11 Nov Research and discuss the following terms in a 1- to 2-page document: Opportunity cost Initial costs Continuing costs Induced costs Averted costs Fixed costs Variable cost
Step 1: Research and discuss the following terms in a 1- to 2-page document:
- Opportunity cost
- Initial costs
- Continuing costs
- Induced costs
- Averted costs
- Fixed costs
- Variable costs
Step 2: Using one of the studies listed below, research the topics and then formulate two processes to achieve positive outcomes. Then, compare the costs of the two processes by conducting a CEA. You may have to create control and outcome numbers, as well as estimate the costs of each component of the CEA. Use of a comparison table is encouraged. See an example below:
How to do a basic cost-effectiveness analysis. (n.d.). Retrieved from http://www.tools4dev.org/resources/how-to-do-a-basic-cost-effectiveness-analysis/
- Increase the number of children receiving an annual flu vaccine in a pediatric clinic.
- Decrease the number of “no-show” patients with appointments in a physician’s office practice.
- Decrease resident falls in a 100-bed nursing home.
- Decrease medication errors in a 500-bed acute care hospital.
- Decrease wait time in a hospital emergency department (ED).
Step 3: Finally, from research, how can the program's quality outcomes be measured? No calculations are necessary.