|Type of paper:||Essay|
|Categories:||Healthcare Policy analysis|
A useful tool in the formation of appropriate medical care concerning policy analysis is cost-effectiveness analysis that helps in decision making. The method entails the comparison of the costs and the effectiveness of some available alternatives. As a hospital administrator, I propose that Cost-effectiveness analysis is the best option in the maximization of the available resources that would reduce overspending. In this case, the medical care department must consider either improving the standard care or implement innovation policies to maintain the status quo. The objective of applying the Cost-effectiveness analysis model is to find the justification of the value of the intervention cost. Cost-effectiveness involves more than determining the price; it also consists of the assignment of a benefit to the outcome (Bagwell, Baum & Malhotra, 2018). I, therefore, propose that the use of Cost-effectiveness analysis in our medical care would promote proficiency in the provision of services to the patients.
In the use of Cost-effectiveness analysis model, our medical care facilities must consider conducting a quality evaluation to estimate the availability of the resources. The expenditure of the system is then evaluated to direct the budgeting of the future investment plans. Therefore Cost-effectiveness analysis model is geared towards the achievement of the best standards in the medical care that reliable and secure to be met. I advise that the application of this model follows the empirical analysis that outlines the essential requirements of the medical care. Review of the most useful policies is a need that would promote the improvement of the present standards of the sector. An example of the similar taskforce that applied this model is The U.S. Public Health Service (PHS) that successfully made recommendations in the application of this principle.
I recommend that medical care must consider estimation of the cost from society's perspective. In the formation of any decision, the needs of the community and especially the organizations must be considered. In this line, the most compelling alternative should be found. However, considerations on the economic ability of the farm need to be accessed in directing the policy implementation (Neumann & Sanders, 2017). Additionally, the medical care sector should obtain the impacts of the implemented policy by evaluating its importance and consistency in the future. I propose that policies with cheaper costs form the best alternative if they meet the required agency.
Additionally, l propose the cost and the benefits should be discounted at an annual rate of 3% which reflects the low-income value of any expense which might be delayed and the higher values of those benefits expected to be realized later. Modeling can be used to estimate the cost and benefits on the patient's life, during a study period that aims at the full realization of effective interventions on price and benefits. I propose therefore that medical care should analyze the interests of the policies by estimating the input cost. Plans that could delay the benefits should be suspended and interventions made on low prices but beneficial alternatives.
In the making medical policies, overestimation and generalization should be avoided to create focus and objectivity. Departmental budgeting is critical in assessing the agency of specific policies. This perspective gives detailed information on the realities of the medical care environment that constitutes a more significant percentage in decision making. The comparison on the effective decisions must be based on the measurable variables which give the best assessment of the expected outcomes. It is essential to consider the variables that have a direct impact on the functioning of the entire organization like the number of patients and the number of medical bills paid by the patients.
In assessing the effectiveness of any decision-making process, the detailed statics or data is essential to analyze the data of the medical care to estimate the expenditure of the organization. The number of patients and the workers must be considered. In this case, the medical care must emphasize the sustainability of the population and the expenditure in making any decision (Neumann & Sanders, 2017).
Consequently, in the implementation of the Cost-effectiveness analysis model, the analysis must apply the principle of dominance in which either the standards or innovations might be preferable. In this choice, the strong dominance prefers a more effective and cheaper strategy. It can be seen when the change is urgent and reasonable because it serves to save some funds hence less expensive than the bad policies that are worse and costlier. In evaluating the effectiveness of the Cost-effectiveness analysis model in decision making, we need to apply the Quality-Adjusted Life Year (Q ALY) which reflects on the quality and quantity of the outcomes. ThisIt is a conventional method used in measuring the values of service delivery in the healthcare intervention. When the cost of the implemented policy is higher, the alternative chosen can be evaluated to be the best (Goh, Bayati, Zenios, Singh, & Moore, 2018). Multiple comparisons can be the other alternative in assessing the effectiveness of a decision. The existence of many choices often reduces the restrictions on the application of one option that might be costly.
In conclusion, I would suggest that the medical care must apply the Cost-effectiveness analysis model in the budget formation and planning. In this process, the details of every department must be presented to help in assessing the relevance of the choice that is less costly and more urgent.
Bagwell, K., Wu, X., Baum, E. D., & Malhotra, A. (2018). Cost-Effectiveness Analysis of Intracapsular Tonsillectomy and Total Tonsillectomy for Pediatric Obstructive Sleep Apnea. Applied Health Economics and Health Policy, 1-9.
Goh, J., Bayati, M., Zenios, S. A., Singh, S., & Moore, D. (2018). Data uncertainty in Markov chains: Application to cost-effectiveness analyses of medical innovations. Operations Research.
Lin, E., Chertow, G. M., Yan, B., Malcolm, E., & Goldhaber-Fiebert, J. D. (2018). Cost-effectiveness of multidisciplinary care in mild to moderate chronic kidney disease in the United States: A modeling study. PLoS medicine, 15(3), e1002532.
Neumann, P. J., & Sanders, G. D. (2017). Cost-effectiveness analysis 2.0. N Engl J Med, 376(3), 203-5.
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Essay Example Comprising the Policy Analysis Speech. (2022, Nov 04). Retrieved from https://speedypaper.com/essays/policy-analysis-speech
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