Suppose that one course of treatment costs $500,000. If given to patient A, it will increase life expectancy by one month; for patient B, by two months; for patient C, by three months; and for patient D, by four months. The marginal cost per additional year of life for the patient most likely to benefit is and the marginal cost per additional year of life for the patient least likely to benefit is $500,000; $2 million $1.5 million; $6 million $200,000; $500,000 $2 million; $500,000 $6 million; $1.5 million 0000
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- How do you draw a health production function with individuals receiving some health producing intervention as inputs and health benefits as outputs that shows declining returns in output. What does “declining returns” imply about the marginal health benefit per person served/treated along this production function? How does this relate to “specialization of inputs”? How about “selection to treatment”? If we assume that you have two distinct means of producing health (programs A & B) with identical PFs as you drew above. Given a fixed amount of inputs (e.g. ability to treat/serve some number of individuals), draw the production possibilities frontier curve for these two programs. What is an opportunity cost and how does it relate to the PPF curve? If our value the health benefits from both programs equally, what point (label as X) do you pick on the PPF curve and why? Suppose program A works best for children, and program B best for adults, and you value health…A person lives for 3 years with a disease and the current standard of care for that disease means he/she lives with a utility level of 0.7 . If that person takes a new medicine (Medicine A) because of which his/her utility level increases to 0.8, If another new medicine (Medicine B) prolongs the patient’s life by 2 years, at a utility level of 0.7,-Calculate the new QALYPreventive care is not always cost-effective. Suppose that it costs $100 per person to administer a screening exam for a particular disease. Also suppose that if the screening exam finds the disease, the early detection given by the exam will avert $1,000 of costly future treatment. a. Imagine giving the screening test to 100 people. How much will it cost to give those 100 tests? Imagine a case in which 15 percent of those receiving the screening exam test positive. How much in future costly treatments will be averted? How much is saved by setting up a screening system? b. Imagine that everything is the same as in part a except that now only 5 percent of those receiving the screening exam test positive. In this case, how much in future costly treatments will be averted? How much is lost by setting up a screening system?
- Assume that people receiving intervention A live 5 years at quality of life of 0.8 and people receiving intervention B live 10 years at quality of life of 0.4. Assume further that the two intervention have equal costs. Compare the cost-effectiveness of these interventions relative to each other and discuss how that would be altered by inclusion of future costs for younger adults and older adults.Suppose a particular population has two kinds of health risks, high and low. Let the expected annual health care costs for the high risk be $10,000 and for the low risk, half that. If there are twice as many low risk as high risk individuals, and if the one insurer's administrative load is 20%, what would the community rated premium be if everyone is compelled to and able to buy health insurance?Suppose a particular population has two kinds of health risks, high and low. Let the expected annual health care costs for the high risk be $10,000, and for the low risk, half that. If there are twice as many low risk as high risk individuals, and if the one insurer’s administrative load is 20%, what would the community rated premium be if everyone is compelled to and able to buy health insurance? Note: administrative load can be construed as the amount that the insurer has in costs to run the plans above and beyond the "health care costs."
- Draw a health production function with individuals receiving some health-producing intervention as inputs and health benefits as outputs that show declining returns in output. What does “declining returns” imply about the marginal health benefit per person served/treated along this production function? How does this relate to “specialization of inputs”? How about “selection to treatment”?The cost of employer-sponsored health care benefits are expected to approach $16,800 per employee next year. Big employers project that their total cost of providing medical and pharmacy benefits will rise 6 percent for the sixth consecutive year. The total cost of health care, is estimated to average $17,800 per employee in 2022, up from $7,099 last year. Large employers will cover roughly 70 percent of those costs. For Employers, what is the “OPPORTUNTY COST “of health care? (not the price.)discuss the dominant cost components of health care.
- I only need question 14 answered. Thank you! Your hospital is the only hospital for hundreds of miles with a particular therapy. The inverse demand function for this therapy is given as:P = $12,500 – 5Qd, where Qd is the annual quantity demanded.While your fixed costs are high (due to the cost of specialized machines), your marginal costs for a full treatment are ‘just’ $600 per treatment. 11. If you set a single price to maximize profits, what quantity will you supply each year?(Guidance: The marginal revenue (MR) function has the same y-axis intercept as the inverse demand function, but twice the slope. Set MR equal to MC and solve for Q.) 1190 12. What is the price for treatment? (Hint, plug your quantity from 11 into theinverse demand function.) 6550 13. If the treatment is priced at the marginal cost to your company, how manytreatments will be provided per year? 2380 14. What is the deadweight loss due to monopoly power in this market? (This is covered in one of the lessons.)Hospital has the following treatment options to reduce the incidence of Ventilator-Associated Pneumonia: For Treatment X (status quo), it would cost 50,000 with 40 percent effectiveness, For Treatment Y, it would cost 100,000 with 85 percent effectiveness, For Treatment Z, it would cost 75,000 with 65 percent effectiveness, and For Treatment V, it would cost 80,000 with 68 percent effectiveness. a) Is there any treatment option that is not economically rational? Explain. b) If hospital’s willing to pay is $1000, which treatment option it would choose? Explain. c) With technical innovation, suppose Treatment V increased its effectiveness to 75 percent, would your answer to question (a) above change?Discuss which of the following types of technological change in health care likely to be cost increasing: I. threats of malpractice suits that cause physicians to order more diagnostic tests on average for a given set of patients symptoms ii) a new computer-assisted scanning device that enables physicians to take much more detailed picture of the brain iii) the introduction of penicillin earlier in this century iv) greater emphasis on preventive care v) the threat of Covid-19 virus
