Financial Implications of Evidence-Based Policies

Financial Implications of Evidence-Based Policies

The health sector is one of the most critical sectors in any economy. The United States government has initiated various laws and policies that are aimed at improving the sector and consequently provide affordable health to all. One of the most significant barriers to universal healthcare, however, has been financing. Various sectors compete with the health sector for funding and thereby presenting budgeting challenges to the financing of the health sector. As a way of augmenting our understanding of this subject, the study will assess the anticipated financial impact of the public health policy that was proposed in Module 1 SLP. Additionally, the study will also evaluate the financial impact of the public health laws selected in module 2 SLP. The study will further assess the funding sources for the government programs identified in the first module. The research will culminate with a discussion on some of the competing priorities and the possibility of receiving funding for the selected policy.

The anticipated financial impact on the public health policy

As a way of fostering the success of the evidence-based policies, various financial implications will be involved. The impact of the evidence-based policies that were suggested in the first module includes the following. Various costs will be involved, the first of which will be infrastructural costs (Wurmser, 2009).

As a way of ensuring that the evidence-based policy is successful, a huge infrastructural network will be required. Some of the infrastructural costs that will be involved include acquiring resources that will be needed for the formulation, maintenance, and sustainability of an evidence-based program. Supporting all the critical phases of the evidenced-based policies, which include the identification of the relevant clinical questions, assessment of the literature, appraisal of the research as well as the planning of the program will ultimately require a significant amount of funds.  It will be imperatives to establish the necessary processes and structures that will be needed to support these phases (Wurmser, 2009).

It will also be imperative to incorporate the finances that will be required to fund the staff time that will be needed to participate in the relevant ERP committees. Supporting staff time will be an expensive affair. The finances required will go towards funding biostatisticians and other researchers, who will translate the research findings into vital information that can be used by clinicians (Wurmser, 2009).

The other financial impact of the evidence-based policy will be the acquisition of the financial resources necessary, for instance, on the internet and database requirements. The cost that will be needed to support the medical librarians should also be factored as it will go a long way in supporting the operations, while at the same time reducing costs in the long-run. There will also be costs associated with the acquisition of financial analysts (Wurmser, 2009).

The implementation of the evidenced-based policies will also lead to some costs which will be incurred in the education of the staff.  All the staff must have sufficient knowledge of all the processes of the EBP. The costs can include the traveling expenses for the staff or the costs of integrating professionals or experts into the existing staff unit (Wurmser, 2009).

The other financial implication will be on the implementation costs. After the incorporation of the required infrastructure and the education of the staff, the costs associated with the implementation of the EBP will have a financial implication. Some of the costs involved include those that will be required to support any changes in the staff patterns, as indicated through the evidence. There will also be costs associated with the acquisition of sophisticated treatment and medical facilities and equipment. These costs should, however, be gauged against the cheaper alternatives. The evidence will provide the policy that is most befitting in terms of efficacy as well as cost and thereby aiding in the adoption of the best policy (Wurmser, 2009).

The anticipated financial impact on public health laws

One of the most significant financial implications of the public health law is that it will lead to a reduction in the financial burden both to the patients as well as to the government. Through the readmission reduction program, the government will experience a reduction in the yearly budgetary allocation on healthcare. Additionally, it is also expected that health laws will lead to a reduction in the overall cost of accessing healthcare (Schieber, 2017).

Funding sources for the government program

The funding sources for the evidenced-based policies include an increased budgetary allocation on the health sector by the federal government. The government should also consider raising more funds from innovative funding mechanisms. Moreover, funding can also be sourced by overtaxing harmful substances such as alcohol and tobacco. Finally, the policy can also be funded through the discretionary allocations that are made annually, as well as the fees from industrial users and manufacturers of drugs (Schieber, 2017).

The competing priorities, which can potentially affect the health care budget, include defense and social security, which take up a large share of the budget. Nonetheless, conscious of the critical nature of this policy, the likelihood of receiving funding for the proposed policy is high. The policy is vital for all the stakeholders involved, and there are also avenues for sourcing the funds as stipulated in this study (Schieber, 2017).