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Cost benefit analysis paper
Pros and cons of cost benefit analysis
Pros and cons of cost benefit analysis
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Cost-benefit, cost-effectiveness and cost-utility analyses are forms of economic evaluation which are useful in health economics for comparing costs and allocating resources. Health economics is widely relevant to governments and the health sector in implementation of new policy, as it concerns the allocation of resources in the context of a limited budget, or 'scarcity'. Economic evaluation is a potential tool for setting priorities in health, though it is only one of many potential criteria, including overall budget and public attitudes and wants. Economic evaluation is already in use in some settings, such as in pharmaceutical company proposals for government subsidisation, but there is room for expansion across the field of healthcare. Different types of economic evaluation have different uses, such as assessing the cost effectiveness of the implementation of programmes when none are in place (cost-benefit analysis) or the comparison of potential new technologies to existing technologies (cost-effectiveness and cost-utility analysis). Though useful in this sense, there are significant barriers against the successful implementation and use of these techniques due to problems with their accessibility and acceptability in policy making. Solutions to these problems have been identified, such as increasing the education of the public and of healthcare professionals and organisations in understanding and utilising health economic evaluation, and establishing consistent methodology and presentation guidelines. With better integration of economic evaluation, it can potentially serve as a very useful tool for the analysis of costs and the better distribution of resources to improve both efficiency and equity.
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Guiness L and Wiseman V (eds), 2011, Introduction to Health Economics, Open University Press, Maidenhead, UK
Walker D (2011), Economic Evaluation and Decision-Making. In: Guiness L and Wiseman V (eds), Introduction to Health Economics, Open University Press, Maidenhead, UK
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Williams I, McIver S, Moore D, Bryan S (2008) The use of economic evaluations in NHS decisionmaking: a review and empirical investigation. Health Technology Assessment 12(7)
Wiseman V and Jan S (2011), What is Economic Evaluation and What Questions can it Help to Answer? In: Guiness L and Wiseman V (eds), Introduction to Health Economics, Open University Press, Maidenhead, UK
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A cost-benefit analysis is “whenever people decide whether the advantages of a particular action are likely to outweigh its drawbacks” (Benefit-Cost Analysis, n.d.). The analysis estimates the economic value placed upon a
Pollock et al. (2012) ‘How the Health and Social Care Bill 2011 would end entitlement to comprehensive health care in England.’ The Lancet. Volume 379, pp. 387 - 389.
Chawla, M., Windak, A., Berman, P., & Kulis, M. (1997). Paying the Physician: Review of Different Methods. Data for Decision Making Project,Department of Population and International Health, Harvard School of Public Health, Boston, Massachussetts
Hicks, L. (2012). The Economics of Health and Medical Care (6th Ed.). Sudbury, MA: Jones and Bartlett Publishers.
There are several basic approaches that can be utilized when conducting economic evaluations for any new health care intervention; which can include medications that are designed for the treatment and prevention of disease and how to relate the effectiveness with the overall monetary value of the new treatment. The economic tools that can be employed to perform such an analysis can be broken down into four basic parts that consist of cost-minimization analysis (CMA), cost-effectiveness analysis (CEA), cost-benefit analysis (CBA) and cost-utility analysis (CUA). These four categories will contain the major financial analytical techniques employed when evaluating medical treatments and interventions along with other types termed cost-consequence
Llewellyn, S. (1993) Linking costs with quality in health and social care: new challenge for management accounting, Financial Accountability and Management, Vol 9 No 3, Aug 1993
It is very important that we utilize cost control methods in the health care field. The reason being is that about 10% of the population, usually with chronic to severe problems, use approximately 70% of the total spending (Shi, & Singh, 2008). If we didn’t monitor the costs and spending we wouldn’t be using the money efficiently. To avoid potential problems we frequently use six different cost control methods to monitor what medical services are necessary, the most cost efficient way for these services to be provided, and keep an up to date chart of the patient’s condition to offer only treatment deemed necessary.
McLaughlin, C. & McLaughlin, C. (2008). Health Policy Analysis: An Interdisciplinary Approach. Boston: Jones and Bartlett Publishers.
EFFECTS OF MEDICAL RESEARCH ON HEALTH CARE AND THE ECONOMY, By: Herbert Pardes, Kenneth G. Manton, Eric S. Lander, H. Dennis Tolley, Arthur D. Ullian, Hans Palmer, 01-01-99, Academic Search Premier
Miller, J. (2013). Payers rethink utilization costs. Managed Healthcare Executive, 23(11), 9-9,15. Retrieved from http://search.proquest.com/docview/1458614037?accountid=36202
The structure of my paper is the following. First I identify the trend of heath care costs over time, compared to other countries. Then I present an investigation of possible heath care cost ...
Rising medical costs are a worldwide problem, but nowhere are they higher than in the U.S. Although Americans with good health insurance coverage may get the best medical treatment in the world, the health of the average American, as measured by life expectancy and infant mortality, is below the average of other major industrial countries. Inefficiency, fraud and the expense of malpractice suits are often blamed for high U.S. costs, but the major reason is overinvestment in technology and personnel.
National health systems are assessed by the extent to which expenditure and actions in public health and medical care contributes to the crucial social goals of improving health, increasing access to quality healthcare, reducing health disparities, protecting citizens from penury due to medical e...
Russell, L. B. (2009). Preventing chronic disease: an important investment, but don’t count on cost savings. Health Affairs, 28(1), p. 42-45.
reimbursement determinations. As a result, the camaraderie among physicians has developed into a more aggressive approach to impede competition (Shi & Singh, 2012). Little information is shared with patients in regards to procedures or disease control. The subjects are forced to rely on the internet for enlightenment on the scope of their illnesses (Shi & Singh, 2012). Furthermore, the U.S. health care system fails to provide adequate knowledge on billing strategies for operations and other medical practices. The cost in a free system is based on supply and demand and is known in advance of hospital admission (Shi & Singh, 2012). The need for new technology is another characteristic that is of interest when considering the health care system. Technology is often v...