Track 11: Health Economics

 

11TH AMERICAN HEALTHCARE SUMMIT NOVEMBER 15-17, 2022 | SAN FRANCISCO, USA

What exactly is health economics?

Economic principles and methodologies are used in health economics to investigate and explain how people make decisions about their health behaviours and use of health care. 

It also provides a framework for considering how society's limited health resources should be allocated to fulfil people's demand/need for health care services, health promotion, and prevention.

 

What is economic evaluation?

Economic evaluation and health economics are inextricably linked. 

Economic assessment generates evidence-based information, primarily through cost-effectiveness or cost-benefit analysis, to aid and enhance health-care resource allocation decision making. All public health decisions have resource implementations, which must be taken into account while making judgments.

Health economics is used to promote healthy lifestyles and positive health outcomes through the study of health care providers, hospitals and clinics, managed care and public health promotion activities. The 11th American Healthcare Summit will be held in San Francisco, California, on November 15-17, 2022 is another platform to discuss global issues such as migration, displaced persons, climate change, vaccine access, injuries, obesity and pandemics.

Production, efficiency, disparities, competition, and regulatory theories are used by health economics to better inform the public and private sectors on the most efficient, cost-effective, and equitable course of action. 

Economic appraisal of new technology, as well as the study of appropriate prices, anti-trust regulation, optimal public and private investment, and strategic conduct, are examples of such research.

Faculty in the Department of International Health are currently conducting research on a wide rangeof topics, such as the impact of health care, health insurance, and preventative services on health lifestyles, as well as providing research and advice to governments worldwide to enable more effective and equitable resource allocation.

Learn more about health economics careers.

 

What are the importance of health economics?

Thirty years ago, doctors had few options for treatment, and patients just followed orders. 

 

Any values that influenced the decision were implicit and chosen by the physician. 

However, with limited health-care resources, an empowered consumer, and an expanding number of intervention possibilities decisions must be made more transparently and fairly.

 

What are health economists?

Health economists are concerned with the production of health on several levels. 

As an example:

What is health, and how do we value it?

 

·         Other than health care, what factors influence health?

 

·         What factors influence health-care demand and health-care seeking behavior?

 

·         What factors influence health-care supply? 

(The conduct of doctors and other health-care practitioners.)

 

·         Alternative methods of producing and delivering health care.

 

·         Health care planning, budgeting, and monitoring

 

·         Economic evaluation—comparing the costs and benefits of various health-care delivery methods.

 

Although all of these factors provide helpful insights into health-care delivery, economic evaluation accounts for the majority of health economists' work and is the most relevant to managers and practitioners. 

This exercise provides a framework for evaluating, valuing, and comparing the costs (negative outcomes) and benefits (positive outcomes) of various health care interventions. 

In this method, we can determine if the benefits obtained from implementing an intervention outweigh the benefits lost. 

The remainder of this work is devoted to a discussion of economic evaluation and its ideas.

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