Healthcare and opportunity cost

263 views 2 pages ~ 363 words
Get a Custom Essay Writer Just For You!

Experts in this subject field are ready to write an original essay following your instructions to the dot!

Hire a Writer

Individual wellbeing is a vital topic that necessitates care and investment. People lack a greater understanding of the importance of routine check-ups due to a lack of money and time. Individual production and lifespan must be closely monitored in order to avoid massive financial losses. The opportunity expense of health aids in considering the various aspects of life and the various ways to change one's lifestyle (Spiller, 2011).

Economists regard opportunity cost as a central factor that drives identifying and assessing cost efficiency in achieving goals. In the healthcare sector, the opportunity cost is evident in assessing the benefits obtained for obtaining medical attention versus the money that a person could spend on an alternative action (Palmer & Raftery, 1999). The financial differences are clearly illustrated when comparing the limited resources and the time they take to acquire services to the duration they incur to raise funds. The decision on an option has its cost impacts thus the people aim at using the best alternative and save time.

The opportunity cost of health care incorporates the hidden costs such as the time for waiting, traveling and meeting a doctor, and the monetary charges incurred versus the revenue that one can make within that period. Therefore, the care benefits are compared to income ratio to make a decision. The cost of acquiring healthcare services may not be same, and the duration may vary depending on the region, distance, and origin or financial class. The value of 1.1 billion hour spent seeking medical services is equivalent to 52 billion dollars thus hourly rate is 47.27 dollars per hour (Miller, 2017). However, the estimated duration of the medical visit is average 121 minutes. Therefore, the cost per visit is approximately 47 dollars while the income of a person is 32 dollars thus it's expensive to acquire healthcare services hourly compared to income ratio. The difference is 15 dollars per hour making it costly to obtain medical services.

References

Miller, J. (2017). Paying for health care with time. Harvard Gazette. Retrieved 3 February 2017, from https://news.harvard.edu/gazette/story/2015/10/paying-for-health-care-with-time/

Palmer, S. & Raftery, J. (1999). Economics notes: Opportunity cost. BMJ, 318(7197), 1551-1552. http://dx.doi.org/10.1136/bmj.318.7197.1551

Spiller, S. (2011). Opportunity Cost Consideration. Journal of Consumer Research, 38(4), 595-610. http://dx.doi.org/10.1086/660045

November 09, 2022
Category:

Health Life

Number of pages

2

Number of words

363

Downloads:

43

Writer #

Rate:

4.7

Expertise Opportunity
Verified writer

Clive2020 is an excellent writer who is an expert in Nursing and Healthcare. He has helped me earn the best grades with a theorists paper and the shadowing journal. Great job that always stands out!

Hire Writer

This sample could have been used by your fellow student... Get your own unique essay on any topic and submit it by the deadline.

Eliminate the stress of Research and Writing!

Hire one of our experts to create a completely original paper even in 3 hours!

Hire a Pro

Similar Categories