Ethical principles are common guidelines that protect the rights of patients and healthcare professionals in the healthcare setting. Advanced practice nursing is guided by codes of ethics that consider care and patient safety the central issues (Koskenvuori et al., 2019). The solution to ethical issues faced in healthcare depends on the ethical principles applied in solving such a case.
I believe that patient advocacy is related to controlling costs. The communication given to the patient on their condition significantly reduces or increases the cost of treatment depending on the choice of treatment accepted by patients. While patients have the right to choose the type of treatment they want to be offered, the cost implications always accompany their decisions (Koskenvuori et al., 2019). For instance, if a terminally ill patient has signed up for assisted suicide, they reduce the treatment burden on the family. However, such cases do not require the input of healthcare professionals but also support the demands of the patients and remain within the codes of ethics.
Codes of ethics form the basis of the development of caring professions. This statement also is true when considering the nursing profession. In the current age, recognized professions always possess the accepted codes of ethics as pertain to the specific profession (Koskenvuori et al., 2019). The ANA codes have been playing a major role in guiding nurses’ conduct in delivering care. This is crucial since these codes of ethics outline how a professional should conduct himself and avail guidelines on the ethical principles and how to apply them in various practice situations.
In my view, I can do both advocacy and controlling costs. I will advocate for the patient’s safety and communicate the options or choices they might have because of their conditions. This is important in ensuring that patients make correct decisions in their lives. On the other hand, I would support controlling costs among patients more so when the financial stability of a family cannot support a certain treatment that would not bring the desired outcome. As a nurse, I have an obligation to operate within the ethical framework and ensure the quality of service to all patients.
Capitalism and Healthcare
Capitalism is one of the major issues affecting healthcare across the world. In the 21st century, capitalism is posing the greatest challenge affecting the accessibility of healthcare services (Chenneville & Gabbidon, 2020). Financialized capitalism has led to the introduction of economic volatility. This has resulted in repeated banking crises that threaten the real GDP and household income. The effect of capitalism is felt in the inability of patients to pay up their insurance. There is the success of capitalism in the US because of the increased number of people who cannot meet insurance costs.
The issue of health care cost has been escalating debates in the US as lawmakers feel that the health care cost in the US has gone high to the extent that many people cannot afford it. This has been forcing them to think of better ways of finding affordable health care for many people who are in the middle class in the US (Sell, 2019). In 2013, 56 million Americans struggled to afford their healthcare cost. The amount deducted from health care has been affecting the household income of many people. This limits other avenues of development and stagnates living standards among people in the US.
Chenneville, T., & Gabbidon, K. (2020). Application of the APA ethics code for psychologists working in integrated care settings: Potential conflicts and resolutions. Ethics & Behavior, 30(4), 264-274. https://doi.org/10.1080/10508422.2019.1683739
Koskenvuori, J., Numminen, O., & Suhonen, R. (2019). Ethical climate in the nursing environment: a scoping review. Nursing Ethics, 26(2), 327-345. https://doi.org/10.1177/0969733017712081
Sell, S. K. (2019). 21st-century capitalism: structural challenges for universal health care. Globalization and Health, 15(1), 1-9. https://doi.org/10.1186/s12992-019-0517-3
Once your faculty marks this activity as complete in the gradebook, the Competency Assessment will open for you to submit.
Apply health care financial models and fiscal management.
This reflection is comprised of two sections focused on ethical issues and capitalism, collectively totaling a minimum of 500 words. This activity is meant to help strengthen your knowledge in preparation for the competency assessment.
Reflect on the following in a minimum of 500 words. Complete your reflection by responding to all prompts.
1) Ethical Issues
Thoughtfully reflect to answer the following questions:
What is the relationship between patient advocacy and controlling costs?
Can you do both?
Support your position by citing professional literature or examples from your experience.
2) Capitalism and Health Care
This week, you watched the “Capitalism and Health Care” segment from The Future of Health Care: Meeting of the Minds from the University Library.
Answer the following question:
Do you believe there is a failure or success of capitalism in health care?
Support your position by citing peer-reviewed literature or examples from your experience.
Note: Although references are not required, if you do use references in either section, please follow APA guidelines for in-text citations and references. Use the APA Style Guide, 7th Edition.
Submit your reflection.
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