Premium Essay

Hcs 440 Week 4 Constructit Simulation

In: Business and Management

Submitted By Shelliekaye
Words 479
Pages 2
Constructit Insurance Selection
Economics: The Financing of Health Care
HCS 440
December 27, 2013 Constructit Insurance Selection
Companies that are considering offering insurance to employees must make some decisions on plans, costs to both the business and the employee, and services provided. The insurance company offering the insurance looks at the level of coverage they are willing to provide for the services they will cover and to make a profit. This becomes a delicate balance of offering quality insurance coverage while making a profit. Castor Collins is evaluating the best selection based on the coverage requested by the separate companies and the amount the companies are willing to pay per employee. This student will analyze the data put together through the simulation assignment as the Vice President of Strategy and Financial Planning at Castor Collins with the information gained about both companies and advice from other professionals at Castor Collins regarding the chosen business, employee demographics, health concerns, premiums, and plan selection.

Company Selection
Approaching Castor Collins for insurance are Constructit and E-Editors. Both companies are seeking insurance plans for their employees, but both companies have different amounts the employees are able to pay towards an insurance plan. Constructit has 1,000 employees and are willing to pay $4,000 per employee towards a maximum annual premium. E-Editors have 1,600 employees and are willing to pay $4,500 per employee towards a maximum annual premium. This may appear to be an easy decision but exploring other factors is necessary.
After extensive review of the data, Castor Collins has decided to give Constructit and not E-Editors an insurance plan. Castor Collins is offering their Castor Enhanced Minor plan minus obesity coverage to keep the plan under the maximum annual…...

Similar Documents

Free Essay

Hcs 457 Week 4

...Website Review Find national, state, and local governmental health agency websites that address the issue you selected in your Week One assignment. Follow the example to document your findings in the table. Health issue: __West Nile Virus_ Website Website Information Type Type of Surveillance: survey, self report, statistics, case report, and so forth Data changes over time: Has the incidence increased or decreased? Identify two interventions that affect the issue. Example: http://www.cdc.gov/media/h1n1flu/index.htm#FAS Table of contents, search, print, videos, surveillance data current and past, deaths, hospitalizations, and educational resources Statistics and self-reporting Swine flu incidences have decreased. There are now isolated cases, compared to the fall of 2009. Vaccine, hand washing, and isolation masks Local website: http://www.watertownsd.us/ Information on the entire city with a link for west nile virus information Statistics and self- reporting The increase of cases has been noted in 2012 compared to years past. Insect controle and bug spray Local website: http://gowatertown.net/Dallas-Launches-Aerial-Attack-to-Fight-West-Nile-V/14010861 Information on how the city is reducing the mosquito population Statistics and self- reporting The increase of cases has been noted. Spraying for bugs in and around bodies of water State website: http://www.sdstate.edu/sdces/issues/wnv.cfm The cause of the virus and information on mosquitos. Case reporting The...

Words: 362 - Pages: 2

Premium Essay

Hcs 440 Week 2 Dq.Docx

...WEEK 2 DQS Dq 1 How might a lifestyle choice affect the demand for health care services? The health status of every individual is relative to environmental and heredity factors. In general, the average individual doesn’t have control over their genetic makeup; however, there behavioral lifestyle is and it influences their overall quality of life. Environmental factors are things that an individual can always alter to improve their health. For example, changes in their diet, physical maintenance, and stress. The decisions from the initial case deal with treatment; further along there is areas of discipline, education, responsibility, and adopted healthy lifestyles. With this in mind, the wrong decision will equally influence health care supply and demand significantly. For example, the increasing rate of diabetes in the country is a result of either decision. Type 1 diabetes is a hereditary form of the virus caused from the digestive system not processing insulin. However, type 2 diabetes is caused by environment influences which cause the pancreas to insufficiently produce insulin. Type 2 diabetes is usually caused by obesity. In fact, I researched this information before for a previous class and its been proven that 95% of all diabetes infected individuals have type 2 diabetes. The overall number of individuals with diabetes make up 30% of the U.S. population. The number of individuals with the disease began to spike in the mid 1990’s and the demographic equally expands...

Words: 1850 - Pages: 8

Free Essay

Hcs 440 Week 4 Economic Issues Simulation Paper

...Economic Issues Simulation Paper HCS/440 University of Phoenix Individuals are encouraged to get insured, which serves as their proactive assurance of the possible risks that they may face in the future. By getting insurance, the person is able to minimize these risks. For instance, one may opt to buy insurance in order to have a fall back in case of a large loss or casualty, thus they can still be secure of a regular premium. Quite ironically, insurance has been one of the profit avenues of some companies. Profit can be gained in the insurance business because gaining the premium from the probability of a certain loss will still have a higher possibility of the same event to reoccur. Castor Collins Health Plans The main idea of insurance is letting the consumers or buyers give up a part of their money on a regular basis as their way of preparing for probable risks or losses. The clients of Castor Collins can choose between two plans of the company. The Standard plan will not cover the previous conditions, while the Castor Enhanced Plans can be used to cover up for the prior conditions of the client. Recently though, with the new Chief Financial Officer of the company, Helen Feuerman, the insurance company has come up with a better strategy that can provide them with greater profits. This is called the Castor Enhanced Minor. This new program basically eliminated all the company services that have a high...

Words: 1552 - Pages: 7

Premium Essay

Hcs 490 Week 4

...Communication Paper HCS/490 Week 4 July 18, 2011 Benefit of Electronic Health Records In this paper I will demonstrate communication modality of EHR’s uses in health care. My focus is on Electronic Medical Records (EHR), and various approaches to using them. Electronic Medical Records have become a vital tool in health care facilities. They provide a uniform method of communication between doctors and other health care workers, without the necessity for handwritten information that is stored in a specific location. Necessary patient information can be acquired from various locations securely with a password. Paper based records are gradually being phased out and being replaced by computer based records. The transition is not yet complete but should be in the immediate future. Electronic Medical Records are the heart of computerized health information systems without then much of modern technology cannot be successfully coordinated into the typical clinical workflow. Importance of Electronic Medical Records There are several advantages of Electronic Medical Records: * Organization and increased efficiency * Immediate access to patient information * Better health decision when EHR can be accessed by multiple doctors in many cases it will prevent repeat or needless procedures due to lack of communication. * Standardization * Most important to many is HIPPA as it gives patients additional rights as they can have access to their medical......

Words: 755 - Pages: 4

Premium Essay

Hcs 440 Health Care Spending Week 3

...Health Care Spending Economics: The Financing of Health Care HCS 440 December 15, 2013 Health Care Spending The American Dream is described by The Free Dictionary as, “An American ideal of a happy and successful life to which all may aspire” ("Definition," 2013, p. 1) yet this can mean different things to different people. To this student it means happiness, prosperity, health, freedom, and the ability to makes choices according to what this student believes in. For other people, the American Dream will mean similar and probably different things. To many Americans the ability to have health care is a part of the American Dream. Obtaining health care insurance and being able to choose the insurance they can afford is part of their own American Dream. This choice usually comes through their employer or through being self-employed and choosing the appropriate health care insurance. This piece of the American Dream is becoming increasingly expensive and unobtainable. This student will explore current national health care expenditures, is there is too much spent or not enough if cuts need to be made, how health care needs are paid for, and a forecast of the economic needs of the health care system. The level of the current national health care expenditures Health care costs continue to increase. According to the Centers for Medicare and Medicaid Services (CMS), “U.S. health care spending reached $2.7 trillion in 2011, or $8,680 per person. Health spending grew......

Words: 1756 - Pages: 8

Free Essay

Hcs/457 Week 4

... and fatigue are common symptoms. Bleeding may also occur in the nose and gums. Furthermore, serious damage to the lymph nodes and blood vessels can lead to failure of the circulatory system. Enlargement of the liver can lead to permanent liver failure that may progress to a massive bleeding, shock, and eventually death. The National Institute of Health (NIH) recently has completed the phase 1 clinical trial of the dengue virus vaccine. Over the years, there is no specific treatment for a dengue infection. The most common treatment was hydration and acetaminophen and was treated similar to a flu type of infection. The vaccines were tested in a single dose of all four different types of the dengue vaccine DENV-1, DENV-2, DENV-3, and DENV-4. The vaccine is called TetraVax-DV. It was found that DENV-3 or TV003 vaccine was the most successful TetraVax-DV vaccine amongst the group of participants. It appeared to induce to most antibody response against the dengue virus. A single dose of TV003 resulted in antibody response to all four dengue viruses in 45 percent of participants and against three of the four viruses in an additional 45 percent. Overall, an immune response to at least three viruses was seen in 90 percent of vaccines given TV003. (National Institutes of Health, 2013) The public health department partakes in various programs that control the dengue vector through community participation. Awareness in the proper storage of water and treatment strategies and......

Words: 1086 - Pages: 5

Free Essay

Hcs 341 Week 4 Paper

...Training and Development Paper HCS/341 Training and Development Paper Introduction The most crucial aspect for the accomplishment of an association is the capacity of the people it recruits. In today’s world where huge technological, political, social, and economical shifts transpire, associations have to be able to deal with these shifts efficiently. The altering strength of competition, both domestic and global, forces companies to innovate and utilize their assets in the most competent way achievable in order to stay competitive. This new condition does not only compel associations but also their people to transform. Existing and prospective workers have to be conscious of the new technological and socio-economical standing in order to be proficient to perform well. The best way that associations can make sure this awareness is by utilizing schooling and development. “Development and training are vital to associations because they offer the expertise both now and in the upcoming. Jointly, retraining and training guarantee the expertise and staff dedication required for high quality products and services and therefore, competitiveness and endurance”. What is training and development? As I. L. Goldstein and P. Gilliam stated: “Worker development and training is an effort to improve upcoming worker performance by increasing an employee’s capability to perform”. There are a range of motivations why training is......

Words: 2368 - Pages: 10

Premium Essay

Week 4 – Loan Officer Simulation

...Week 4 – Loan Officer Simulation Application A I would approve the loan for this applicant because of the outstanding FICO score of 730 and there is no late payment in last year and no defaulted loans in the last five years. She should get the bank’s prime rate plus 0.5% Application B I would approve the loan for Brandon Chetkey because he has a good FICO Score of 650 and no late payment in last year and no defaulted loans in the last five years. However, before I do that I will ask for more information regarding his current employment and income status, and if he has any other loans (such as car loan and student loan) because the loan amount is a bit large ($300,000). Application C According to the bank’s lending manual I can approve this loan with prime rate plus 2.5%. I would ask for more information regarding his current employment and income status, and if she has any other loans because of the large loan amount ($250,000). Most importantly I need more details on the late payment, such as what kind of payment. Is that credit card bill, medical bill, or tax bill? How late was the payment? Has she ever pay back the balance plus interest and late fee? Application D I will approve the loan for this applicant. Daniel’s FICO score of 680 is excellent although he is one late payment late. I am okay with that if he made the payment within a week of the due date and don’t have any other outstanding balance. Application E I would do extra thorough examination......

Words: 414 - Pages: 2

Premium Essay

Week 4 Simulation Relation

...Phoenix Material Simulation Review Complete a simulation and then write a paper that analyzes the decisions you made. You are in charge of fictitious health care organization facing financial difficulties. In the simulation, you will complete the following tasks: Bridge a working capital shortage. Evaluate funding options for acquiring medical equipment. Evaluate funding options for capital expansion. Part I below explains how to successfully complete the simulation and prepare for writing the paper. Part II explains the paper requirements. Part I Complete the following tasks before beginning the simulation: Save this document to your desktop. You will need to reference it as you complete the simulation. Print this document before beginning the simulation for easy reference. Review the paper requirements listed in Part II and have an extra sheet of paper ready for taking notes as you complete the simulation. Complete the Health Care Financial Accounting simulation. The simulation can be access by clicking on the ‘Simulation’ tab under the ‘Healthcare Accounting – Financial Indicators simulation’. To get the most out of the simulation, consider the following tips: The minimize icon ( ), shown in the upper-right side of the simulation may not function on your computer. Once you begin the simulation, you may not be able to access your desktop or other applications without ending the simulation. To end the simulation, click on the exit......

Words: 489 - Pages: 2

Free Essay

Hcs 440 Week 4

...Economic Issues Simulation HCS/440 July 9, 2014 Jonathan Foskett Economic Issues Simulation Constructlt is a company, which currently employs 1,000 individuals, 550 men and 450 women in the age group of 26-42. Approximately 60% of the group is married. The group is willing to pay up to $4,000 dollars per individual for their annual premium. Castor Collins must weigh the many considerations when deciding to insure Constructlt, the premiums employees are willing to pay, risks of providing a certain plan or service, and the expected utilization (University of Phoenix, 2014). In order to maintain a profit Castor Collins needs to take all of these aspects into consideration. Thirty-two percent of the individuals at Constructlt have a working profile, which involves significant physical activity, and only 25% have a working profile with moderate activity. When determining which insurance plan is best for Constructlt it is best to look at the health risk factors of the group. Thirty-eight percent of the group, which breaks down to 170 men and 210 women, has no major health risks. Conversely, 18% of the workers, 10% men and 8% of the women are smokers. The principal health risk factor affecting the group is obesity. Of the Constructlt group obesity affects 39% of the group. Hence, increasing the risk for obesity related diseases like high blood pressure, heart disease, and diabetes. Due to the health risk factors utilization will increase......

Words: 1073 - Pages: 5

Premium Essay

Hcs 440 Week 5 Learning Team Health Care Reform Project Part Iii

...This paperwork contains HCS 440 Week 4 Individual - Economic Issues Simulation Paper General Questions - General General Questions Review the Health Care Economics Issues HMO Simulation exercise posted on your student web page. Follow the Wk 4 WEB LINK “Understanding Economic Issues for HMO’s”. This exercise is for your learning experience only. Do not post any screen short from the exercise as part of your assignment. Economic Issues Simulation Paper Prepare a 1,050- to ,1400 paper in which you present a profile of each company including the demographics of the employees, the health care risk factors (potential areas of high utilization), and the premiums the company is willing to pay. Apply each plan, Castor Standard and Castor Enhanced to each company, Constructit and E-editor, to determine which plan best meets the healthcare needs of the employees – ignore Dearden. As a representative of Castor insurance, your job is to maximize profit and minimize risk for the company. Based on your analysis of potential utilization, give at least two reasons why each plan could be selected for each company. Then select one of the two companies and state which plan you would select to sell to that company? What are the reasons for this decision? Why did you not select the other plan offered? Your paper should be organized so that each question serves as a subheading followed by the discussion, i.e. Two Reasons Why Each Plan Could Be Selected,......

Words: 374 - Pages: 2

Premium Essay

Hcs/440 Economic Issues Simulati Paper

...Economic Issues Simulation Paper Name HCS/440 Economics: The Financing of Health Care February 7, 2011 Instructor Economic Issues Simulation Paper The Castor Collins health plan is a health maintenance program (HMO) that was found in 1999. The company provides health insurance coverage through a system that involves a network of physicians and hospitals. Castor Collins Heath Plan uses the capitation model to fund its large distributed group of physicians and health care organizations. Currently, Castor Collins provides health care coverage to 100,000 subscribers and would like to increase their enrollees. It is the responsibility of the Vice President along with his most trusted advisers, Helen Feuerman, Chief Financial Officer, Jonathan Wilkes, Chief Medical Officer, and Adam Hunter, Executive Vice President, Planning and Development, to reach out to new clients; two in particular, E-Editors and Constructit. E-Editors Castor Collins has a major company that is looking for health insurance coverage for their employees. The company E-Editors employs 1,600 individuals, 760 males and 840 females. The employee’s ages range from 35-54. Most of the employees with E-Editors are married so they will need to provide an affordable health care plan for their families. Looking at the kind of work involved for most of the employee’s, Castor Collins found that many of the individuals have a sedentary position. In fact, ninety-five percent of the employees at E-Editors have a......

Words: 1117 - Pages: 5

Premium Essay

Hcs 440 Week 3

...By: Amanda Messler-Layman HCS 440 Health Care Spending. Health care is a huge added player in the hat rides the Current national expenditure levels in the United States has more than tripled in the past decade, while the amount of Americans that can afford private health insurance has dropped and the number of people relying on Medicaid and Medicare has increased with the aging baby boomer generation. Medicaid and Medicare being two of the governments most used medical insurances, the spending in health care has grown faster than the economy can bear. The Medicare physician reimbursement system provides a kind of “public good” for other insurance programs; that is, it offers a universally understood and practiced standard fee schedule that insurance companies can adopt or easily modify by changing the dollar conversion factor separating certain categories. Medicaid, BlueCross, and commercial insurance contracts that cover the 87 percent of the population under age 65 often base their payments on a modified form of the Medicare RBRVS or use Medicare payment levels as a benchmark (Getzen & Moore, 2007). Spending for health care uses a greater part of the economies revenue: the national studies that have been done in the past decade depict that many citizens of the United States will have to make increasingly more disconcerting decisions in daily life and ability to obtain and afford adequate health care insurance for themselves and their families.......

Words: 780 - Pages: 4

Premium Essay

Economic Issues Simulation Paper Hcs/440

...Economic Issues Simulation Paper Introduction The Economic Issues Simulation Paper is about Castor Health Plans. This health plan was founded in 1999 as a Regional HMO in the state of Pantome. The main purpose of Health Maintenance Organizations (HMOs) is to provide health care services and health insurance to enrollees through a statewide network of hospitals and physicians. The HMOs complete this by using a capitation model in which it pays its large network of health providers. Caster Health plan has thousands of enrollees throughout the state and is looking towards increasing the amount. As a representative for the Castor my responsibilities is to maximize profit and minimize risk for the company. Other responsibilities that I would need to help with are including plenty of interaction with any new clients and formulating health plans in that would suit the client’s needs, on top of all that this would also include pricing plans and setting insurance premiums. It’s never an easy job making any sort of financial Making any types of financial and economic decisions; making decisions for a business is a lot harder because one has to realize what is and will do best in order for the business to make profits and to grow. Castor will need to choose between two types of companies it will want to help cover with their health plan. The two companies that have been put in front of their health plan company are that of Constructit or E-editor. The simulation has a......

Words: 1303 - Pages: 6

Premium Essay

Hcs 440

...Healthcare and Economics Charde Allen HCS 440 Healthcare economics is the process of basically studying the way healthcare functions as well as health related behaviors. Throughout time healthcare economics have sufficiently changed due to technology and more advanced ways of research. As time passes healthcare economics have become more and more vital with change for future effort. Consumers play a role in the change due to findings and new diagnosis. The value of health care in the society is very important to the consumer because the determining factor of the future of healthcare rest upon the costs, treatments, and advancements within healthcare. All this tied together is the ground function of economics in the healthcare field. The importance of knowing terms and what they are in healthcare economics are also vital to understanding the importance of it. In order for healthcare organizations to function, they have to know the meaning of supply and demand. This is when the relationship between two factors determines the price. The flu shot would be an example of supply and demand. The flu shot is popular and is used every year around a specific time. They know the demand for it is huge so the supply would have to be bigger. Another important term would be microeconomics. This is focusing on price aspect of the economy while paying attention to the price costs of a firm. This basically the decision making process. This determines the choices that are picked from a......

Words: 749 - Pages: 3