Reflection Paper – Entrepreneurship in Health Care Essay

October 11, 2017 Health

Growth in the wellness attention industry has been experienced over the past 10 to twenty old ages. Prior to the Social Security Act of 1965. the term invention or enterpriser was non used much in health care. Since the debut of the authorities 3rd remunerator system. invention and entrepreneurship has taken off. So. what is entrepreneurship in wellness attention? This essay is traveling to look at the effects entrepreneurship has on wellness attention and effort to depict the positive and negative ways it has influenced wellness attention today.

What is an Entrepreneur? Debated for many old ages. this critical inquiry to the survey of entrepreneurship continues to be criticized and analyzed by some of the universes taking research workers. “The beginning of the word entrepreneurship is derived from the Gallic word entreprende. which means to set about. as in set abouting a peculiar activity” ( Davison. 2008. p. 1 ) . Harmonizing to Davison. “the enterpriser is a Godhead of value. In wellness attention. this definition would intend that an enterpriser in a individual who creates value in the wellness attention industry.

Affect of Entrepreneurship in Health CareAmerican wellness attention is the leader in the state for earnestly sick patients. The United States has had more Nobel Prize victors for medical specialty than any other state because of the committedness to invention in wellness attention. Citizens of American can be grateful for the advanced ideals that entrepreneurs have brought to our markets. Peoples used to merely shop for better monetary values on such points as airfares. lower hotel rates and even computing machines. Now. shopping for health care is a portion of life in the United States. Web sites such as “WebMD. Revolution Health. and eHealthInsurance. now offer consumers latest information on median conditions. drugs. and insurance options. every bit good as basic quality information on physicians and hospitals” ( Howard. 2008 ) . With all this information available. patients can intelligently speak with their doctors about the most current interventions available and about their options for intervention.

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The Positive and Negative AspectsTechnology has come a long manner. particularly in wellness attention. To understand what has been go oning in the wellness attention industry. cognition of where it came from is indispensable. Health attention was practically a paper and pencil industry and it was the last to do the alteration to engineering which made it clip devouring for wellness attention suppliers. Not until the passing of the Social Security Act of 1965 was engineering to the full realized within wellness attention. Since so. engineering has been cited “as being the major driver of lifting health care outgos worldwide” ( Burns. 2008 ) .

The positive facet of the inventions of engineering is the interventions and equipment brought about by advanced ideals that has developed into quality attention. This quality of attention has created a demand by patients and their doctors for more and more invention by enterprisers. Another positive facet of the new wellness attention engineering is “based on recent scholarly grounds. that such merchandises contribute to additions in length of service and mobility. decreases in disease and hurting. betterments in worker productiveness and betterments in quality of life” ( Burns. 2008 ) .

Harmonizing to Burns ( 2008 ) . a negative facet is that the cost of all this new engineering has accounted for “20 per centum to 40 per centum of the rise in wellness outgos over the past 40 years” Burns. Aside from better quality of attention and increased length of service. grounds has non shown that more and more advanced engineering will bring forth better results or added value.

Example of a Current Entrepreneurial BusinessThe illustration chosen for this essay falls under corporate entrepreneurship. which is discussed in Barringer and Ireland ( 2008. p. 6 ) . Most people think of entrepreneurship as person get downing a new concern ; nevertheless. with corporate entrepreneurship an established house will make new advanced merchandises for their clients. MinuteClinic is one illustration of advanced ideals that comes out of the demand to hold speedy health care available merely like traveling into a local 24-7 drug shop such as CVS Pharmacy.

The ideal developed when the laminitis. Rick Krieger. necessitate intervention for his son’s possible strep-throat. Due to the length of clip it took for his boy to be diagnosed he came up with the ideal of convenient walk-in clinics ( MinuteClinic. 2008 ) . The first MinuteClinic opened in Minneapolis. MN in May 2000. “They focused on seven common conditions. Strep pharynx. glandular fever. grippe. female vesica infections. ear infections. fistula infections and gestation testing” MinuteClinic.

The impact that these clinic has had on patients has been so successful that there more than 50 MinuteClinic wellness attention centres that can be found in choice CVS/pharmacy shops in Florida ( MinuteClinic. 2008 ) . Patients are now able to walk into a CVS Pharmacy and acquire speedy wellness attention. Most visits will take from 15 proceedingss to 1 hr depending on the symptoms of the patient.

ConclusionTo conclude. it is evident that an enterpriser is an person who seeks hazard. has the demand to work independently and pursues a concern scheme of high growing and big net incomes. Real enterprisers thrive on uncertainness and happen ways of happening the resources they need to accomplish their ends. If they don’t have adequate capital. they will happen a manner to acquire it. From a wellness attention point of view. an enterpriser can be an single such as Rick Krieger being advanced based on personal experience or it can be big corporations like Johnson and Johnson whose inventions have affect the lives of many. Entrepreneurship in health care is a reasonably new construct ; nevertheless. it is one that will go on to acquire larger and larger.

Mentions

Barringer. B. A. . & A ; Ireland. R. D. ( 2008 ) . Introduction to entrepreneurship. In Entrepreneurship: Successfully establishing new ventures ( 2nd erectile dysfunction. . pp. 3-35 ) . Upper Saddle River. New jersey: Pearson Prentice Hall.

Burns. L. R. ( 2008 ) . The concern of health care invention in wharton school course of study. Retrieved January 11. 2009. from hypertext transfer protocol: //www. Cambridge University. org/catalogue/catalogue. asp? isbn=0521547687 & A ; ss=exc & A ; utm_source=DOI & A ; utm_medium=MultiLink & A ; utm_content=0521547687 & A ; utm_campaign=CDIDavison. E. D. ( 2008 ) . Entrepreneurship. Research Starters Busienss. 1. 1-12. Retrieved January 10. 2009. from EBSCOhost database.

Howard. P. ( 2008 ) . Health care’s new enterprisers. Retrieved January 11. 2009. from hypertext transfer protocol: //www. city-journal. org/printable. php? id=2702MinuteClinic. ( 2008 ) . MinuteClinic becomes take parting supplier with Blue Cross and Blue Shield of Florida. U. S. Newswire. Retrieved January 11. 2009. from ProQuest database.

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