COVID 19 's Impact on Healthcare Financially Essay

Running head: COVID- 1COVID-19 3How Does COVID-19 Affect Healthcare EconomicallyIntroductionThis paper aims at discussing the topic \"How does COVID-19 affect healthcare economically.\" COVID-19 had caused much damage in both the health and economic sectors. As of March 28, 2020, the disease had contributed to the loss of 10 million jobs, and this data was for just two weeks. The damage that had happened before the two weeks was not captured in this duration. During the second quarter, the United States economy will shrink by 10% to 25%. The economy\'s slow growth is already happening in the USA, with main economic activities being affected (Cutler, 2020). Economy damage is occurring worldwide, with the health sector being the most hit. Financial markets that depend on other sectors, including health, are also losing huge profits daily. All these damages put together are expected to cause a loss of approximately $1 trillion in the world economy by the end of the year 2020 (Kabir et al., 2020). This recession\'s effect on the economy is being felt in the transport industry, manufacturing industries, with many people losing jobs primarily due to measures to contain the pandemic. At the initial stage of Covid-19, many countries underestimated the danger ahead and thought everything would be fixed in a few days. The economy was to remain stable, but things are turning out very differently. Both lives and economies must be supported to avoid total damage. What is even more discouraging is reports showing that the disease is here to stay, and so the world should come up with measures to live with the condition until that day when a vaccine will be found (Pak et al., 2020).The pandemic has hit hard agricultural and food sectors of many countries. Disruption of the supply chain has affected these two sectors due to delays in custom and credit markets. The food industry also depends heavily on the transport industry. Therefore cessation of movement in countries had posed the world to another danger of experiencing food shortage in the future (Shrestha et al., 2020). COVID-19 will advance the health challenges that were already in existence, and the government should focus more on stopping damages that cannot be recovered. Prevention measures will help more to stop deaths that are affecting the population. UN security council advises nations to protect Vulnerable population whose survival rate is less when exposed to the virus. Some of the vulnerable groups include the elderly and people living with conditions such as diabetes. Nations have used police in enforcing containment measures. In some cases, police have violated human rights, and according to UN High Commissioner for Human Rights, the rate at which this is happening is alarming. (Lambert et al., 2020).SignificanceMany countries have reported total damages in the economies and have loosened COVID-19 containment measures to protect the economies from going to their knees. The health sector is also exhausted in many countries, and handling all patients needing help is no longer possible. Efforts to manage patients in home-based care have been put in place, but only people with mild symptoms can recover from homes (Khalid & Ali, 2020). Some guidelines to stop the spread of COVID 19, such as self-isolation, social distance, and travel restrictions, have reduced many companies\' workforce, resulting…

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…protect both doctors and patients (Hashmi et al., 2020).Thesis Statement of Purpose StatementThe thesis statement is that \"COVID-19 has affected healthcare economically.\" A pandemic\'s effect is viewed in terms of both mortality and its effect on people\'s livelihood. The world has spent billions of dollars fighting against the pandemic, and people have lost jobs in the process. Demand and supply chain have destabilized, and investors can no longer trust the market dynamics. Lastly, significant changes have happened in different sectors to prevent and streamline the pandemic\'s response (Shrestha et al., 2020).The hard-hit countries such as the USA, Europe, and China contribute heavily to the world economy. Countries like China lead in manufacturing and their slowdown is felt globally. Going slow on production directly affects the supply chain, and trade depends on demand and supply to keep going Lenzen et al., 2020). Some hospitals are also experiencing a financial crisis, and paying their health workers has become an issue. Such challenges may prompt health workers to withdraw their services at this critical time. The United States should have programs to support health sectors in the United States and globally and more so in developing countries. (Blumenthal et al., 2020).Organizational PlanStudy organization should conduct in-depth research on non-linear, heterogeneous, and macroeconomic effects of Covid-19 across the globe. A review of different information sources such as research articles, magazines, and news reports can help predict possible consequences and recovery measures that should be implemented (Chudik et al., 2020). The study should source knowledge from the rapidly growing literature to develop a robust report on economic consequences and how different governments should respond to the pandemic (Brodeur,…