What is a potential outcome of failing to manage healthcare costs?

Failing to manage healthcare costs can lead to reduced overall quality of care, as it often results in budget constraints for hospitals and healthcare organizations. When financial resources are limited, organizations may need to cut back on essential services, staff, and technologies, which can adversely affect patient care. Over time, these limitations can lead to longer wait times, inadequate staffing levels, and a decreased ability to invest in necessary innovations or quality improvement initiatives. This decline in care quality could ultimately harm patient outcomes and satisfaction, reinforcing the importance of effective cost management in maintaining high standards of healthcare services.