Health Economic Modelling Advice 2013
Health economic modelling impacts decision-making and health-related costs where care and other services are concerned
The practice involves sophisticated modelling within that weighs costs of taking certain steps to deliver the best possible care the public requires. Pulling data from multiple sources forms the framework for how the modelling is developed.
Where does the data come from for health economic modelling?
Data derived from clinical trials, observational studies and public health statistics are used for modelling purposes. Insurance company resources such as insurance claim databases and survey information can be compiled and used for health economic modeling purposes. Public health statistics and studies published by leading research institutions can also be used and analyzed in mathematical modelling.
What is health economic modelling?
The process involves selecting a model. One the model is selected, simulations are run. The results generated from health economic modelling are then used in reporting. The reporting consists of forecasting and explores potential outcomes in taking certain steps. The end result is creating recommendations or making decisions based on the modelling provided. The goal is to measure outcomes and the value or benefit associated with taking a certain approach to patient care.
What benefits can be derived from health economic modelling?
The modeling practices give companies and institutions within the health community a means to deliver the services and products based on need and forecasted demand. It aids in the research phases of product development as well as planning for costs associated with the delivery of long-term patient care. Companies turn to modelling for budgeting and other exploratory initiatives. Administrators, government agencies and elected officials alike rely on the modelling to develop policies. Modeling is instrumental in assessing budget impact, cost-effectiveness, burden of illness, and economic endpoints.
What is the impact of this type of modelling and how will it affect delivery of health services?
Anticipating demand for certain services is a major part of health economics modelling. The growing aging population and the management of major epidemic will put stress on the overburdened health care system. Insurers, payers, legislators, pharmaceutical companies and facilities must be prepared to deliver such services. In order to accomplish that, the right modeling that takes into account all of these challenges is required for planning, forecasting and decision-making. The data and reporting affects everything from healthcare industry to public policy.
Health care modelling provides an in-depth analysis of medical data that can be used in long term planning and decision-making for care. Costs to deliver the care and how it is implemented are all shaped by health economics modelling practices. Accurate assessments for the patient outcome of using certain services or approaches in administering care are all determined by health economics modelling.