Question

What is the cost? Discuss all cost factors. For example: to patient, insurance, medical centers and doctor’s offices.

Answer 1

Ans) Cost = Price x Quantity

In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost.

• Cost factors:

- Insurance as insulation
- Lack of transparency
- Lack of standardization
- Lack of coordination
- Overtreatment
- Loose governmental regulations
- High physician wages
- Emergency Dept. overuse
- Pharmaceauticals and Technology

- Increase in chronic disease
- End of life care costs
- Unhealthy behaviors
- Poor health literacy