Managerial Economics
Health economics - The Primer
This series of articles will introduce readers to the emerging field of health economics. We will review how health economics influence decision making process in health care and the basic tools used in health economics. * 1. The Role of Health Economics * 2. Cost of Health Care * 3. Should Oncologists Care About Cost-Effectiveness Analyses? * 4. Classification of Health Economic Analyses * 5. Health Economics Research: Cost Utility Analysis And More * 6. How Much Does a Healthy Year of Your Life Cost?
1. The Role of Health Economics
Economic analysis is increasingly used as part of the decision making process in health care. Read more about it here.
Health economics aims to find the best way to satisfy the ever increasing demand for health care given the limited resources. It is estimated that health care spending in the U.S. will reach 7% of GDP in 2020. That is health care spending might exceed military spending and/or education spending in the near future. This is inevitable given an aging and expanding U.S. population. Health economics will play an important role in the future when we try to figure out the best ways to maximize the benefits of health care spending.
Cost-effectiveness analyses of health care interventions have become one of the focal points in the decision making process in health care. The introduction of any health technology, whether it is a new drug or a new medical device, is often associated with an increase in health care costs. This will limit the funding available for other interventions. Health economics will help policy makers, health care providers, and insurance companies to determine whether the new intervention is cost-effective in comparison to other options.
To address the need for improving the quality, safety, efficiency, and effectiveness of health care, the U.S Department of Health and Services has created the Agency for Healthcare Research and Quality
This series of articles will introduce readers to the emerging field of health economics. We will review how health economics influence decision making process in health care and the basic tools used in health economics. * 1. The Role of Health Economics * 2. Cost of Health Care * 3. Should Oncologists Care About Cost-Effectiveness Analyses? * 4. Classification of Health Economic Analyses * 5. Health Economics Research: Cost Utility Analysis And More * 6. How Much Does a Healthy Year of Your Life Cost?
1. The Role of Health Economics
Economic analysis is increasingly used as part of the decision making process in health care. Read more about it here.
Health economics aims to find the best way to satisfy the ever increasing demand for health care given the limited resources. It is estimated that health care spending in the U.S. will reach 7% of GDP in 2020. That is health care spending might exceed military spending and/or education spending in the near future. This is inevitable given an aging and expanding U.S. population. Health economics will play an important role in the future when we try to figure out the best ways to maximize the benefits of health care spending.
Cost-effectiveness analyses of health care interventions have become one of the focal points in the decision making process in health care. The introduction of any health technology, whether it is a new drug or a new medical device, is often associated with an increase in health care costs. This will limit the funding available for other interventions. Health economics will help policy makers, health care providers, and insurance companies to determine whether the new intervention is cost-effective in comparison to other options.
To address the need for improving the quality, safety, efficiency, and effectiveness of health care, the U.S Department of Health and Services has created the Agency for Healthcare Research and Quality