Health Care Economics
Dr. Mahboob Ali Khan (Master Hospital Management) Advisor ??
I'm Healthcare Management C-suite Consultant | Skills: #Quality #Accreditation | #Operations & #Businessdevelopment |#Policymaking | #Strategy #planning #business #financialmanagement#analytics #virtualassistance
Health care is one of the most important aspects of human life and well-being. The health care sector is consistently expanding, seeing over a 10 per cent increase in expenditures .
Health economics seeks to examine the factors that influence the industry’s costs and quality of care. This team researches how patients, the public health sector, health care providers, private insurance companies, and the government influence how health care is distributed—and in what ways it can be improved.
Health economics examines the factors that influence the industry’s costs and quality of care. How do patients, health care providers, and the government influence health care distribution—and how can it be improved?
What is health economics?
Health economics is an applied field of study that examines and finds systems-based solutions to make health care more equitable, accessible, and affordable for all. Health economists seek to understand the role stakeholders, such as health care providers, patients, government agencies, and public organizations, play in health care spending.
Health economists are curious about what affects health outcomes. In their research, they’ll ask questions like:
Example of health economics in the real world
Health economics can be used to solve real-world problems and model the outcomes of potential solutions. Take the concept of resource allocation.
In times of high demand, such as COVID-19, the resources of the NHS become stretched thinly and funding often cannot cover the full expenses needed to keep up with patient needs.
In times like this, health economists will look at data, evaluate ongoing needs, and develop solutions that can be used to help the government allocate health care resources and funding.
Quality over quantity
Value-based care focuses on health care being delivered based on quality over quantity. Data drive it because providers report specific metrics like hospital or clinic readmissions, patient engagement, and more, to demonstrate health improvement .
领英推荐
The Value-Based Care specialization from the University of Houston provides an applied learning experience to deeply understand this health economics area.
Why is health economics important?
Health economics is important because it focuses on how the economic behaviour of stakeholders and recipients affects the quality and cost of medical care. It includes how people pay for care, how those payments are processed, and how to restructure and improve health systems worldwide. Tackling any systemic issue at the root cause can prevent the same problems from arising again.
In examining the questions above, health economists address global issues, such as migration and displacement, climate change, pandemics and vaccine access, disorders, obesity, and more. They apply economic theories to inform the public and private sectors on cost-effective solutions to improve equity in health care.
For example, a health economist might research disparities in the quality of health and income in West Africa by evaluating the price of health care and insurance in the region. Potential solutions include employing digital technologies to provide health care directly through a mobile phone or laptop.?
Similar to public health and population health, approaching society’s health and well-being from a bird’s-eye macro perspective and drilling down to research specific populations can have a positive impact. Health economics can deliver insights that inform solutions to some of the world’s most pressing health care and well-being issues.
Who should study health economics?
Understanding how economic behaviour factors into health and health care decisions can benefit anyone interested in this field. However, the following groups of individuals may benefit most from the study of health economics: