The purpose of this assignment is to describe the importance of evaluations in health economics.
Write a 750-1,000 word paper that includes the following:
- Describe the importance of evaluations in health economics.
- Compare and contrast the four types of economic analysis as they relate to health economics.
- Discuss how economic evaluations and health policy are related. Provide recent examples.
- Discuss the role of technology in economic evaluations.
Include an introduction and conclusion in your paper, and incorporate at least three peer-reviewed scholarly resources.
Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is required.
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Government and Policy for U.S. Health Leaders
Higbea, R., & Cline, G. (2021). Government and policy for U.S. health leaders (2nd ed.). Burlington, MA: Jones and Bartlett Learning. ISBN-13: 9781284207767 (Available as a custom eBook - includes only Chapter 6)
Essentials of Health Economics
Dewar, D. M. (2017). Essentials of health economics (2nd ed.). Burlington, MA: Jones and Bartlett Learning. ISBN-13: 9781284054620
Explanation & Answer
View attached explanation and answer. Let me know if you have any questions.
Evaluations In Health Economics
Economic evaluation in healthcare involves a comparison of the health cost against the
outcome of care intervention. The main features of health economics evaluation include cost, the
outcome must be assessed, and multiple alternative strategies must be equated. According to
Dewar (2017), healthcare economic evaluation correlates health costs with care interventions.
The best action is appraised if the cost-outcome is equivalent. One of the greatest challenges in
health economics is the assessment of outcomes from health care intervention. Therefore,
evaluation in health economics is essential in ensuring that care organizations quantify the cost
and benefit related to health care. This study will describe the significance of evaluations in
Importance Of Evaluations In Health Economics
Over the year's healthcare organizations have adopted health economic evaluation
concepts to make decisions related to healthcare facilities. Evaluation in health economics is
critical in facilitating the stakeholder to decide on budgeting and spending for healthcare
resources. The informed decision related to budgeting and spending is essential in achieving
quality and affordable health services for patients. Another significance of evaluation in health
economics is that it offers healthcare management a suitable method of balancing cost and
income for appropriate budgeting for infrastructure investments and employee remuneration
(Garrison et al., 2018). This enables an organization to offer quality and better healthcare service
to the patients. Furthermore, evaluation in health economics is significant in optimizing
population health. For example, evidence-based decisions derived from health economic
evaluation facilitate healthcare organizations to determine, quantify and relate care activities that
can positively impact the health state of the population.
Four Types Of Economic Analysis In Health Economics
Economic analysis approaches are critical in the measurement of the outcome. The major
methods of economic analysis related to health e...