Question

The purpose of this assignment is to describe the importance of evaluations in health economics. Write a 750-1,000 word paper that includes the following: Describe the importance of evaluations in health economics. Compare and contrast the four types of economic analysis as they relate to health economics. Discuss how economic evaluations and health policy are related. Provide recent examples. Discuss the role of technology in economic evaluations. Include an introduction and conclusion in your paper, and incorporate at least three peer-reviewed scholarly resources.

Answer 1

Economic evaluation provides informstion to decision makers to utilise the resourecs in a much beneficial way to provide the best result.There are various methods implemeted to identify the utilistaion and it's effectiveness.

Importance of evaluation in health economics.

Economic evaluation is part of health economics.It is a tool for comparing costs and consequences of different interventions.It provides information to decision makers which can be used to achieve an efficient use of the available resources.It helpsto determine how resources can be utilised cost effectively.

4 typesofeconomic analysis in relation to health care are;

• cost of illness analysis;it is the determination of the economic impact of an illness or condition including the associated treatment costs.
• cost minimization analysis; a determination of the least costly items that can provide the desired outcomes.
• cost-effectivenss and cost- benefit analysis;cost-effectiveness analysis is the comparison of costs in monetary units with outcome in quantitative non- monetary units. This includes cost utility analysis and cost consequennces analysis. Whereas, the cost benefit analysis compares the cost and benefits.
• Budget- impact analysis; determine the impact of implementing or adopting a particluar technology or technology related policy on a designated budget.

How economic evaluation and health policy are related.

Economic evaluation evaluates issues related to efficiency, effectiveness and value of resources in health and health care.Since this evaluation is costly it led to increase in health costs.

CONCLUSION;

Thus, these are some important informations about the health economics and evaluaion strtegies.