Health Care Economics Essay

1014 words - 5 pages

Terms Comparison Paper
HCS 552
May 25, 2015

Terms Comparison Paper
According to the American Economic Association (2011) economics studies how people make choices when they want to utilize resources. This fundamental process links economics and health care together because health care professionals use economic principles in their everyday professional behaviors. Health care organizations do their best to use the same concept of economics when they decided how to allocate resources and plan how to use them because it is essential to their survival. Therefore, health care and economics are connected in the sense of sharing the same terms such as resources, quality, and cost. The ...view middle of the document...

Quality
Since economics is about making best choices, every decision to produce, buy or sell is influenced by the quality of the product (Bowbrick, 1992). People always search for the best quality of product. Quality in health care is essential. Quality in health care is define as the degree to which health services for individuals and populations increase the likelihood of desired health outcomes and are consistent with current professional knowledge (IOM, 2001).
Consequently, health care organizations strives to provide health care services at the right time, using the proper treatments, tests, and procedures in order to achieve the greatest possible results (Agency for Healthcare Research and Quality, 2005). Quality is a concept that is influenced by an individual perception.
For example, the patient who waits many hours in an emergency room only to receive the wrong treatment by overworked health care professional in an abrupt and less than caring manner is sure to recognize the lack of quality in his or her health care experience. Whereas the patient who received timely, correct treatment from medical professionals who are compassionate and caring may consider the experience routine and expected. This term usage is thus similar for economic as it is for healthcare as it is used to refer to the best of something.

Cost
It is important to understand that nothing we get or produce is given to us for free. Everything produced today has a cost this also includes services rendered to a person. In economics the term cost is defined as the sacrifice or funds involved in performing an activity, making a product or following a decision or course of action. While cost in health care means the funds that the patient needs to be able to access and receive health care services. T hus, the term of cost is different as used in economics as compared to healthcare.
It is very critical for a health care organization to understand how they analyze their cost in order for them to survive. The health care organizations decision makers, economists, managers, and health care providers analyze costs with respect to resources and quality. For example, is a health care organization wants to implement an...

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