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HomeHomework HelpeconomicsEconomic Impacts of Technology

Economic Impacts of Technology

The economic impacts of technological change in healthcare refer to the effects that innovations and advancements in medical technology have on healthcare costs, resource allocation, and overall economic efficiency within the healthcare system. These impacts can influence patient outcomes, access to care, and the financial sustainability of healthcare providers and payers.

intermediate
3 hours
Economics
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Overview

Technological change in healthcare has profound economic impacts, influencing costs, efficiency, and access to care. Innovations such as telemedicine and electronic health records have streamlined processes, reduced costs, and improved patient outcomes. However, these advancements can also lead to e...

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Key Terms

Telemedicine
The use of technology to provide medical care remotely.

Example: Patients can consult doctors via video calls.

Cost-Benefit Analysis
A method to evaluate the economic advantages and disadvantages of a decision.

Example: Analyzing the costs of a new medical device against its benefits.

Electronic Health Records (EHR)
Digital versions of patients' paper charts that provide real-time, patient-centered records.

Example: Doctors can access patient histories instantly through EHRs.

Wearable Health Devices
Technology worn on the body that monitors health metrics.

Example: Fitness trackers that monitor heart rate and activity levels.

Health Outcomes
The results of healthcare services and interventions on patients' health.

Example: Improved recovery rates after surgery due to advanced technology.

Access to Care
The ability of individuals to obtain healthcare services when needed.

Example: Increased access through mobile clinics in rural areas.

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Economic Models in Healthcare
Discusses various economic models used to analyze healthcare systems and technologies.
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Key Concepts

Cost ReductionImproved EfficiencyAccess to CareHealth Outcomes