how is health economic is similar to and different from other branches of economics? and how does it differ from health financing?
Health economics is the economics which deals with the product and its consumption in the healthcare sector, it deals with the effect, standards, actions and the utilisation of the healthcare services in the healthcare sectors.
its main concern is to deal with the effectiveness of the services provided to the people in the healthcare sector in a resourceful manner.
there are factors which distinguish health economics from other economics are.
1. Involvement of government.
2. No certainty---- it deals with the various issues such as cost or price, fees and expenses, because of these factors it is unpredicted that how much expenses would be done on a patient, as every patient has different health issues.
3. Non-symmetrical information.
if there is a lack of information regarding the procedure or the treatment between the patient and the physician, a physician there are chances that physician would take advantage of patient's knowledge by raising the price.
4. Involvement of the third party or the agents.
in health economics third party here is the health care providers such as doctors or physicians, they make the purchase decisions ( what to be purchased for health sector such as drugs or goods for surgical procedures etc.)
agents are those who work as a mediator between the healthcare provider and the seller and they earn a marginal profit by giving suggestions on what to be purchased and from where to be purchased the goods for healthcare.
Health economics is similar to other economics as it follows the principle of economics such as DEMAND, SUPPLY and EQUILIBRIUM.
Demand--when there is a need for certain goods in a particular population.
Supply-- availability of products for the desired population, for example, more population fewer products or less population more products.
Equilibrium-- it is the maintenance of the equilibrium between the demand and the supply, for example, if the availability of the goods is sufficient for the needed population.
The similarity between health economics and other economics.
A) Target population/ audience.
in economics, certain services provided by keeping the target population in the mind, in the same way, patients are the target population in health economics.
B) purchase cost opportunity.
It deals with the value of the goods and the readiness of the people to purchase the products in economics, similarly in health economics healthcare services are provided at a certain cost on which people are ready to get the health services.
C) marginal cost analysis
It is the adjustment of the price according to demand and supply.
Similarly in health economics, if certain services are available in an area but there are few patients who get the service, here healthcare providers do a marginal adjustment to get the benefits out of it.
D) Offers and incentives.
In economics offers are given to attract more population, for example, buy one get one free, similarly in healthcare, services are made available at a low price to influx more patient but it doesn't necessarily mean that you will get the best services there.
Health economics is different from health financing.
Health economics is business-oriented whereas health finance is service-oriented.
Health economics deals with the services provided to the patient in an effective and efficient manner, it's main aim is to provide the services by keeping the resources in the mind.
Whereas,
health finance is the branch of finance deals with the mobilization of funds for the care of health in a particular community or the group of people who are affected by diseases.
Its main aim is to treat the community rather than individual whereas, health economics deals with the care of people on an individual basis.
the main objective of health financing is to make the funds available, and its access to the needed people or the community.
It functions in three areas
1. Generate revenue -- this process deals with the collection of revenue by maintaining the efficacy in a technical way.
2. Accumulation or the pooling of the revenue.
Collected revenue is used by the community for the better access of health care services, these revenues are also provided to the population who has fallen sick but can't access to the healthcare services because of financial shortage.
3. Purchasing products-- this process deals with the buying of goods to provide health care services in the community.
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