ANSWER
Talk about the US Gross National Product and Medical Spending
GNP, or gross national product
The total economic output generated by all of a country’s citizens and enterprises, wherever they may be located, is measured by the Gross National Product (GNP). It encompasses the value of products and services made both locally and overseas by US citizens or businesses. Compared to GDP, which just takes into account economic output within a nation’s boundaries, GNP offers a more comprehensive picture of economic activity.
Significance: GNP is used to compare economic productivity among nations, inform policy decisions, and evaluate a country’s overall economic health.
GNP is made up of government spending, investment, consumption, net exports (exports less imports), and foreign income.
The overall amount of money spent on healthcare services, such as hospital care, doctor visits, prescription medications, public health campaigns, and administrative expenses, is referred to as healthcare expenditures in the United States.
Percentage of GNP: The Centers for Medicare & Medicaid Services (CMS) recently released data showing that in 2021, healthcare spending made up about 18.3% of the US GDP. Despite their close relationship, GDP and GNP are sometimes employed interchangeably in economic assessments of healthcare expenses.
Trend: An aging population, chronic illnesses, technological advancements, and administrative expenses have all contributed to a steady increase in the proportion of national resources devoted to healthcare throughout time.
Consequences of Exorbitant Medical Costs
Economic Burden: The economy, households, and government budgets are all severely strained by high healthcare spending, which frequently sparks debates over healthcare financing and delivery reform.
Global Comparison: Although the US spends a lot more on healthcare than other industrialized countries, it frequently performs worse on important health metrics like infant mortality and life expectancy.
Policy Considerations: Using value-based care models, cutting administrative waste, and addressing socioeconomic determinants of health to enhance population health outcomes are some ways to lower healthcare costs.
Citations
Medicare and Medicaid Services Centers. (2022). Data on National Health Spending. From https://www.cms.gov, taken
Abrams, M. K., and R. Tikkanen (2021). Global view of U.S. health care, 2020: More expenditure, lower results? The Commonwealth Fund. taken from the Commonwealth Fund’s website.
World Bank, 2022. The ratio of health spending to GDP. taken from the World Bank’s website.
QUESTION
For this assignment, you will review the latest evidence-based guidelines as they pertain to the case below. Please make sure you are using scholarly references and they should not be older than 5 years. The post and references must be in APA format. Use at least 2 references.
– Provide a discussion and description of what is meant by the US Gross National Product and what percentage is health care expenditures in the US?