Company Information - Public Health Action Support Team CIC, [registered in England and Wales under Company No. Vertical equity is the main focus in considering the finance of health care, in particular whether or not health care is financed according to people’s ability to pay. Incremental costs calculated with respect to an increase or decrease in the number of days would give a correct estimate of the likely savings. The marginal cost of treating an extra patient is often small. h��[�r۸~���.w�L�(�gf�3���9�4�:�n7Ʌ"3�Ne��O��� ���8i�sq:�L%E ��G��C�q?��$��w���R8~Lρ#\�����N�yXF�t,c��'��>rD�#�%�Pz��N,$2F�Id ��`����yA@}�����"��h�Ŏ'� ͉� k������3��uZ�m^�0) The same concept may be given different names and the same name may be given to different concepts. As Morris, Devlin Parkin and Spencer (2012) put it: Health economics is the application of economic theory, models and empirical techniques to the analysis of decision-making by individuals, health care providers and governments with respect to health and health care. Vertical equity means the unequal treatment of unequals; for example, do people who have worse levels of health have greater access to health care? In business economics we apply these laws for policy planning at the level of a firm. 281 0 obj <>stream Health economics is not only the concern of economists but also those involved in hospital management or any of the health care professionals. 06480440], 1c - Health Care Evaluation and Health Needs Assessment, 2b - Epidemiology of Diseases of Public Health Significance, 2h - Principles and Practice of Health Promotion, 2i - Disease Prevention, Models of Behaviour Change, 4a - Concepts of Health and Illness and Aetiology of Illness, 5a - Understanding Individuals,Teams and their Development, 5b - Understanding Organisations, their Functions and Structure, 5d - Understanding the Theory and Process of Strategy Development, 5f Finance, Management Accounting and Relevant Theoretical Approaches, Past Papers (available on the FPH website), Applications of health information for practitioners, Applications of health information for specialists, Population health information for practitioners, Population health information for specialists, Sickness and Health Information for specialists, 1. So, in describing the principles of health economics, we are really setting out the principles of economics and how they might be interpreted in the context of health and health care. Ho, Kate, Joseph Hogan, and Fiona Scott Morton. Health Economics Information Resources: A Self-Study Course. From a Public Health point of view, health economics is just one of many disciplines that may be used to analyse issues of health and health care, specifically as one of the set of analytical methods labelled Health Services Research. Healthcare also has characteristics of a standard public good. the peculiar economic characteristics of health and health care markets; what characterizes market failures in health care markets and what causes the failures; the concept of production function of health & health care; economic aspects behind physician agency and supplier induced demand Regressive systems can and do exist, where even though rich people spend more money on health care than poor people, the proportion of their income that the rich spend is lower. Section 5 concludes. One factor is that health care is not usually demanded because it is in itself pleasurable; in fact, it may be unpleasant. Further use of the concept of the margin is discussed in section 6, and a specific application of this in health care is discussed in section 8. Nowhere in the world is there a health care system that devotes enough resources to health care to meet all of its citizens’ wants. But socioeconomic status and ethnicity are not in themselves need factors and should not directly affect the use of health services. The behaviour of some health care organisations, such as pharmaceutical companies, providers of services like dentistry, ophthalmic services and pharmaceutical dispensing and for-profit insurance companies can relatively easily be analysed using these models. Inequities could arise because of the financing system itself. Price therefore acts as a signal to both groups as to what they should do in the market. There are many different definitions of economics, but a definition given in a popular introductory textbook (Begg, Fischer and Dornbusch, 2005) is instructive: The study of how society decides what, how and for whom to produce. It does not mean an unimportant change – the costs and benefits involved even in a small change in resource use could be very large. A list of Web sites and a Bibliography for improving access to health economics information is also linked for viewing. Principles of health economics including: the notions of scarcity, supply and demand, distinctions between need and demand, opportunity cost, discounting, time horizons, margins, efficiency and equity endstream endobj 231 0 obj <>>> endobj 232 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/TrimBox[33.0 33.0 645.0 753.0]/Type/Page>> endobj 233 0 obj <>stream Another way to view this is that we cannot have all of the goods that we want, and in choosing the goods that we will have, we have to trade off one good for another. Of course, in a national health system, it is likely that the aim is to meet needs rather than wants; this distinction is discussed below. But if we assume that doctors are more expensive to employ than nurses, then it will be economically efficient to use the extra nurse rather than the extra doctor. For example, it might be thought to be unfair both healthy and sick people are given equal amounts of health care. In analysing these issues, health economics attempts to apply the same analytical methods that would be applied to any good or service that the economy produces. One problem with this is that it is difficult to assess in practice what equal need means and how it might be measured. It is used to develop policies and programs that promote healthy lifestyles and positive health outcomes that are also cost-effective for individuals, states, and the nation. The equity concern in health outcomes arises because health is universally accepted as a merit good, a minimum of which each individual is entitled regardless of ability to pay (WH0, 1978).

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