Sample Essay on Public Private Partnership in Healthcare
There have been a lot of problems in the healthcare sector. Many times, patients are not able to get the best treatment, access effective medication, or acquire healthcare funds or insurance. Fortunately, through Public Private Partnership there has been incredible growth in the healthcare sector. Healthcare services PPP can be described as a long-term contract between the public-sector authority sector and one or more private sector companies that operate as a legal entity. This partnership has been effective in the healthcare sector and led to incredible transformations.
In the last few decades, there has been rapid growth and acceleration of the interest in public-private partnership models of health globally and in terms of income levels. Through the PPPs, the private sector takes in substantial technical, financial, and operational jeopardies and it is also held responsible for any defined results. Surprisingly, Public Private Partnerships take place in many sectors and seeks to capture private sector capital or expertise to enhance the provision of better and reliable public services.
The government or public sector is considerate when it comes to maintaining and strengthening the Public Private Partnership. Evidently, the public sector plays a number of incredible roles, and this includes;
- Provides the strength of its purchasing power
- Outlines the goals for an optimal healthcare system
- Empowers private enterprise to innovate and
- Maintain or manage the delivery of high-quality agreed-upon services.
On the other hand, the private sector under the Public Private Partnership agreement receives payment for its health or related services and assumes its respective risk concerning finance or operation whilst benefiting from the upside potential of shared cost of saving or profits. The private sector is made up of a group of participants especially those who have conferred interests in working as a team to meet the core competencies in technology, operation, technical expertise, and funding.
All these discussed interests and duties revolve around hospital providers and physician groups, pharmaceutical and medical device companies, private health insurers, construction firms, facilities managers and technology companies, and others. When it comes to funding, banks, private equity firms, pension fund managers, and philanthropists play great roles in the success of Public Private partnerships.
Public Private Partnerships [PPPs] have been used to provide funds to improve health infrastructure since they were first formed. Today, governments globally are increasingly looking to the PPP model to solve many issues that may be affecting the healthcare sector. In an actual sense, there is no nation in the world where healthcare is funded by the government entirely. Despite the provision of healthcare being known as a responsibility of the government, private sector expertise, and capital has been welcomed to boost the success of the healthcare industry mainly to spur modernization and productivity.
The large opportunity of the health PPPs to manage and fund care delivery in the most remote and developed areas within a nation means a lot to the private sector. Many countries have supported this initiative. Brazil, Russia, China, and others are experiencing massive growth in the healthcare sector and much more is expected in the coming years. This has also reduced the increased borrowing by the government to take care of healthcare issues and this guarantees a reduction in the public debt. Thus, every country in the globe should embrace Public Private Partnership initiative and develop or strengthen health infrastructure and service provision in other developing nations.
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