Cost-Benefit Analysis and Project Budget Free Essay

Importance and Purpose of Cost Analysis in Medecine

 

The cost-benefit analysis is an effective tool that helps to determine whether the project is worth implementing. The cost-benefit analysis is particularly useful to apply in the health care setting because often health care organizations are constrained in financial resources available to them, especially, if they implement projects that are non-profitable by their nature as is the case of the prevention of falls among elderly patients project. The project is expected to bring a consistent reduction of health care costs due to the reduction of falls among elderly patients. This is why the health care organization may allocate resources which used to be spent on the treatment of consequences of falls among elderly patients on other issues, including the training of the nursing staff and elderly patients, acquisition of new equipment and improvement of facilities to make them safer for elderly patients in terms of the fall prevention.

The cost-benefit analysis of the project oriented on the prevention of falls among elderly patients reveals the fact that the costs of the project are lower compared to benefits the implementation of the project will bring to patients of the health care organization. To put it more precisely, the successful implementation of the project will bring the consistent reduction of falls among elderly patients. The reduction of falls means the reduction of health care costs for patients and the more efficient use of funds for the health care organization because patients will not need the treatment of patients after falls. Falls may cause serious injuries among elderly patients because falls can cause serious health problems and may even lead to disability of elderly patients. In such a way, patients will face lower risk of falls that means the improvement of their quality of health. Falls may cause substantial decline of patients’ health. This is why falls prevention will improve the effectiveness of treatment of elderly patients, reduce the time they have to spend in the hospital, and the quality of life of elderly patients after their treatment in the health care organization.

At the same time, the cost-benefit analysis reveals the fact that the reduction of falls will also open opportunities for increasing the number of patients, who may receive health care services at the health care organization. Patients will be in the safe environment and the minimization of falls will allow treating patients, who need treatment of their health problems rather than consequences of their falls. As a result, the recovery of patients will also occur faster because patients will not have complications caused by falls. In such a way, the implementation of the project will improve the effectiveness of the organizational performance and treatment of patients.

The costs of the project include training costs and costs needed to improve the facilities and equipment to minimize the risk of falls among elderly patients.

References:

Hendriks, M. R. C., Evers, S. M. A. A., Bleijlevens, M. H. C., van Haastregt, J.,C.M., Crebolder, H. F. J. M., & van Eijk, J. T.,M. (2008). Cost-effectiveness of a multidisciplinary fall prevention program in community-dwelling elderly people: A randomized controlled trial (ISRCTN 64716113). International Journal of Technology Assessment in Health Care, 24(2), 193-202. doi:http://dx.doi.org.molloy.idm.oclc.org/10.1017/S0266462308080276

Kannus, P., Sievänen, H., Palvanen, M., Järvinen, T., & Parkkari, J. (2005). Prevention of falls and consequent injuries in elderly people. The Lancet, 366(9500), 1885-93. doi:http://dx.doi.org.molloy.idm.oclc.org/10.1016/S0140-6736(05)67604-0

Karlsson, M. K., Magnusson, H., von Schewelov, T., & Rosengren, B. E. (2013). Prevention of falls in the elderly–a review. Osteoporosis International, 24(3), 747-62. doi:http://dx.doi.org.molloy.idm.oclc.org/10.1007/s00198-012-2256-7

The terms offer and acceptance. (2016, May 17). Retrieved from

[Accessed: June 30, 2022]

"The terms offer and acceptance." freeessays.club, 17 May 2016.

[Accessed: June 30, 2022]

freeessays.club (2016) The terms offer and acceptance [Online].
Available at:

[Accessed: June 30, 2022]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: June 30, 2022]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: June 30, 2022]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: June 30, 2022]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: June 30, 2022]
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