Financial Management

FINANCIAL MANAGEMENT 4

FinancialManagement

Identifya patient care problem with an impact on budget as a financialmanagement issue in your workplace

Telemetryunits are used to monitor patients who are at danger forlife-threatening conditions. One of such condition is acute coronarysyndrome (ACS). According to the American Heart Association, ACS is acollection of clinical signs which can be well-matched with acutemyocardial ischemia (Daivadanam et al. 2012). Itincludes ST and non-ST-segment elevation myocardial infarction aswell as unstable angina. The condition represents the primary cause of fatality globally,while the financial as well as clinical effects are extremely high.

Researchindicates that managing people suffering from the condition must bepersonalized both to their needs as well as resource accessibility(Teichet al. 2015). However,early quality care is required bearing in mind that it has a keyeffect on both short and long-term diagnosis. It has been proven thatEuropean nations with a higher budget for ACS are likely to have lowdeath rates, as such allows for superior care for the condition.

Inthe United Kingdom, ACS is a major cause of death and hospitaladmission. Every four minutes, a person is admitted either with MI orchest pain while more than 90 people succumb from MI every day. Thishas major financial impact on the National Health Service (NHS) aswell as the economy at large. According to 2009/2010 data, thefinancial burden of ACS is about £3.6 billion annually. Besides, thecondition is linked with societal burden related to premature deathas well as quality of life. In order to lessen the burden,approximately £9.8 billion amount of investment is required.

Accordingto Daivadanamet al. (2012), treating ACS is disastrously costly. This phenomenonis referred to as catastrophic health expenditure (CHE). Apparently,expenditure to a large extent impacts compliance especially when mostpeople cannot afford the best treatment. In cases where healthinsurance is not available, and where public provision is notsufficient, patients are forced to meet their own health careexpenses. In this case, ability to pay is mostly what matters. Theauthors argue that safeguarding individuals from CHE is a major goalof health policy and the responsibility of health systems. This is soconsidering that ACS requires catastrophically high care expenseswhich may lead people below the poverty line especially when publicfunding is not available.

Intheir study, Daivadanamel at (2012) demonstrated that 84% of the population experienced CHEdue to managing ACS. Factors such as poverty, lack of health securitycover and availing loans were acknowledged as facilitators ofcatastrophic health expenditure.

Accordingto Teich et al. (2015), the finances needed to perform angioplastyprocedure involving stent implantation among patients suffering fromACS has a financial effect for healthcare institutions. In anotherstudy conducted in Brazil measuring the costs of treating ACS in2011, the direct costs for Unified Health System was found to be R$515.138.617 (about 0.77 per cent of the budget).

Fromthe literature, it is clear that ACS results in a financialmanagement issue in hospitals as it poses financial burden on thebudget. It is a problem that can lead people as well as theirfamilies below the poverty line when financial support is notavailable. Healthcare institutions also face financial burden in suchcases. As a nurse, safeguarding patients’ welfare is at the core.Nurses are responsible for ensuring that the pharmacological care aswell as lifestyle modifications is followed in order o preservepatients’ health while at the same time, avoiding complications.This averts complex treatments which generally burdens hospitals.

References

Daivadanam,M., Thankappan, K. R., Sarma, P.S. &amp Harikrishnan, S. (2012).Catastrophic health expenditure &amp coping strategies associatedwith acute coronary syndrome in Kerala, India. IndianJournal of Medical Research,136(4): 585–592.

Teich,V., Piha, T., Fahham, T., Squiassi, H. B., Paloni, E. M., Miranda,P. &amp Araújo, D. V. (2015). Acute Coronary Syndrome treatmentcosts from the perspective of the supplementary health system. ArqBras Cardiol.105(4): 339–344.