healthcare Issues, Systems, and Policies America, Once
Words: 1435 Length: 5 Document Type: Essay

Healthcare Issues, Systems, And Policies America, once the global leader in the health of its population and among the nations with the highest quality and most readily available healthcare services, has now fallen behind almost twenty other countries, including some that only became industrialized in the last third of the 20th century, and with substantial assistance from the United States. While most other so-called "First-World" nations have already embraced several fundamental

Healthcare Reform Lowering Costs in
Words: 918 Length: 3 Document Type: Essay

The amendments have had practical impacts such as repealing the tax mandate of the employer, health insurance tax of small businesses and decreasing the burdens on individuals and businesses. The compliance cost for small business owners has risen by 36% higher than that of larger corporations. Similarly, the average U.S. citizen has already been overtaxed. Since the passing of the Affordable Care Act, Americans have not enjoyed the benefits that

Healthcare Information Technology Electronic Medical Record: User
Words: 1472 Length: 5 Document Type: Research Paper

Healthcare Information Technology Electronic Medical Record: User friendliness is among the significant factors- probably the most essential factor- hampering extensive usage of Electronic Medical Record EMRs in respiratory therapy within my organization. User friendliness features a powerful, usually direct connection with my organization's efficiency, error level, operator exhaustion and operator satisfaction- are all essential elements for EMR usage. Moreover, within my organization, it's been observed that efficient coaching and execution techniques impact

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now