Can you help me with a scholarly response with 1 reference for the…

Question Answered step-by-step Can you help me with a scholarly response with 1 reference for the… Can you help me with a scholarly response with 1 reference for the statement below: please:Economics theory is about resource allocation, and efficiency in resource use (getting the most from available resources) in health care can be understood by identifying production functions representing health-care services. Economic theory is divided into microeconomics and macroeconomics. Microeconomics is about individual decision-making unit in the economy, the firm and the consumer. Macroeconomics is concerned with broad aggregates of economic activity such as unemployment, inflation rate, and economic growth (Gowdy & O’Hara, 2019). The goal of any health care intervention is to improve health with available preventive measures, treatments, and medical procedures. Although economics in general provides a framework to allocate scarce resources among competing ends, health economics specifically deals with the allocation of resources in improving health (Dang et al., 2016).The advanced practice nurse will make economic evaluations on health outcome of a patient based on efficacy of health program, cost effectiveness and availability to intended patients. This is applied in deciding drug treatments for patients, health care interventions/programs, and type of technology to use (mobile health, telehealth, health portals…). An APN will suggest an effective utility measure to bring about final health output to benefit patient. Examples of such utility measures are quality-adjusted life-years (QALYs), where a common unit is determined by using a multidimensional measure of health status, which is weighted according to individuals’ preference. The advanced practice nurse (APN) will also utilize the knowledge of economic theory by optimizing the use of a Health technology assessment which would be achieved when the marginal cost is equal to the marginal benefit (Dang et al., 2016).By taking into account the clinical and economic realities and philosophical considerations, an APN can make an informed meaningful decision on type of medication to order, necessary lab works, social programs and appropriate referrals for patients based on available resources and economic theory. For example, they can decide to choose less expensive medications and other alternatives to medication like back brace for instance or back exercise. The nurse will mitigate the problem of moral hazard by weeding out unnecessary or redundant medical appointments which mark of the price of health care. Using evidence based practice along with economic theory, the APN will use all available resources to improve the quality of care, meet patient’s needs, educate nurses on how to provide best quality of care and application of health care resources, enhancing health care effectiveness, efficiency and value of resources in health and health care. O Health Science Science Nursing DNP 815 Share QuestionEmailCopy link Comments (0)

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