Today’s basic health comes at a cost. Irrespective of the kind of life a person observes, he or she must require medical attention someday. In the present day, health care industry is run as a business. There are preset profit margins, quantity and quality benchmarks, and stock evaluation among other commercial related aspects. The survivors are the ones that remain competitive hence the need to approach the whole concept as a trade. As a result, health care economics remains a considerable branch of study as far as health matters are concerned.
As a field, it encompasses the issues relevant to the provision of health care. It looks at issues to do with efficiency and effectiveness (Feldstein, 2012). It systematically examines all matters, challenges, and problems affecting health for all. Moreover, the value is a necessity and also evaluates the trends in health care consumption. For better results, the whole system must function efficiently and any possible gap fixed in time. It also looks at people’s living patterns and behaviors that affect their health such as smoking, alcoholism, and exercise. In broad terms, it is all about the factors that influence the provision of health at a considerable cost.
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Health care economics has a defining scope. Some specific elements symbolize and determine the execution of the best practices. A leading factor involves knowledge of basics, besides care, which influences health. It also looks in depth at the value of health to the society. Likewise, the demand and supply as elements of trade in health care are put into consideration. Health economics considers factors such as treatment levels and market analysis including equilibrium and associated factors (Folland, Goodman & Stano, 2007). Above all, it evaluates care plans, management, and administration, budgetary allocations as well as health monitoring mechanisms (Feldstein, 2012).
Is it useful? Health care economics has copious benefits. Firstly, it is used for the promotion of health care by studying health care providers, available facilities and activities applied in public health. It is a way to analyze and identify the current gaps to improve results. The economists use economic theories to advise the public on the best course of action by considering factors such as cost, effectiveness and efficiency (Folland, Goodman & Stano, 2007). Secondly, it is also used to evaluate how the most common social problems can affect the society’s health. Thirdly and most importantly, the statistics are reliable tools to determine the insurance packages, remuneration of health workers, and budget among other essential government programs.
Other than meaning, scope and value, it is vital to note on the policies connected to health care economics. The important one concerns the resources. For better health care, a balance should exist between what is available, what is needed and project demands in the immediate future. Similarly, the health care market is evaluated alongside the existing demand and resources supply. Also, financial aspects are highly valued and all likely sources of health care finance. Other policies include social accounting systems, time taken to access medical facilities, the cost incurred as well as payment system as a policy (Feldstein, 2012).
In conclusion, health care economics is highly significant as well noted. However, there is a great need to keep on improving systems to enable health provision at an affordable cost. Revolution is vital, and one of the most recommended strategies is making use of technology since small independent medical practice may not work soon (Szczerba, 2014). Moreover, for doctors to maintain businesses, its either they keep on hiking costs or the number of patients increase. It is impossible to project on the latter hence the importance of economies of scale to save the already struggling system.
References
Feldstein, P. J. (2012). Health Care Economics. Clifton Park, NY: Delmar Cengage Learning.
Folland, S., Goodman, A. C., & Stano, M. (2007). The Economics of Health and Health Care (Vol. 6). New Jersey: Pearson Prentice Hall.
Szczerba, R. J. (2014). Are The Economics Of Healthcare Getting You Sick? Forbes.
Essay on Importance of Health Care Economics
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