Importance of Health Economics in Chronic Disease Care in Australia

HEALTH ECONOMICS

Executive Summary
The study has unfolded the importance of health economics in nursing healthcare settings on
chronic disease. The context of the analysis of the importance of health economics is a
chronic disease. Chronic disease is in high demand among both the urban and rural
population in Australia. People are easily affected by chronic disease. The study has analysed
that the effectiveness of health economics has the ability to mitigate the chronic disease issue
from Australia. The importance of healthcare reform system has been analysed in the study
on rational perspective. Ten guiding principles of healthcare reform system has been analysed
in the study to develop the present chronic healthcare setting in Australia. Additionally,
market concentration, the importance of supply chain in the chronic healthcare setting,
demand of healthcare facility from the disease, demand for the volume of healthcare setting
and the importance of demography and regulatory authority has been described in précised
manner. The recommendation part has located the key problems in the healthcare setting of
Australia and has provided four specific recommendations for each issue. The concluding
part has summarised the whole discussion and located an overall recommendation on the
development of chronic healthcare setting in Australia keeping alignment to the financial
capability of the target population.
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Table of Contents
Executive Summary...................................................................................................................1
Introduction................................................................................................................................3
Health care reform system.........................................................................................................3
Guiding principles of the health care reforms............................................................................5
Analysis......................................................................................................................................8
Market concentration.............................................................................................................8
The elasticity of the supply chain...........................................................................................9
Elasticity of demand...............................................................................................................9
The need for volume..............................................................................................................9
Population demography’s.....................................................................................................10
Risk transfer.........................................................................................................................10
Regulatory Authority...........................................................................................................10
Execution of the health reform framework..........................................................................10
Recommendation......................................................................................................................11
Conclusion................................................................................................................................12
Reference List..........................................................................................................................14
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Introduction
Health economics is a study that allows a systematic identification of the healthcare problems
through its economic value for the treatment of chronic disease. The healthcare system is
moved away by the traditional approach and in terms of measuring its volume and output
which is needed to be resolved through effective cost measurement to provide quality care to
the patients suffering from chronic disease. This theory aims to develop a behavioural
understanding of both public and private healthcare providers. Moreover, the decision-
making process of healthcare policies is standardized with the effective implementation of
health economics at the chronic healthcare setting. It is notable that the evaluation of health
care economics on chronic disease has become so popular in the present Australia society.
The technological capacity of the healthcare resources is the key source of discussion of
healthcare economics. The demand for public healthcare doer chronic diseases is gradually
increasing over the years. Thus, to keep sustainability with the increase of healthcare demand
in chronic disease, the requirement of health economics is also increasing potentially. The
need for financial resources has become impactful on availing healthcare services. The
ultimate aim of the economic evaluation of chronic healthcare is to assist the decision-making
process for the policymakers for the treatment of the patients suffering from chronic disease.
The chronic healthcare decision and values have become more explicit to sustain cost and
benefit with equal balance. This study will unfold the ethical principles of chronic healthcare
principles. Ten principles will be discussed for a better understanding to provide cost
effective treatment to the patients suffering from chronic disease. The importance of market
concentration along with the capability of the supply chain in chronic health care economics
will also be discussed in the study. The importance of elasticity, volume and the demographic
population will be discussed in the context of chronic health economics to resolve the chronic
healthcare disease. The associated risk factors will be analysed and probable regulatory
authority to mitigate the chronic healthcare risks and financial risks will be discussed. The
execution of the overall chronic healthcare framework will be analysed followed by some key
recommendations for the development of chronic healthcare issues keeping sustainability
with the health economics. The concluding part of the study will summarise the whole
discussion and will outline an overall recommendation.
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