Question

Why is cost containment a challenge for the healthcare industry?

Answer 1

Cost containment is a business practice that is the practice by every health care industry to reduce unnecessary expenses, unnecessary wastage of resources, and reduce the cost of medical care provided to the patient by the health care industry. With an increase in technology and a high standard of lifestyle, the industry to increase the buying of technologies used for health care and need to increase the payment of the staff. The industry is forced to buy need technologies that are not much useful also to attract the people and other competitor. This will leads to uneccesary expenses and difficult to maintained the cost containment in the orgnization.