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INCREASING INSURANCE PENETRATION IN INDIA
Insurance penetration is the ratio of the percentage of total insurance premiums to gross domestic product. It tells us the level to which a market is being tapped. Thus insurance penetration is a tool to understand and identify the reasons of the success or failure and the degree of presence of insurance in the economy of a country.
Indian insurance is a flourishing industry, with several national and international players competing and growing at rapid rates. Thanks to reforms and the easing of policy regulations, the Indian insurance sector been allowed to flourish, with a period 2010-2015 projected to be the ‘Golden Age’ for the Indian
2569 words - 11 pages
ALICO (American Life Insurance Company) is among the largest international life insurance companies in the world. ALICO has operations in more than 50 countries, with its main presence in Japan, Europe, the Middle East, Latin America and portions of Africa and the Caribbean. Headquartered in Wilmington, Delaware, in the United States of America, ALICO is licensed and regulated by the Delaware Insurance Department, as well as by other jurisdictions around the world.
ALICO's branches and subsidiaries provide a wide range of life and health insurance products through a network of approximately 28,000 agents and brokers.
The product lines include traditional
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-The property and life insurance underwriter is usually considered the gatekeeper for their insurance company. They make sure that new and existing insured’s meet the insurance company's eligibility requirements. Their ability to assess risk, properly price coverage, and weed out ineligible applications is central to an insurance company's ability to thrive.
Underwriters work for insurance companies and are typically located at the company's headquarters or a regional branch office. Underwriting is typically a desk job with a standard 40-hour work week, although overtime may be required as determined by each underwriting project. Evening and weekend hours are not uncommon. The median
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SUMMER INTERNSHIP PROJECT REPORT ON
Business development and market research on Kotak life insurance products and services suitable for different market segmentation.
Department of management in the partial fulfillment for the MBA
REG NO: 1420233
Under the guidance of
Dr. Kamal Kishore
Institute of Management
Christ University, Bangalore
This is to certify that the Summer Internship Project submitted by Mr. Victor Mondal on the title Business development and market research on Kotak
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HOW DOES THE CLIMATE CHANGE AFFECT THE INSURANCE INDUSTRY
Problem statement 4
Risk management 6
Charateristics of insurance industry 6
Risk qualification 8
Approximate cost for a threat determination 8
Probability of threat accuracy or that vulnerability will be affected 9
SWOT analyses 10
Matrix between Strengths-Threats and Opportunities-Weaknesses 11
Conclusion of SWOT analysis 13
Climate change is a significant and lasting change in the statistical distribution of weather patterns over periods ranging from decades to millions of years. It may be a change in average
7396 words - 30 pages
Adamjee Life Assurance Company
The formation of Adamjee Life is a result of the partnership between Adamjee Insurance and Hollard, South Africa. Both partners are well established, giving Adamjee Life the advantage to add tremendous value to the lives of its customers and the businesses of its clients.
Adamjee Life's dedicated staff shares the philosophy of partnership and understands the dynamics involved in caring for our business associates. This philosophy of partnership adds much more value to the relationship than the traditional approach of just being a product provider. The senior management team at Adamjee Life is well equipped to deliver in all areas of
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Our client is a property and casualty insurance agent. He is a 51 year old male and his wife is forty-eight years old. His wife is a retired high school math teacher. They have two children ages twenty-two and seventeen. The twenty-two year old is currently enrolled in college at the University of Mississippi and the seventeen year old is currently enrolled at Tupelo High School. The client lives in Tupelo, Mississippi. He was born and raised in Nettleton, Mississippi and moved to Tupelo after he got his degree and started working as a producer for an independent insurance agency named IFM (Insurance and Financial Managers), he then became an exclusive agent for ALFA. Subsequently he
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Health Insurance Fraud
Further Issues Hospital Administration
Master of Health and Hospital Administration (Parallel)
King Saud University
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for
payment. It is a form of risk management primarily used to hedge against the risk of a
contingent, uncertain loss.
An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder,
is the person or entity buying the insurance policy. The amount of money to be charged for a
certain amount of insurance coverage is called the
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The liberalization of the Indian insurance sector has been the subject of much heated debate for some years. The policy makers on one hand wanted competition, development and growth of insurance sector, which is extremely essential for channeling the investments in to the infrastructure sector. At the other end the policy makers had also the fear that the insurance premium, which are substantial, would seep out of the country; and thus in the nation's interest, they want to have a cautious approach of opening for foreign participation in this sector.
After a long discussion, confrences and fraction among some political parties, IRDA brought consensus among factions of
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3rd Prize Winner – Shri Raghav Jain, Birla Institute of Management Technology
Mis-selling in Insurance and how to prevent it
1. Mis-selling at a glance By definition, mis-selling means selling a product by giving a wrong picture of a product, it may include, giving wrong information, giving unrealistic information, not giving full information about the product. You must have heard an insured, saying – but this was not I asked for. And, your agent accusing, but then I did mentioned all the details upfront, didn’t I? Insurance is a business of selling commitments and here is a case where this was broken. Unfortunately the product was mis-sold. Mis-selling is not unique to insurance and
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M.F.M. - II
Life Insurance is the key to good financial future planning. On one hand, it safeguards our money and on the other, ensures its growth, thus providing us with complete financial well being. Life Insurance can be termed as an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness, critical illness or maturity of the policy.
In law and economics, insurance is a form of risk management primarily used to
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Policy Analysis- Unemployment Insurance Policy
Unemployment benefits are in place to provide temporary funding to help individuals and families to survive during unemployment. The policy analysis model will be used to review all aspects of the policy, including historical origins, strengths, and weaknesses, as well as how the policy has succeeded or failed in reaching the goals it was created to achieve.
The origins of unemployment benefits date back to the 1700-1800s, when Switzerland and other European countries established voluntary benefits programs to aid those in need. Even the state of
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The initial idea of this was to look at how Social Security and Unemployment Insurance work and explain that. The initial hypothesis was that government insurance programs work as a result of the United States Government forcing citizens to pay into these systems threw taxation. To do start this project I began by reading in the text book used in Macroeconomics at Virginia Statue University and the text book used in all Richard Bland College’s Economics courses.
The Initial Hypothesis was based off experience in working and paying into Social Security and speaking with employers on what they pay into these programs on there employees
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“Study of consumer awareness and perception towards health insurance portability.”
Healthcare Insurance Market in India is unique and has a strong growth potential than the other insurance markets. Life insurance includes all risks related to the lives of human beings. IRDA (Insurance Regulatory and Development Authority) allowed to the customer to change their insurance company in case of dissatisfaction with company. Health insurance portability gives the flexibility to the customer and increase the fair competition among companies. The concept of Portability is new in India so the awareness and perception towards portability of customers depends on several
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Physicians affect the cost of healthcare for insurance thru the administrative costs and doctor’s malpractice liability insurance that will protect them from unwanted legal issues.
American Physician pays nearly $83000 per year, which is the major chunk of administrative cost. That's the cost of the time and labor it takes for physicians' employees to correspond with various insurance plans about claims, coverage and billing for patient care and prescription drugs. Researchers surveyed physicians in Ontario, who said health insurance paperwork costs them an average of $22,205 a year.
If American physicians had administrative costs that matched those of the Ontario doctors, physicians
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INSURANCE BILLING FOR THE MEDICAL OFFICE CH 4 SHIRLEY QUAN
Acute | A medical condition that runs a short but relatively severe course. |
Attending physician | A medical staff member who is legally responsible for the care and treatment given to a patient. |
Chief complaint (CC) | A patient's statement describing symptoms, problems, or conditions as the reason for seeking health care services from a physician. |
Chronic | A medical condition persisting over a long period of time. |
Comorbidity | An ongoing condition that exists along with the condition for which the patient is receiving treatment. |
Comprehensive | A term used to describe a level of history or
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NEW BANKING LICENSE TO CORPORATE WORLD
After a span of 10 years RBI is set to issue fresh banking license. In 2003 -04 it had last issued license to Yes bank and Kotak Mahindra bank . The RBI issued the final guidelines for license of new private banks wherein entities both from private and public sector shall be eligible to set up a bank through a wholly owned non operative financial holding company (NOFHC).
The NOFHC shall be wholly owned by promoter/promoter group . The NOFHC shall hold the bank as well as all other financial services entities of the group. Entities /groups should have past record of sound credentials and integrity be financially sound and successful track
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Culture represents the beliefs, ideologies, policies, practices of an organization. It gives the employees a sense of direction and also controls the way they behave with each other. The work culture brings all the employees on a common platform and unites them at the workplace.
There are several factors which affect the organization culture:
* The first and the foremost factor affecting culture is the individual working with the organization. The employees in their own way contribute to the culture of the workplace. The attitudes, mentalities, interests, perception and even the thought process of the employees affect the organization culture.
Example - Organizations which hire
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Insurance a system of spreading the risk of one to the shoulders of many. It is a contract whereby the insurers, on receipt of a consideration known as premium, agree to indemnify the insured against losses arising out of certain specified unforeseen contingencies or perils insured against.Insurance is not a new business in Bangladesh. Almost a century back, during British rule in India, some insurance companies started transacting business, both life and general, in Bengal. Insurance business gained momentum in East Pakistan during 1947-1971, when 49 insurance companies transacted both life and general insurance schemes. These companies were of various origins British, Australian
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Should All Americans be required to Purchase Mandate Health Insurance?
University of Maryland University College
As legislators start to put forward a bill about the details of health care reform all Americans will be provided information about individual mandates. Individual mandates will require all Americans to have health insurance, similar to how Americans are compelled to purchase auto liability insurance. Individuals could buy health insurance through an insurer, an employer or a plan created by the government. The individual mandates also have incentives that will continue to keep the insurance companies at negotiating table with all Americans. This incentive is
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| [MARKET POTENTIAL OF TATA AIG LIFE INSURANCE IN GWALIOR] |
A report submitted in partial fulfillment of
the requirements of
THE MBA PROGRAM
(The Class of 2010
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Score : 0 / 1
Your choice | Expected choice | Answer | Comment |
| | The adviser undertakes the fact finding process in order to establish the client’s goals and objectives | |
| | The adviser brings the client up-to-date with the implementation of the recommendations | |
| | The adviser states the establishment and ongoing management costs associated with the implementation of the strategy | |
| | The adviser goes through the Risk Profile Questionnaire with the client | |
3. When is a strategy of paying insurance premiums through superannuation arrangements most beneficial?
Score : 0 / 1
Your choice | Expected choice | Answer | Comment |
| | The client
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a. Brief review of the concept of healthcare reform
b. A thesis statement
II. Effects of healthcare reforms on an insurance industry
a. Reduces company’s profit margins
b. Reduces company’s administrative costs
IV. Works Cited
Healthcare reform affects patients, healthcare providers, government spending and biomedical researchers. A good healthcare reform should be cost effective in its implementations and affordability. In my view, any reform in the healthcare sector should be that, which widens the population that receives insurance coverage, diversifies and minimizes the cost of healthcare, protect the right
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Affordable Care Act vs The Invincibles |
Affordable Care Act signed. Excitement. Gets on webpage. Sees prices. Exits webpage. These are motions made by many young adults between 19 and 29 took upon realizing that it was now mandatory that every American adult sign up for a health insurance plan. On March 23, 2010, young adults, including the writer, thought they were finally getting a break from the government when President Obama signed his new health reform act. Little was known how much this generation was actually considered before the president signed off their continued demise. Young adults were sold a dream of affordable health plans that could fit within their tight
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I feel as if the impact that illegal immigration on health care in the United States makes a huge difference. If you think about it how many illegal immigrants go down to the state for health insurance? I would have at least half of those people are in the United States illegally. And who pays for the state to give these people insurance? We do the tax payers. So yes I say that this is a huge problem and there should be more rules or stipulations on who can receive health insurance from the state.
This article states that we the people of the United States pay for the insurance of illegal immigrants through emergency room visits, emergency medicade, hidden fees by hospitals, and
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costs of health care for patients, providers, and the United States government. The Affordable Care Act is estimated to “reduce the federal budget deficit by more than $100 billion over the first decade and by more than $1 trillion between 2020 and 2030” (Orszag & Emanuel, 2010, para. 3). On top of saving the government money the Affordable Care Act also expands the access to health care. Starting in 2014 patients cannot be decline health insurance coverage due to a pre-existing condition. This will allow patients who have been without health insurance for at least six months to get insurance no matter their income (The United States Department of Health and Human Services, n.d.). Allow
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Principles of Insurance & Risk Management
#4 The characteristics of Lloyd’s of London, Lloyd’s technically is not an insurance company, but is a society of members corporation and individuals who underwrite insurance in syndicates; the insurance is written by the various syndicated that belong to Lloyd’s; new individual member who belong to the various syndicates now have limited legal liability; corporation with limited legal liability and limited liability partnerships are also members of Lloyd’s of London
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Metlife Alico is the holding corporation for the Metropolitan Life Insurance Company, or MetLife for short, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60countries.The firm was founded on March 24, 1868.
On January 6, 1915, MetLife completed the mutualization process, changing from a stock life insurance company owned by individuals to a mutual company operating without external shareholders and for the benefit of policyholders. The company went public in 2000.Through its subsidiaries and affiliates, MetLife holds leading market positions in the
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Market Model Patterns of Change
January 26, 2012
THE INDUSTRY AND GENERAL PATTERN OF CHANGE OF MARKET MODEL
The restructuring of the health care industry refers to a sweeping array of changes in the organization, ownership, and regulation of health care providers and in the delivery of services. Cost concerns, increasing competition, influence of investor priorities, technological advances, changing social attitudes, and an aging and increasingly diverse population are factors that will sustain this dynamic situation.
The health insurance industry in the United States is fast paced, and characterized by rapid growth. Health insurance providers are numerous, and choices
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Health Care Reform For The United States
Health care reform for the United States
Even though it will cost taxpayers a small amount more, Americans have the right to free health care. There are forty seven million Americans are without health insurance and the bill will stop insurance companies from denying Americans from coverage. What the government is trying to pass is a new health insurance reform legislation that will give coverage to many Americans who desperately need it. The benefits for the people would be that everyone would have coverage. This legislation would also hold insurance companies accountable and keep soaring insurance premiums
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stay in private room.
* I f you lose your job, you do not lose your health insurance.
* Insurance companies do not make a profit.
* 50% of hospitals are in financial deficit.
* Spend too little on medicine.
* No bankruptcy
* Gave us aspirin and x-rays.
* 3rd richest economy in the world.
* Pay for alternative treatments.
* To finance health care they pay premiums based on income “sickness funds”.
* More expensive than japan and Britain.
* Rich pay for the poor.
* Pregnant women do not pay but there is a copay for other patients.
* If you lose your job, health insurances slowly changes.
* Not profit made.
* Drugs are cheap
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from the American Diabetes Association (n.d.), the plans’ costs seems to be fair, taking into consideration the limits and benefits each plan offers. For example, if a person paid a co- pay for a hospital stay and did not have a Medigap policy, that person’s expense would be higher than themonthly premium for Medigap. If an individual does not need to visit the doctor frequently, has fairly good health and anticipates remaining healthy, choosing to pay an occasional co- pay may wind up being a better financial decision than paying a monthly premium. One implication from having a government insurance program and a private insurance company in association with each other is the services that
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Rising exposure to high costs of health care is threatening the well being of American families since it is making it very difficult for small employers to continue providing comprehensible benefits to their employees. That is because; in America the employees are, usually, covered by their employers in their insurance premiums. By that, it will become so difficult for the small organizations employees to access health care since they are not covered. That is seen by the rising number of uncovered or uninsured Americans citizen over the past five years due to lack of employer based coverage.
More so, the workers who are not entitled to employers insurance benefits are, usually, allowed to
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(THESIS) Obese people should have to pay higher premiums. The heavier a person is the higher your insurance is going to go up due to the health risk factor. When you work for a business or company full-time the insurance is through them and they just take the payment out of everyone’s paycheck. It is not fair to the people of normal weight to be responsible for the payment of high insurance that goes along with obesity. Instead of everyone paying the same amount they should determine each person’s own premium. Also, the people that are paying higher premiums because they are obese should get something out of it as well, they shouldn’t just be penalized for being overweight.
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Health Care System Crisis
As the world-famous scholar Stanton Mehr explains “The way health insurance works is large groups of people pay relatively small amounts of money into a fund, which pays the health costs for the entire group. The idea is that most contributors to this pool are healthy people who help pay the costs for the few who are sick (Is Our Health-Care System Sick?”). Insurance is a critical element in the health care of Americans. Millions of people are going without health care, and billions of dollars are being wasted. Lack of access to affordable health insurance and rising health costs are the problems of the health care system in America.
Before 1920, doctors
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Features of Private Payer and Consumer - Driven Health Plans
September 20, 2015
Features of Private Payer and Consumer - Driven Health Plans
When it comes to health insurance plans there are many different private payers that include preferred provider organizations (PPO), health maintenance organizations (HMO), group health maintenance organizations, independent practice association (IPA), point of service (POS), Indemnity, and consumer-driven health plan (CDHP). And consumer-driven type accounts are health reimbursement accounts (HRA), and flexible savings accounts (FSA) (Valerius, Bayes, Newby, & Blochowiak, 2014).
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Taisei Fire and Marine Insurance Company
Time Frame: 2001 to 2002
The case happened on between 2001 to 2002.
Taisei Marine and Fire InsuranceIn November 2001, following the September, 11th 2001 (“9/11”) terrorist attack on the World Trade Center, Taisei Fire and Marine Insurance Co (TFMI) collapsed, due to catastrophic insurance claims of $2.5 billion.
TFMI, together with two other Japanese companies, had a management agreement with Fortress Re, which pooled the funds of the companies to share the risks of reinsuring aviation portfolios. All four planes that crashed on the World Trade Center and other sites during the 9/11 attack were reinsured in the Fortress Re pool.
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smear. The doctor will do an annual pap smear and when the results are abnormal that’s when the doctor will request a colposcopy to be done. Sometimes the gynecologist may also order a colposcopy if the cervix appears abnormal during pelvic exam or pap smear. The procedure is normally fifteen to twenty minutes long. The gynecologist uses a colposcope, a large microscope that is positioned approximately 30 cm from the vagina, to view the cervix. A bright light on the end of the colposcope lets the doctor clearly see the cervix.
The reason why it is important for a biller and coder to know the difference between the two is the cost and how to bill the insurance company. The average cost of
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for health care providers.
Tort reform aims to limit the liabilities of the wrongdoer. Those supporting tort reform claim that such changes will reduce frivolous lawsuits therefore reducing the cost of insurance (Simon et al., 2009). Tort reform can put tighter constraints on medical malpractice lawsuits taken to court, opposed to those that are dismissed. Essentially medical malpractice is, negligence or error committed by a health care professional where there is harm caused to the patient. Reductions of malpractice insurance would serve to reduce the cost of health care. Each state sets its own requirements regarding what is required for practitioners to have for insurance coverage to
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The study herein analyzes the Patient Protection and Affordable Care Act, abbreviated as PPACA. The study relies on three scholarly journal articles that assist in deepening knowledge about PPACA. The main focus of this study is to discuss the impact of this policy decision. It mainly focuses on one positive and one negative effect that this policy has in healthcare.
The recently passed PPACA increases access to various health services. For instance, it increases access by citizens to health insurance coverage and expands federalism (Chaikind, 2011). For a health policy to be fully and effectively functional, it requires creation of various health insurance
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benefits exceeded those of similar or larger companies.The original package offered Complete Medical, 3 week vacation plus all official Holidays paid, plus other non official Holidays, besides the company included five sick days that could be used or paid at the end of the year. Also the company offered a generous bonus at the end of the year (Martinez, 2010). The Medical covered 100% of the premiums for the employee , and his/her spouse and 50% on children- all with $500.00 deductible plan, and the company would cover the $500.00 deductible ( Martinez, 2010).
When the cost of medical insurance exploded, Food Process and Control held on the same benefits until a couple of years later that
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Case Study: Coping with Financial and Ethical Risks at AIG
In 2008-2009, AIG became one of the most controversial financial bailouts in U.S. history. AIG underwrites insurance risk coverage to insurance companies. If an insurance company acquires too much risk, they then go to AIG who is a reinsurance company. Reinsurance companies enable insurance companies the ability to sell more insurance policies and enable growth. Within AIG there was a division that was selling insurance on mortgage-backed securities that are known as credit default swaps. As the value of homes continued to rise in 2008, the contracts that AIG made with these credit
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Associate Level Material
Appendix A: U.S Health Care Timeline
Use the following timeline or create a timeline of your own with eight major events, including the four provided below, from the last 50 years. You may change the dates in the box to match the dates of your events. Include the following in your timeline:
Medicare and Medicaid
HIPAA of 1996
State Children’s Health Insurance Program (SCHIP)
Prospective Payment System (PPS)
1955 | In 1955 the then Indian Health Services took a new shape as it was taken away from Department of Interior. It was handed over to H.H.S. I learned from ihs.gov that in the past tribal Indians had to submit their land to get health services
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Health Care Information Systems Terms
August 1, 2011
Health Care Information Systems Terms
|Term |Definition |How It Is Used in Health Care |
|Health Insurance Portability and |Health Insurance Portability and |Health Insurance Portability and |
|Accountability Act |Accountability Act outlines the rules and |Accountability Act is used in healthcare to|
| |regulation on protecting personal health |protect patients from having his or her
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Week 4 Discussion #4
Outline potential benefits (2 minimum) and potential negative impacts (2 minimum) of the affordable care act (ACA).
The healthcare system in United States is mostly dominated by the private insurance sector, whereas many countries have a universal healthcare system, the United States does not (Finkleman & Kenner, 2013). Because of the influence of the private insurance sector healthcare is very expensive and in most cases not affordable in Unites States. According to HHS.gov, “The Affordable Care Act puts consumers back in charge of their health care and under the law, a new “Patient’s Bill of Rights” gives the American people the stability and
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Patient Protection and Affordable Care Act (PPACA)
What the Act Offers
The Patient Protection and Affordable Care Act offers many healthcare benefits to a diverse group of American citizens. However, there are a few downsides as well. The major portions of the act deal with four primary issues:
1. Increasing the health care coverage of patients with pre-existing conditions
2. Expanding access to health care insurance to over 30 million uninsured Americans
3. Expanding Medicare/Medicaid Coverage
4. Mandating Health Insurance
Before PPACA was enacted insurers could discriminate against those with pre-existing medical conditions. The discrimination usually came in the
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the form of big bonuses. (Andrews, Baker 2009) Due to the underestimation of the government of the greed of businesses and people, the bailout has become symbol like the welfare system, one which government has poor control over and individuals abuse the system to get ahead.
Another opportunity the government is moving forward with is affordable health insurance. The government plan is to create a public entity that will provide health care coverage for Americans. The entity would function much like a public university, its own board would make decisions and the entity would operate with a fair amount of autonomy to guide itself as it sees fit, but would receive assistance from the
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health. Obamacare primary focus is to regulate the health insurance industry create a reduction in the USA government spending on the healthcare passed, one could be denied coverage or treatment if one had been sick in the past. The Affordable Care Act (Obama Care) is all about cutting costs related to health care and to provide affordable health insurance to all American. Close to 44 million Americans are currently without health care insurance. One of the major things Obama Care will do is help these individuals to get h health insurance through expanding Medicaid and Medicare programs and assist those Americans who cannot afford health care. Medicaid will expand and will cover over 15
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until 1 hour before pickup)
Info logged in:
Patient contact info
Doctor contact info
Third party payor info – insurance companies, employers
Number of doses
Number of refills
System performed an automated Drug Utilization Review:
Automated check of script against all other prescriptions in CVS database for patient; looking for harmful drug interactions and appropriateness of drug for patient given age, weight, gender, etc.
Hard Stop = fulfillment process cannot proceed until DUR reviewed by pharmacist if automated review reveals any potential problems
Hard Stop Good for patient safety
Hard Stop Bad for slowing down process, lowering efficiency
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these reforms and what are the positive of my experience with health care expansion.
Ways the recent health care reform measures expand access to care.
One way the Affordable Care Act will expand coverage is by allowing those with pre-existing health conditions to get health care insurance. Before this law it was almost impossible for people with these pre-existing health conditions to get affordable health care coverage. According to “Aspe.hhs.gov”(2012 “starting in 2012 Americans cannot be denied coverage, be charged significantly higher premiums, be subjected to an extended waiting period, or have their benefits curtailed by insurance companies because of some type of pre-existing