Cost Minimization Analysis Paper

Assumptions: 1. As per the case, unit cost for producing each bottle of acetaminophen-based tablets (including Tylenol and Datril) is 60 cents 2. The trade cost for Approach 1 was assumed to be $1.69 in order for the pricing scenario to be perfectly equal to that of Tylenol (i.e. unit cost, trade cost, and ultimately selling price to end customers). 3. For simplicity, advertising is the only fixed

There are several types of medication, each has a purpose and function needed for their administration via the different routes.

The common cost allocation methods which are used most often by health care organizations are the direct and the step- down methods. These methods are commonly used to help determine the costs of the services provided by the health care organizations. It is important to these agencies to know the costs of operation for each department. They can make smart business decisions on whether they can make investments, determine which department is making a profit or losing one, make improvements where necessary and have a sense of foundation for the future. There are other common cost allocation methods for patients-level costs, such as relative value units (RVU), ratio of cost to charges (RCC) and activity based costing (ABC) which gives us

Cost containment is a way for the U.S health care delivery system to solve inflation in cost which will save money for the hospitals involved. According to “Health Care Cost Containment: A Contradiction in Terms?” cost inflation has many contributors including the increased cost in hospitalization, advancing medical technology, prescription drugs, professional degrees, legal settlements, and other related services (McConnell CR, 2002, p.70-71). All of these contributors are coming from different aspects of the health care delivery system but they all end up with the same results. Cost containment effort ideas can solve all of those problems as long as they are properly implemented and people really believe in helping to keep costs at a

Always do comparison shopping. Do not jump right ahead and purchase the first product you come across with. The prices charged by different pharmacies for the exact same medications are often

The issues in the article entitled “Benefits of Unit Dose Packaging” by Kate DeMutis discusses the problems that arise in regards to compliance of patient’s using medications and wound care supplies as ordered by their healthcare providers. It appears that with the “growing number of prescriptions in the United States it can be concluded that incorrect use of the medications or wound care supplies is impacting ones recovery in a timely fashion,” (DeMutis, 2015) and perhaps unit dosing may be the solution.

confidential, and it may include stocking allowances and rebates. All these costs in the chain are borne by the final consumer of the drug.

Against a background of increasing demands on limited resources, health economics is exerting an influence on decision making at all levels of health care. Health economics seeks to facilitate decision making by offering an explicit decision making framework based on the principle of efficiency. It is not the only consideration but it is an important one and practitioners will need to have an understanding of its basic principles and how it can impact on clinical decision making.

The clinical pharmacist here at Monongahela Valley Hospital focused on Vancomycin dosing for the patients in the hospital. The pharmacist looked at the patient’s vancomycin troughs and renal function to determine if they are given the correct dose or if any dose changes needs to be made based on the status of the patient. When I got to make the IV bags for the patients, I got to use what I learned in school for practice. I am a hands-on learner, so I enjoyed making the IV and compounding medications. Most of the time that I was here at the hospital I was gathering medications to be delivered to the patients; this task I was very comfortable at doing because of my experience in retail

Should the four kinds of drugs be injected respectively or injected by extracting 0.5 ml from each of them? Should the needles and syringes be replaced or not?

The cost analysis framework is a useful method of engaging policy developers during the development process of policy interventions. In this case, following the identification of the room for improvement in PACU, several policy interventions could be adopted to improve the quality of patient care delivered in the unit. Cost analysis is a suitable tool for such situations. It helps policy makers to compare the benefits of different potential projects which could be integrated into the system, to their costs, thus enhancing their choice of the most efficacious option. Specifically, the cost analysis will enable the policy makers to identify the possible approaches which could be used to achieve the stated objectives of the project, which, based

The first step in Cellini and Kee's framework is to determine if the analysis will be cost-benefit or cost-effectiveness. Cost benefit analysis is considered by the authors to be the superior technique (p.496) so that is what will be used. The

Cost accounting involves a study of various operations used in manufacturing a product or providing a service. The study facilitates measuring the efficiency of an organization as a whole or department-wise as well as devising means of increasing efficiency.

There are different ways of determining what λ should be and I will cover how to obtain such values by using the error terms of the sequence |x_k-x^* | and |x_(k+1)-x^* | which can be denoted e_k and

Define and give examples of cost classifications used in making decisions: differential costs, opportunity costs, and sunk costs.