Health economics

Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare. In broad terms, health economists study the functioning of healthcare systems and health-affecting behaviors such as smoking, diabetes, and obesity.

Overview

Health economics is important in determining how to improve health outcomes and lifestyle patterns through interactions between individuals, healthcare providers and clinical settings. In some cases, economists argue that the health economy is quite different from other sectors of the economy. Many health economists specialize in specific clinical areas, such as oncology, cardiology, or mental health.

Health Economists

Health economists evaluate multiple types of financial information: costs, charges and expenditures. As a result, they are interested in less tangible factors, such as how medical treatments, whether drugs or surgery, are valued, how the value of treatment is perceived, and how value may be increased.

Economic Evaluations

Economic evaluations of healthcare interventions typically focus on cost-effectiveness and cost-utility analyses. These types of analysis compare the costs of interventions with their outcomes, in order to inform decisions about resource allocation.

Health Financing

Health financing involves the "generation, allocation and use of resources in the health sector". It includes the mobilization of funds, the allocation of funds to the regions and population groups and for specific types of health services, and the management of health financial resources.

Health Policy

Health policy refers to decisions, plans, and actions that are undertaken to achieve specific health care goals within a society. It outlines priorities and the expected roles of different groups; it builds consensus and informs people.

See Also

• Economics
• Healthcare
• Health Policy
• Health Financing

References

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