Financial Effects of Patient Misdiagnosis

In: Business and Management

Submitted By Cmarie08
Words 574
Pages 3
12 million U.S outpatient adults are misdiagnosed or receive delayed diagnoses every year (Clark, 2015). According to Cerrato (2013) diagnostic errors account for 40,000 to 80,000 hospital deaths a year in the United States and each misdiagnosis claim averages around $386,849. Patient misdiagnosis lead to patient harm and higher costs. A misdiagnosis case may involve a wrong diagnosis, a missed diagnosis, a delayed diagnosis, or a failure to recognize complications that change or aggravate an existing condition. Sometimes a doctor diagnoses one condition correctly but misdiagnoses another condition or fails to realize that there is a second diagnosis that needs to be made this healthcare issue negatively affect hospitals and medical offices financially. The financial management staff in the health industry have to carefully monitor, analyze, and calculate the budgets and monetary claims for multiple departments. Whether the business is a nonprofit organization or a for profit organization, the impacts would still be the same. Giving out wrong diagnoses to patients lead to medical malpractice suits, affect the quality of care, increases the cost of care and affects Medicaid and Medicare. All of the above impacts can cause an organization to have a bad reputation and possibly lose their accessibility to Medicaid and Medicare patients. Every effect causes a financial problem. A doctor and hospital can be held liable when misdiagnosis lead to serious injuries or delays treatment for life threatening diseases. Proper diagnoses from the start result in a smaller chance of medical malpractice (Fuller, 2006). The financial management staff is in charge of paying out the claims. The financial management staff can also see how many times a certain patient has been seen. If the low quality of care is causing patients to return to be helped and driving up the costs of care…...

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