Final answer:
The law has changed how business is conducted in the health care industry through consolidation, the adoption of telemedicine, insurance mandates, and the switch to Electronic Medical Records (EMRs).
Step-by-step explanation:
The law has significantly altered the manner in which business is conducted within the health care industry in myriad ways. Here are four notable changes resulting from legal shifts:
- Consolidation of Providers: In response to increasing demand and economic pressures, there has been a trend toward consolidation in the healthcare sector. Hospitals and smaller practices have merged to form larger systems aimed at increasing efficiency.
- Introduction of Telemedicine: Legal reforms have facilitated the growth of telemedicine, allowing healthcare providers to offer services remotely, which has become essential in providing accessible care, particularly in rural or undeveloped areas.
- Insurance Mandates: Laws such as the ACA have instituted insurance mandates requiring individuals to have insurance, changing the dynamics of healthcare coverage and impacting business practices regarding employee benefits and insurance offerings.
- Electronic Medical Records (EMRs): Regulations now encourage or require healthcare providers to switch to EMRs, an effort to reduce administrative costs and errors, thereby transforming record-keeping in healthcare businesses.
In addition, the focus on health care law, like the Patient Protection and Affordable Care Act (ACA), and the Health Insurance Portability and Accountability Act (HIPAA), has propelled the health care industry to adopt more standardized, efficient, and cost-effective practices.