Some fun and maybe not-so-fun facts about the business healthcare field
In the midst of studying for finals and need a change of pace? The feeling is mutual - but here are some fun facts about the business-healthcare field that we hope takes your mind off of impending deadlines.
The global healthcare industry is worth over 8 trillion dollars (USD), making it one of the largest and most rapidly growing industries in the world. To all those who took economics, this means that the industry makes up 10% of gross domestic product (GDP).
As you probably know by now, our club is called business-healthcare society (BHS). Ever wonder what the business-healthcare field actually covers? The field spans hospital administration, telemedicine, healthcare marketing, medical devices, pharmaceuticals, clinics, health insurance companies, and other sectors.
Due to the immediate need to convert medical practices into virtual practices because of the suddenness of the COVID-19 pandemic many technological innovations have been embraced over the past few years. Using diagnostic AI, virtual reality, wearable medical devices, and telemedicine, we have advanced technologically within the field of medicine.
Living in Canada means that we are sometimes blissfully ignorant when it comes to illnesses affecting other parts of the world. Take tuberculosis (TB) for example, an infectious disease that is both preventable and curable. Yet, it’s the second leading infectious killer in the world. Why is this happening? Individuals in less-developed countries are simply unable to afford or access life-saving drugs.
Ever heard of the term medical tourism? Did you know that people will travel internationally in order to receive medical care. Someone may do this for a multitude of reasons including but not limited to cheaper care, to receive a specific procedure not available in their own country, or to combine a vacation spot with medical care (Crist et al.).
Per capita, the United States of America spends significantly more on healthcare than other developed countries (John Hopkins Bloomberg School of Public Health, 2019). This is largely due to the fact that medical care is more expensive in the states. This includes higher salaries for medical staff, higher drug prices, higher prices for medical services, higher hospital administration fees and so on.
… It’s definitely a trade-off. You may wait 13 hours in an ER department here in Canada but at least we don’t have to pay an arm and a leg to get treatment? Eh, you win some, you lose some.
Would you prefer longer lines or higher prices?
I'll wait - money doesn't grow on trees.
Money is no object if I can get in quicker!
As aforementioned, technology has dramatically changed the way we deliver medical treatment and store Electronic Health Records (EHRs). One clear Canadian example of how technology has been integrated into our healthcare system is the Canada Health Infoway. The infoway is funded by the Canadian federal government and works with patients, healthcare organizations, and clinicians to make healthcare increasingly digital. As a result, information sharing within the healthcare system is faster, more secure, and streamlined.
The business-healthcare field is vast and impacts every single one of us. Additionally, if you have career aspirations in this field, it’s important to note that learning comes with the job description. There’s so much information being updated everywhere all of the time, and being aware of new treatments and regulations is crucial.
Interested in learning more about the topics discussed in this blog? Check out the references for this blog below!
Last but certainly not least, follow us on social media to learn more and engage with our club!
References
Crist, M., Appiah, G., Leidel, L., & Stoney, R. (n.d.). Medical tourism. Centers for Disease Control and Prevention. https://wwwnc.cdc.gov/travel/yellowbook/2024/health-care-abroad/medical-tourism#:~:text=Medical%20tourism%20is%20a%20worldwide,for%20medical%20care%20each%20year
John Hopkins Bloomberg School of Public Health. (2019, January 7). U.S. health care spending highest among developed countries. Johns Hopkins Bloomberg School of Public Health. https://publichealth.jhu.edu/2019/us-health-care-spending-highest-among-developed-countries
World Health Organization. (2020, December 10). Global spending on health: Weathering the storm. World Health Organization. https://www.who.int/publications/i/item/9789240017788
World Health Organization. (2023, April 21). Tuberculosis (TB). World Health Organization. https://www.who.int/news-room/fact-sheets/detail/tuberculosis