health economics

Question 1

what is a fundamental factor to considers in economics

Answer 1

scarcity

Question 2

define economics

Answer 2

the study of the choices made by individuals and societies in terms of alternative uses of resources which are employed to satisfied wants

Question 3

3 key concepts of economics

Answer 3

1) opportunity cost
2) efficiency
3) marginal analysis

Question 4

define marginal analysis

Answer 4

the amount of resources which is just right

Question 5

define oppurtunity cost

Answer 5

value of something when a particular course of action is chosen
1) how much value the option chosen has balanced with the losses faced from the option not chosen

Question 6

what does a smaller oppurtunity cost mean

Answer 6

you have made the right choice

the losses are minimal for the activity which is not chosen

Question 7

define quality adjusted life years

Answer 7

A measure of the output of health care that can measure ALL types of health effect.

Question 8

define economic evaluation

Answer 8

comparison of two or more alternative courses of action in terms of their costs and their outcomes.

Question 9

what 2 points must be considered in determining economic evaluation

Answer 9

1) ensure that the value of the outputs from an activity is greater than the value of the resources consumed by the activity.
2) Provide information about how much it costs per unit of health gain to choose one course of action over another.

Question 10

define efficiency

Answer 10

maximising the benefit for the resources used

Question 11

define technical efficiency

Answer 11

meeting a given objective at least cost

Question 12

define allocative efficiency

Answer 12

producing the output (supply) that matches consumer want (demand)

Question 13

what is marginal analysis also known as

Answer 13

" the next step"
incremental step (a little bit more)
decremental step ( a little bit less)

Question 14

define marginal benefit

Answer 14

the benefit from the “next step”

Question 15

define marginal cost

Answer 15

the cost of taking the next step

Question 16

what are the 3 types of economic evaluation

Answer 16

1) cost effectiveness analysis
2) cost utility analysis
3) cost benefit analysis

Question 17

define cost effectiveness analysis

Answer 17

1) benefits measured in terms of standard clinical outcome e.g. change in blood pressure

Question 18

what 2 factors does Cost Utility Analysis consider

Answer 18

quality + quantity of life

Question 19

what factors does cost benefit analysis consider.

Answer 19

considers resource use and health benefits in monetary terms.

Question 20

Define cost effectiveness threshold

Answer 20

maximum amount the health service will pay per unit of health gained

Question 21

define option appraisal

Answer 21

process for identifying, describing and evaluating alternative methods (options) of achieving an agreed objective.

Question 22

what is the first step in option appraisal

Answer 22

identify objective

Question 23

what are the 7 key steps of option appraisal

Answer 23

1) Define objective and constraints
2) Identify and describe the options
3) Identify and quantify monetary costs and benefits of each option
4) Assess risks of each option
5) Identify and quantify (if possible) non-monetary costs and benefits of each option
6) Weigh non-monetary costs and benefits of each option
7) Assess balance of advantage between options

Question 24

what are the main constraints in a research project

Answer 24

• time
• budget
• skill level (do you have the adequate skill level)
• legal (ethical constraints)

Question 25

what are the main questions to consider when identifying and describing your options?

Answer 25

1) what to provide
2) where to provide it
3) who provide it- which health care professionals
4) how is it provided - description of activities.

Question 26

what sources can be uses to identify and describe monetary cost and benefits

Answer 26

• NHS REFERENCE COSTS
• LITERATURE- NICE, TREASURY.
• LITERATURE FOR MONETARY VALUES OF CHAGES IN PROCESS

Question 27

What factors should e cons red in non-monetray costs and benefits

Answer 27

1) Q ofL
2) Access
3) health outcomes
4) quality of care indicators
5) patient safety
6) patient preference
7) adherence
8) staff expereince