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Applications of Economics to Health

2020-01-09 来源: 51Due教员组 类别: Report范文

经济学是一个研究领域,专注于组织内部的金钱问题。因此,卫生经济学是指医学领域的金钱问题。独立地讨论了经济学的影响,因为经济学在卫生领域没有相关作用(BaioDawid2015)。具体而言,许多健康专家对经济学在健康中的应用提出了质疑。其原因是健康被认为是医学领域,最好由医学专家来决定。但是,与许多其他学科一样,健康领域也倾向于依靠他人来完成某些事情。例如,在卫生领域内完成交易的管理最好是借助经济学知识来完成(ChoiLaiLai2016)。在这种情况下,将概述经济学在卫生领域的应用所带来的好处,以显示正在争论的相关性。

Introduction

Economics is a field of study that focuses on money issues within an organization. As such, health economics refers to money issues in the field of medicine. Independently, there have been discussions about the effect of economics as a field has no relevant role in the health field (Baio & Dawid, 2015). Specifically, many health experts have questioned the application of economics to health. The reasons for this are that health is considered to be a medical field that is better left to the medical expert. However, the health field, like many other disciplines, has a tendency to rely on others for certain things. For instance, the management of transactions completed within the health field is best done with knowledge from economics (Choi, Lai & Lai, 2016). In this context, the benefits that the field of economics in its application to health will be outlined to show the relevance that is being contested.

Role Played by Economics in Health

The proponents of the idea that economics application to health is irrelevant have valid points to back up their concerns. To them, health experts should be the ones to determine decisions on all health matters. These include decisions on the medical supplies to purchase as well as pricing. This is because these professionals understand the health side of such decisions and, as a result, are well-positioned to make such critical decisions.

Further, health officers are also trained to make decisions that touch on the economics side of medical institutions. Even though their knowledge of economics is limited compared to economics experts’ knowledge, it is enough to lead them to make the right decisions (Koijen, Philipson & Uhlig, 2016). Based on these reasons, the idea of separating economics’ application from health has gained traction over time.

The benefits and the reasons why this proposed separation would be the wrong decision are discussed below. These reasons include helping health institutions make sense of the inevitable interaction between the economic environment and the health environment. Further, economists help medical firms to leverage their financial might in the markets (Baio & Dawid, 2015). Lastly, economists serve the purpose of assessing the financial risks that are inherent to all organizations operating within an economic environment.

Understanding the Interface between the Economy and Health

The connection between the field of economics and health is investable. All organizations in the world operate within an environment where finances are involved in one way or the other. Even non-profit organizations require finances to facilitate core operations in organizations. For these reasons, all organizations in the current times must encounter economies issues at some point. The health institutions are no different Choi, Lai & Lai, 2016). For them, finances are needed in the purchase of supplies, paying of workers, and payments received from patients. For these reasons, these institutions must employ people with knowledge in economics to help them balance these aspects. True, some of the medical practitioners are trained to deal with some of the basic economic matters. However, their knowledge may not be reliable given that there are more economic issues today affecting health institutions than before. Medical institutions are subject to economic policies. These policies are usually passed by a group of economic experts. These policies have to be translated into the content of each health setting and organization (Olsen, 2017). Based on this, it is essential to have consultants within the health field to help them officials translate such policies to ensure compliance.

Further, maintaining a balance within the financial system of a health entity is no easy task. The financial records have to be updated in the right way for all financial situations. There may be a need for advanced knowledge of economics to handle some unique economic situation and record them accurately. Failure to record such transactions correctly may lead to insurmountable errors within the entities that may lead to total financial failure. This failure would not have anything to do with the quality of medical services offered or the health functions conducted (Coast & De Allegri, 2018). However, the financial part of the health organization can lead to the failure of the entire firm. For this reason, it is crucial to ensure that the financial sector is handled by some competent in that field, not some whose skills are from medical schools.

Leveraging Health Institutions Finances

Since every entity has to operate using money, there are both inflows and outflows of cash. As such, medical entities make profits; otherwise they would be dissolved. The profits garnered have to be put into good use for the firm to succeed. The leveraging of such funds is best done by economists. This is because the financial and investment markets are dynamic and can change in a moment (Koijen, Philipson & Uhlig, 2016). As such, it is crucial to have people who can invest the funds gained from health services in the right places to ensure success. These are people who understand the market fluctuations and movements to make the right calls at the right time. Also, these are people trained to understand such trends as opposed to health officers who have limited knowledge of financial markets (Olsen, 2017). As such, leaving such roles to health experts citing the need to have health experts make all decisions in their firm, excluding economists is not a prudent decision.

The Need for Financial Risk Control

Since health entities do not operate outside the realm of financial control, they face financial risks. These risks include cost escalation, inflation and price inconsistencies, among other risks. As such, it is critical for health entities to make sure that they have the right people to compute all the financial risks that they face (Coast & De Allegri, 2018). This will help them to make decisions that will enable them to cover all the loopholes that lead to financial meltdowns.

In addition, economists will do a better job of bolstering the internal control measures within health organizations. Internal control is important to make sure that budgets maintained while funds are used as projected amongst other things. These elements have to be done with foresight that can only be given economists owing to their training and experience. Without such commitment, health organizations are likely to have their finances in disarray. As noted earlier, the financial status of a health entity can lead to its downfall (Choi, Lai & Lai, 2016). Therefore, the proposed separation of economic issues from the health institutions is not valid (Koijen, Philipson & Uhlig, 2016). It will only expose such firms to financial risks and possible failure.

Conclusion

In conclusion, there is a proposition that economics as a field has no relevant role in the health field. Specifically, many health experts have questioned the application of economics to health. The proponents of the idea that economics application to health is irrelevant note that health experts should be the ones to determine decisions on all health matters. The benefits and the reasons why this proposed separation would be the wrong decision include helping health institutions make sense of the inevitable interaction between the economic environment and the health environment. Further, economists help medical firms to leverage their financial might in the markets. Lastly, economists serve the purpose of assessing the financial risks that are inherent to all organizations operating within an economic environment. Based on these reasons, the proposed separation of economic issues from the health institutions would be inappropriate. This would only expose such firms to financial risks and possible failure. 

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