Economics and Health Care Research Paper Example | Topics and Well Written Essays - 1000 words

Economics and Health Care - Research topic ExampleCost-minimization techniques, for example, can be utilise to select the method that uses the minimum resources to produce a genuine wellness outcome. In addition, cost-utility analysis helps hospital management and doctors to evaluate treatments on the basis of utility-based outcome units. Implications of inadequate Health Care System As economics mainly deals with market economy concerns, applying those principles to wellness explosive charge while ignoring the differences between health sustentation and traditional consumer goods can lead to certain economic and brotherly problems. Friedman (2013) has identified some of the weaknesses of the American health cope system which can help to illustrate the impaction of economics on health burster systems as well as the costs of a poorly functioning health condole with system on society. The Medicaid system is an integral part of the American health care system. Since 1960, it has provided affordable health care to many Americans who could not afford it. Insurance companies have as well as contributed much by reducing the costs of health care significantly for consumers. However, Friedman (2013) states that the American health care system is not as efficient as many claim it to be. Some of the so-called reforms to the health care system reflect misunderstanding of economic forces by policymakers. Friedman (2013) argues that current reforms are transferring a great proportion of the health care costs from the damages companies to those who need health care, with the effect that the consumer will suit increasingly price-sensitive and quality health care will become beyond the reach of many Americans. This snuff it is founded on the misplaced notion that insurance coverage encourages people to consume more health care services than they really... This research paper outlines the particularity of applying basic principles of economic to health care. Eco nomics is a genial science that seeks to explain how society allocates its scarce resources to satisfy the demand for goods . Howewer, health care is different from stodgy goods and servicesThere are a number of ways in which health care may be regarded as an economic good. There is an absence of a market price that is determined by the interaction of demand and supply forces in health careEconomic principles can be used to ensure that equal use of health care services is provided to people with equal health care needsMeasures such as cost-minimization analysis, cost effectiveness, cost-utility analysis and cost-benefit analysis can be used to avow high levels of efficiency in the health care system. Friedman identified some of the weaknesses of the American health care system which can help to illustrate the impact of economics on health care systems as well as the costs of a poorly functioning health care system on societythe Obamacare reforms have become controversial mainly because of the increased costs of providing federally subsidized insurance plans to consumersHospital administrations in collaboration with insurers and other stakeholders have developed a host of statistical tools to varan and evaluate the efficient of health care processes. There exists a statistical tool that compares whether individual medico treatments are more efficient compared to physician teams administering treatments. This tool is used to determine, for instance, whether solo physician treatment compared to base physician treatment may be more effective at reducing the number of diligent visits to the physician