How we can apply cost-benefit and cost effectiveness analysis, to keep people healthy at minimum cost?
According to Seema Verma, the Center for Medicare and Medicaid Services (CMS) Administrator (in the following video), the government faces a trade-off: they wish to improve the lives of the individual by putting more money into healthcare, but in turn, they would not be able to spend this money on other things such as defense (Commonwealth Club of California, 2018).
The video discusses while the government can sometimes improve the market or the lives of individuals, it also faces trade-offs (#1) much like the individual. If the government invests in people’s healthcare, a healthier workforce can produce more outcomes in general!
Since the government is facing trade-off in spending budget the government’s economists have to conduct the cost-benefit analysis to help the policymakers to choose the optimal choices in spending budget (Center for Effective Government, 2015).
Dear all: How we can apply cost-benefit and cost effectiveness analysis, to keep people healthy at minimum cost? What the other countries such as Canada and UK are doing to keep their healthcare expenditure lower?
The response may be less than a page.
Use these videos for help:
Medicare and Medicaid Administrator Seema Verma Available at https://www.youtube.com/watch?v=jZYiKLER-OQ Center for Effective Government. (2015). Available at: https://www.foreffectivegov.org/node/3470
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