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Discuss the concepts and processes involved in what is called financialization and describe
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Discuss the concepts and processes involved in what is called financialization and describe how the financialization relates to economic phenomenon in today’s world. Discuss the food crisis and the student debt crisis to further illustrate the above topic.
Financialization is a term that identifies and surrounds three crucial schools of thought or issues of finance. These three include regulation theory, socio- cultural approaches and critical social accountancy. Other concepts that might be related to the issue of financialization might include such things as heterodox and variants in the economy. Drawing on a number of conclusions made by several researchers, the available literature on financialization demonstrates four crucial traditions in research that are distinct from each other, as a result, of their choice of mechanism of explanation. These include function, power, interest and legitimacy. Much notably, the traditions in theory and the type of surveys carried out on financialization reflect a lot of the epistemological and theoretical variance that has helped establishes numerous debates on economic geography.
Financialization can be defined as a phenomenon in macroeconomics that represents a systemic change or shift in capitalism indicating the start of a new accumulation regime driven by finance. For other economists, financialization is defined as part of an international neoliberal project that indicates the return of the financial fraction of the wealthy to hegemony. On the opposite side are the critical accounting perspectives that focus more on micro- and meso-economic analysis, and those that define financialization as a continuing influence of the actors, processes and products of capital markets on household and firm behavior. other see financialization as a new form of competition in finance in which each quoted organization competes as an investment for the purposes of meeting the same financial performance standards. As it follows, this concept in economics reworks and rearranges the organization of the objectives of management as organization struggle to meet the increasingly demanding needs of fund managers, shareholders and capital markets.
Socio- cultural accounts emphasis more on the financialization of day- to- day life and define financialization as a selfhood that is inspired by commerce that conditions people to assume greater financial risks and responsibilities as private insurance, personal pensions and investments have increasingly replaced state provided and socialized welfare advantages. This definition focuses more on the construction of identities of people and subjectivities and the enrollment and engagement of individuals in day- to- day life of global finance. Institutionalists understand that financialization focuses on the nature and extent of the relative growth in the financial interest’s power and actors within the broader boarders of institutional webs that constitute mainly of national variances of capitalism.
Research by the heterodox school of thought on financialization is strongly related to the traditions in political economy, just as, to the perspectives of the post- Keynesian theorists. Therefore, they define financialization as the growing systemic power of financial engineering and finance that penetrates households and organizations alike and motivates people to think of themselves as a multi- legged profit and cost center. In the context of such diverse differences in the conceptualization of financialization, there are three themes that one can derive from these definitions to understand how financialization affects or influences today’s economy.
The first theme evident from the above paragraphs is the continuing growth in a wide variety of intermediaries in finance and other kinds of actors alongside visibility, growing size and influence of financial and capital markets. New and existing institutions are increasingly becoming attracted to the formerly disintermediated markets of finance through the equity, pension, debt, infrastructure, mortgages, insurance and investment fund investments. The obvious weight and extent to activities of financial activities and attendant activities of calculation and engineering of finances have permeated through the activities of such institutions, growing continuously in their geographic scope and scale and limiting growth of outputs, particularly in the economies that are strongly led by markets. Various indicators of the influence financialization has on economies include pressures to manage and control corporations to produce value of shareholder in the form of asset appreciation and divided stream that favors financial ownership, notable growth in the long- term capitalization of markets, the increase or growth of intermediaries earning fees, the trend to buy up financial subsidiaries and nonfinancial corporations and the wider enrolment of people in the world of financialized capitalism.
A second theme that indicates the influence financialization has on today’s economies is the demonstration that certain studies have done of how uncertainty, risk and volatility are now more embedded within geographies of economies of the financial system. This is shown to result from the voracious greed and appetite of present and new market actors for the quick achievement of extraordinary profits and a misleading belief in their ability to engineer complex methodologies and techniques through which to calculate and conceive profit and value from risk management. Such tendencies have resulted to the recognized influence of use of funds as similar models to increase the gaps between spaces in financial markets. The third theme has to do with the benefits of the increasing power of principals of investment over agent managers. Many financialization accounts have resulted to critical concerns about social, material and political impacts. Generally, what all these themes imply is that financialization has the capability and the potential to exacerbate unevenness among social groups, individuals and organizations in place and space.
The effects or the themes of financialization and their ability to influence economies can further be emphasized by two different examples. One of these illustrations has to do with the student debt crisis. Several studies have indicated that in the past few years’ student loans surpassed credit cards as America’s single largest debt source, closing to almost 1 trillion dollars. One thing that shows how financialization has affected economies in this article is the increasing tuition fee that makes it necessary for the student loans. It has become impossible to go to college without loans because institutions have stopped teaching for the sake of nurturing new talent, skills and knowledge to prepare it for the future responsibilities. Today, educational institutions are asking and requiring the government to provide them with the most expensive grants, materials and resources, and not for the purposes of educating students, but for other insignificant reasons like prestige and higher pay for educators, and students are the ones left to suffer.
Another example of how financialization has affected economies today is given by the world food crisis. This crisis as many would know was not, as a result, of nothing else but inflation of prices of certain resources such as fuel, which was mainly, as a result, of greed and favoring of certain shareholders and actors in the financial market over the others.
Current Issues in Prisoner Rights
Current Issues in Prisoner Rights
Student’s Name
Institution
Current Issues in Prisoner Rights
Women in Prison
The story entails a woman named Tammy Jackson, who was a prisoner at Broward Country, Florida. Jackson was thrown to preseason without trial due to her mental health issues. She gave birth to a child while in prison without the assistance of medical officers while in confinement. The correction officers did not contact medical officers in time to help her deliver her child. The story follows other related stories about mental health patients, who comprise 70 percent for inmates in women prisons. At the heart of the challenges facing mental health patents in women, prisons are Wellpath, a correction center that deals with the provision of healthcare for women. Despite the multi-billion profits made by the organization, it is well-known for the neglect of women’s health, especially pregnant women in correction facilities.
Medical and Mental Healthcare
In the featured story, J. I, a prisoner in solitary confinement at Broward County Jail, cut his penis with a razor. J.I was a mental health patient who was taken to prison despite his mental issues. While in prison, J.UI displayed meal issues such as bipolar disorder, schizophrenia, pubic masturbatory episodes, and refusal to take food and medicine. However, his mental struggles and issues were ignored by the doctors at the facility. Instead of treating him, he was placed in confinement for more than 112 consecutive days. The case follows that of several other prisoners who are kept under solitary confinement without the possibility of interacting with other prisoners. Such incidences compromise their mental health, and lack of mental treatment leads to severe mental issues.
Violation of Constitutional Rights
Several violations of constitutional rights can be drawn from the two cases. One of the violations of the constitutional rights which emerge from the featured story on women in prison is a violation of child maltreatment laws. Child maltreatment laws were violated when Tammy Jackson was allowed to deliver her child while in confinement and without proper medical attention. Consequentially, her child suffered from neglect as she was not attended to until later on the day. Another constitution violation that is highlighted in the featured story on women in prisons was detention without trial. Jackson was illegally detained without being tried in a court of law. Another constitutional violation that occurs in the two featured stories is access to health care services. The constitution guarantees prisoners the right to access to proper healthcare. However, both Jackson and J. were denied medical attention. In the case of Jackson, she was denied access to a medical officer when she called for one to help her when she experienced contractions. Lack of timely medical attention put her life and that of her baby in danger. On the other hand, medical doctors in the case of J.I ignored the signs of telltale displayed by J.I. In the end, it led to J.I causing himself physical damage.
Conclusions
Prisoner rights should be upheld at all costs. Putting people in prisons, regardless of their crimes, does not mean that there are lesser citizens compared to the other people. Their status as prisoners should not be a reason why they should be treated differently and denied fundamental rights such as healthcare treatment. They should be accorded equal rights as written in the United States constitution. Therefore, the prisoner rights are well within the acceptable levels in advocating for the rights of prisoners.
References
Balaban, E., & Kuhlik, L. (2019, May 9). No one should be forced to give birth alone in a jail cell. aclu.org, https://www.aclu.org/blog/prisoners-rights/women-prison/no-one-should-be-forced-give-birth-alone-jail-cellBalaban, E., & Kuhlik, L. (2019, March 28). A mentally ill man in solitary cut off a body part at the Broward County Jal. aclu.org, https://www.aclu.org/blog/prisoners-rights/medical-and-mental-health-care/mentally-ill-man-solitary-cut-body-part-broward
Discuss the coding process, the relevance of coding sequence and the importance of assigning the appropriate diagnosis
Coding Process
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Discuss the coding process, the relevance of coding sequence and the importance of assigning the appropriate diagnosis and procedures
The medical coding process needs reviewing patients record documentation to identify diagnosis, procedures, and services for the purpose of assigning ICD-9-CM, HCPCS level II and or CPT codes (Green, 2013). Each health care entry for example hospital, medical clinic and or physician office implements a unique medical coding process, which requires adherence to the following
Coed of ethics
Steps to accurate coding
Avoid assumption coding
Physical query process
Coding compliance system
Coed of ethics
According to Green 2013, professional associations establish a code of ethics to help members understand how to differentiate between the “right” and the “wrong” and apply that understanding to decisions making. The AAPC publishers codes of ethics and AHIMA publishes standards of ethics coding, both serve as guidance for ethical coding conduct, and they demonstrate commitment to coding integrity.
Steps of accurate coding
Regardless of health care setting. The steps to accurate coding begin with a review of the entire patient record be it manual or electronic record before selecting diagnosis, procedures, and services to which codes are assigned. Depending on the setting, coders perform retrospective coding, concurrent coding, or a combination of the two (Green, 2013).
Retrospective coding is the review of records to assign codes after the patient is discharged from the health care facility for instance hospitals and other medical centers or released from same-day outpatient care for instance outpatient surgery. It is most commonly associated with impatient hospitals stays because accurate coding requires verification of diagnosis and procedures by reviewing completed face sheets, discharge summaries, operative reports, pathology report, and progress notes in the patient records (Green, 2013).
According to Green 2013, Concurrent coding is the review of records and or the use of encounter forms and charge master to assign codes during an inpatient safety for example hospital or an outpatient encounter for example hospital outpatient visit for laboratory testing or X-says. It is typically performance for outpatient encounters because encounters for and charge master are completed in real times by health care providers as part of the charge-capture process.
Encounter forms are used to record encounter data about office procedures and services provided to patients
Charge master contain a computer-generated list of procedures, services, and supplies and corresponding revenue codes along with charges for each.
In your own words explain DRGs and MDC giving examples and their relevance to healthcare funding
As stated by Holloway 2004, Medicare’s prospective payment system (PPS) dramatically altered the U.S health care system. Diagnosis-related groups of DRGs provide the basis for payments to hospital for the care of Medicare, Medicaid, and many commercial insured patients. According to Holloway 2004, the federal government adopted DGRs system to curb rising health care costs and to put a more measurable system of care versus cost in place. Faced with these restrictions and regulations affecting the delivery of health care, nurses are increasingly confronted with sicker patients and shorter allowable and paid hospital stays. Nurses play a key role in maintaining a hospital’s financial violability on our competitive, market-driven health care environment. Documentation is crucial (Holloway, 2004). Hospital executives closely evaluate case-mix because the nature and severity of overall patient illness plays a heavily in budget projections. Nurses must continually find ways to improve the quality of care and care outcomes while working within the ever-0narrowing constraints of reimbursement (Holloway, 2004).
How DRGs are assigned
After discharge of a patient, DRG is assigned based on the following factors
Principal diagnosis. This is diagnosis that necessitated admission to the hospital
Secondary diagnosis- all secondary conditions that exist at the time of admission or that develop during hospitalization and affect the treatment or LOS
Operative procedures- any surgical procedures performed for definitive treatment rather than for diagnostic or exploratory purposes
Age- for some conditions, a different reimbursement rate for patient younger that age 17 than of those age 17 and older
Discharge status-whether the patient was discharged home or transferred to another hospital
Complications- any conditions arising during hospitalization that may prolong the LOS at least a day in approximately 75% of the patients for example diabetes
Co morbidity – a preexisting condition that will increase the LOS at least one day about 75& of patients.
All these factors need to be considered and the presences or absence of each factor determined to indentify the correct DRG.
Once the DRG has been determined, the administrator can identify further statistical measures affecting reimbursement, such as geometric mean LOS, relative weight, and outliers (Holloway, 2004).
According to the American Hospital Association’s Coding Clinic of ICD-9-CM, the importance of understanding and following the basic coding system is essential (Green, 2013). The coding principles cannot be overemphasized in the training of coders and in quality control activities undertaken to improve the accuracy of data reported for internal and external hospital use. The measures for coding accuracy include
Adherence to ICD-9-CM coding principles and instructions
Attention to specificity in code terminology
Absence of clerical-type errors such as those due to carelessness in reading or in transporting numbers.
An auditing of coded diagnostic and procedural information for accuracy should not be confused with the review for relevancy in sequencing of the codes at hand, they are separate tasks linked together in the data reporting process.
The underlined statement is important since it means that coders are expected to review the entire record when assigning codes to diagnose and procedures documented on the face sheet and in the discharge summary (Green, 2013). Thus, coders should review the face sheet, discharge summary, and other documentation for instance notes, reports to assign the most specific codes possible.
In your own word explain “casemix’ and its roles in healthcare funding. Give examples to support your answer
Casemix is responsible for assigning accurate costs and prices through jurisdiction and for reconsidering the prices of health care centers. Controlling the way hospital performance and its stability as far as consists and weights are concerned is essential in ensuring that the health care has confidence in its operations and the way it is run.
The availability of healthcare that is affordable to citizens is a dream of every nation. The issue of healthcare spending has been a topic for debate over the past few years. Today, there is a lot of concern on healthcare issues one of them being the healthcare spending. The cost of healthcare has been going up and it is still projected to rise. Presently it is about a fifth of the economic activity of the U.S. There are many factors that contribute to the rising costs of healthcare. This include first the fact that many people in America lack health insurance at any costs and they cannot even manage to afford what is termed as the most basic health coverage.
There has been a rise of people who are not insured due to the fact that the per capita healthcare spending has gone up. It can also be attributed to the fact that many people have lost their jobs and the fact that the economy is poor. Rise in healthcare spending can also be attributed to the use of improved technology, vaccine improvement, antibiotics, introduction of heart disease care as well as advances in surgery. There have also been improved medical devices like CT scanners, MRI, ultrasounds and defibrillators that can be implanted. At the same time there are developments in pharmaceuticals and administration costs have also contributed to the rise in costs of healthcare. Mostly the heath care costs are due to medical technology which is approximately over 200 billion per year (Wayne, 2012). The lifestyles of people in America also impact the health care industry in a big way almost sixty percent of the population is over weight and childhood obesity is a very rampant issue in today’s health. Other factors that have an impact on the healthcare spending are; poor diets, high blood pressure, smoking, lack of exercise, drugs and drinking. It is the people themselves who have pushed the costs of health care up. The high healthcare spending ahs effects not only to families but also to businesses and public budgets. Expenditure on healthcare is seen to rise at a rate that is fast even faster than the state of the economy entirely and the wages of the working people.
In 2011 spending on medications, hospital visits as well as other medical care went up with an estimated percentage of 3.9 this consumed about 17.9% of the GDP. This is more than three times the deficit. Much of the money is considered to be spent appropriately which is keeping people alive and healthy but of course this is a very big problem. If only the health care spending can be reduced to a certain level then the deficit will be offset and free by almost half-trillion dollars in a year which can be used to invest in other areas of the economy particularly economic growth. These increases in the expenditure will continue outpacing the projections of economic growth. It is projected that by 2020 healthcare spending will be about $4.64 trillion which is a representation of close to 20% of the GDP. This therefore means that health care spending commands a great percentage of the overall GDP. GDP will therefore continue to go up as long as the spending in healthcare goes up or continues to rise. If the trends that have been seen for the previous years go on then health care spending will eat up the GDP in the lifetime of the future generation. Health care spending will use up the federal government budget which is the root cause of the debt problem in the U.S. With health care spending eating too much into the GDP will mean that there will be no room for spending on security, defense or any other roles by the government (Hixon, 2012).
Discuss the relationship between diagnosis, procedures, ICD-10, DRGs?
Charges for services and procedures are generally classified and coded using standardized systems. As discussed above, the prospective payment system of Medicare hospital reimbursement established diagnosis-related groups, revised in 2008 as MS-SRGs. The MS-DRGs are based on major diagnosis category (MDC) classifications of illness and standardized expected length of inpatient care (Susan, 2013). Beside their utility in prospective payment systems which are now extended beyond acute care to home health and long-term care setting, MDCs and MS-DRGs enable the identification of average patient resource consumption by diagnosis. All the four are used in healthcare settings.
References
Green M., 2013. 3,2,1 Code It! 4th Edition, Publisher Cengage Learning.
Holloway M., 2004. Medical-surgical Care Planning. Publisher Lippincott Williams & Wilkins.
Susan J. Penner 2013.Economics and Financial Management for Nurses and Nurse Leaders: Second Edition. Publisher Springer Publishing Company.
Wayne, A. (2012). -Care appending to reach 20% of U.S Economy by 202 BloombergBusinessweek.Health 1.Retrieved march 28,2013 from http://www.businessweek.com/news/2012-06-13/health-care-spending-to-reach-20-percent-of-u-dot-s-dot-economy-by-2021Hixon,T.(2012).The U.S Does Not Have A Debt problem….It has a Health Care Cost problem.retrieved march 28,2013 from http://www.forbes.com/sites/toddhixon/2012/02/09/the-u-s-does-not-have-a-debt-problem-it-has-a-health-care-cost-problem/