‘The study of health economics will stimulate anyone who believes that seeking to improve human health is worth using up some of the world’s scarce resources.’ – Stephen Heasell (Principal Lecturer in Economics, Nottingham Trent University)

Health professionals frequently face situations that require decision making and allocation of healthcare resources amongst alternatives. The goal is to improve health outcomes while using limited health resources in an efficient and effective manner. However, questions may arise around these decisions such as “is there a better alternative?”, “are the gains from investing more than the costs?” or, simply, “was this the right decision?”

Health economics provides a set of formal evaluation methods to healthcare professionals based on a common-sense and objective framework that balances costs and benefits. This allows decision-makers to understand the key steps involved in finding and assessing economic evidence relating to healthcare alternatives. They provide a structured framework for measuring costs and benefits in explicit terms, to aid logical decision-making and establishing priorities in health care decisions. Moreover, the choice of any economic evaluation method requires the analysis of three key issues: the context of the analysis, the focus of the evaluation, and the nature of the competing outcomes.

The economic concepts of cost-effectiveness and efficiency imply the desire to achieve the greatest value for money. Health Economic Courses allow health professionals to understand the practical issues of value for money, affordability, and uncertainty relating to alternative project scenarios in healthcare settings while remaining cognizant of the distinct characteristics of the healthcare sector, where health outcomes are as crucial as economic productivity and efficiency concerns.

If you are interested in learning more about our AHHA certified online program in Health Economics, Applying Health Economics Tools and Techniques,  click here, otherwise email us at info@leigroup.com.au.