presentation

Description

ppt+750words Speech draft

Unformatted Attachment Preview

ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
The Economics of Healthcare: A Comparative Analysis of Public and Private Healthcare
Systems
Student
Institution Affiliation
Course
Date
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
Abstract
This research study provides a detailed comparison examination of Singapore’s and Australia’s
healthcare economics, concentrating on the precise financial aspects of their distinct healthcare
systems. The study investigates changes in healthcare spending, economic indicators, and per
capita expenditure using a multimodal technique that includes extensive literature studies and
empirical investigations. The primary goal is to decipher these countries’ various methods of
healthcare finance, which will contribute significantly to insurance economics. The examination
of healthcare spending patterns provides a lens that allows one to examine the macroeconomic
dynamics of each system in the context of this research. Economic measures such as GDP spent
on medical care and per capita spending provide a more nuanced view of healthcare finance
systems’ efficiency and efficacy. The comparative method emphasizes both similarities and
distinctions. The project intends to add useful knowledge to the larger debate on healthcare
economics by encouraging evidence-based policy creation and making smart choices in global
healthcare through its thorough analysis.
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
Table of Contents
Chapter 1 ………………………………………………………………………………………………………………….. 5
1.1 Background. ………………………………………………………………………………………………………. 5
1.2 Research Question and Objectives ………………………………………………………………………….. 5
1.2.1Study Goals …………………………………………………………………………………………………… 6
1.3 Scope and Limitations ………………………………………………………………………………………….. 6
1.4 Conceptual Framework ………………………………………………………………………………………… 7
Key Variables ………………………………………………………………………………………………………… 7
Relationships ………………………………………………………………………………………………………… 8
Chapter 2: Literature Review ………………………………………………………………………………………… 9
2.1 Overview of Healthcare Economics …………………………………………………………………………. 9
2.2 Public and Private Healthcare Systems ……………………………………………………………………. 9
2.2.1 Unraveling the Economic Dynamics…………………………………………………………………… 9
2.2.2 Analysis of Public Healthcare Systems ……………………………………………………………….10
2.2.3 Determining Combined Influence ……………………………………………………………………..10
2.3 Comparative Studies ……………………………………………………………………………………………11
2.4 Gaps in the Existing Literature………………………………………………………………………………12
Chapter 3: Research Methodology ………………………………………………………………………………….13
3.1 Research Design………………………………………………………………………………………………….13
Mixed-Methods Approach …………………………………………………………………………………………14
3.2 Data Collection …………………………………………………………………………………………………..15
3.3 Data Analysis ……………………………………………………………………………………………………..16
Chapter 4: Comparative Analysis ………………………………………………………………………………….18
4.1 Overview of Healthcare Systems in Australia and Singapore ……………………………………….18
4.1.1 Historical Background ……………………………………………………………………………………18
4.1.2 Organizational Structures ……………………………………………………………………………….19
4.1.3 Key Philosophies ……………………………………………………………………………………………20
4.2 Comparative Financial Analysis …………………………………………………………………………….21
4.2.1 Financial Burden on Patients …………………………………………………………………………..21
4.2.2 Comparative Pricing Structures ……………………………………………………………………….22
4.3 Comparative Health Outcomes ………………………………………………………………………………23
4.3.1 Health Results and System Costs ………………………………………………………………………23
4.3.2 Financial Models and Health Outcomes ……………………………………………………………..23
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
4.4 Regression Results Using OLS Estimator …………………………………………………………………23
4.4.1 OLS Regression Results for Healthcare Economics Study ……………………………………..24
4.5 Graphical Representation……………………………………………………………………………………..27
4. 5.1 Healthcare Expenditure Components ……………………………………………………………….28
4.6 Health expenditures (10 years ago) …………………………………………………………………………29
4.6.1 Health Statistical: Comparison of Australia and Singapore ……………………………………31
4.6.1 Comparative Economic Indicators…………………………………………………………………….33
•
Healthcare Spending as a Percentage of GDP …………………………………………………………….33
Chapter 5: Discussion …………………………………………………………………………………………………34
5.1 Interpretation of Findings …………………………………………………………………………………….34
5.2 Contributions to Healthcare Economics …………………………………………………………………..35
Chapter 6: Conclusion …………………………………………………………………………………………………36
6.1 Summary of Findings …………………………………………………………………………………………..36
6.2 Implications for Policy and Practice………………………………………………………………………..37
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
Chapter 1
1.1 Background.
The comparative comparison of Singapore and Australia’s healthcare systems, is driven by
the need to comprehend the economic elements that form these two dissimilar models. The
importance of availability and the government’s active engagement in healthcare supply is
highlighted by Australia’s commitment to a universal healthcare system, as demonstrated by
Medicare. In contrast, Singapore’s healthcare design, which combines public and private features
and novel finance systems such as the Central Provident Fund (CPF), adds a new dynamic to the
research. Given the world’s rising healthcare difficulties, a thorough knowledge of the benefits and
limits of various healthcare models has become critical for evidence-based policies. This research
aims to add significant insights to the more excellent discussion of healthcare economics, allowing
for improved choice-making and breakthroughs in healthcare provision.
1.2 Research Question and Objectives
The main question driving this research is the effect of economic dynamics on
convenience, performance, and health outcomes in Singapore’s blended healthcare model and
Australia’s Medicare universal healthcare system. This comparison research aims to elucidate the
complex link involving economic considerations and healthcare quality in these two diverse
systems. The review commences by analyzing the financial support of Australia’s Medicare
program. This involves examining the effects of government participation and financial structure
on the effectiveness of the Australian health system. Simultaneously, the research investigates
Singapore’s unique healthcare system, distinguished by a combination of public and private
components, emphasizing the Central Provident Fund (CPF). This project explores the
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
complexities of diverse sectors’ involvement in Singapore’s healthcare system, offering insight into
how this integrated approach influences health outcomes and treatment availability. The study
examines patterns, inequalities, and distinctive characteristics in health outcomes, service
utilization, and medical care costs.
1.2.1Study Goals
•
Examine the financial foundations of Australia’s Medicare program and its influence on
healthcare access.
•
Explore Singapore’s peculiar healthcare system, emphasizing the responsibilities of the
public and private sectors and the Central Provident Fund.
•
To identify patterns and discrepancies in the two healthcare models and compare economic
measures such as health outcomes, service utilization, and healthcare cost.
1.3 Scope and Limitations
This extensive comparative research systematically studies Singapore’s and Australia’s
healthcare economies to unravel the complicated economic forces inside these unique healthcare
systems. The research investigates essential variables such as healthcare cost, connectivity, and
health consequences to provide a more profound knowledge about the economic elements that
drive healthcare delivery. The research aims to provide vital information for policymakers,
scientists, and operators by focusing on these critical features.
However, significant limitations inherent in the research design must be acknowledged.
The dependence on data that is readily accessible may represent a barrier since it may limit the
depth of understanding available for specific components of healthcare delivery. The study’s
breadth may be limited in capturing the full complexities of some intricacies within the healthcare
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
structures under consideration. The depth of study in those specific domains may be influenced by
the affordability and complexity of data, especially in areas where disclosure to the general public
may be limited. While the research aims to draw broad conclusions regarding healthcare economic
circumstances, a distinct country’s ability to generalize outcomes may be modified depending on
context characteristics. Cultural, legislative, or institutional differences between Singapore and
Australia may influence the transferability of findings to other global contexts. Considering the
drawbacks above, the dissertation remains a thorough examination of the economic aspects of
healthcare in the identified nations, offering a solid basis while admitting the geographical and
historical constraints inherent in comparing countries. The analysis’s span, which ranges from 2010
to the present, gives a snapshot of a specific period but may not reflect more recent trends.
1.4 Conceptual Framework
The theoretical grounding that leads the examination of the healthcare economics of
Australia and Singapore is provided by the conceptual structure used for this study. It entails
identifying essential variables and investigating correlations that impact the economic systems of
healthcare organizations.
Key Variables
Healthcare Expenditure: The amount spent on healthcare, including governmental
subsidies, private donations, and out-of-pocket spending.
Availability and Equity: The extent consumers may obtain healthcare without facing
hurdles, guaranteeing a comparable distribution across varied demographic groups.
Efficiency of Care: A thorough evaluation of healthcare quality, including clinical
efficacy, patient safety, and patient-centeredness.
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
Economic Indicators: Key economic measurements that represent the financial health of
the country, such as GDP spent on medical treatment, per capita healthcare spending, and other
pertinent statistics.
Relationships
Government Intervention: The impact of government programs and initiatives on healthcare
finance, service availability, and system performance in general.
Public-Private Collaboration: Awareness of the joint responsibilities of public and private
organizations in delivering healthcare, payment systems, and the consequences for economic
efficiency.
Health Outcomes: Investigating how economic determinants influence health outcomes, focusing
on the link between financial expenditures and public health.
Healthcare Economics
Health Outcomes
(Impact of healthcare Services on
population Health status)
Economic Indicators
(GDP, inflation, unemployment, etc.)
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
Chapter 2: Literature Review
2.1 Overview of Healthcare Economics
This dissertation focuses on the comprehensive analysis of healthcare economics, a fundamental
component to decipher the economic complexities of Singapore’s hybrid healthcare model and
Australia’s Medicare. It explores fundamental ideas that provide the basis for comprehending the
economic theories underpinning healthcare systems worldwide. Examining resource allocation
mechanisms clarifies how money is allocated and prioritized in the healthcare industry. This
analysis makes its way through the shifting market dynamics that are influencing the provision of
healthcare. This paper establishes the basis for a comprehensive analysis of Australia’s Medicare
system and Singapore’s unique hybrid model by building a solid framework in healthcare
economics.
2.2 Public and Private Healthcare Systems
2.2.1 Unraveling the Economic Dynamics
The dynamic interaction between public and private healthcare organizations is a
fundamental subject in healthcare economics that needs a careful examination to reveal its
complexities. In this part, we look into the subtle and significant contrasts that distinguish these
systems, highlighting public and private organizations’ roles in providing care, funding methods,
and patient access.
The numerous responsibilities of government and private organizations in healthcare
delivery necessitate a thorough analysis, including their impact on funding mechanisms and
medical service accessibility. Patient access, a critical feature of hospital economics, is inextricably
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
linked to the balance of public and private participation. This study aims to go beyond superficial
in nature findings, capturing the subtle linkages that determine the financial foundations of
Australia’s essentially public healthcare program and Singapore’s mixed approach. While doing
so, it provides the framework for a comprehensive comparative investigation that will add essential
knowledge to the more significant discussion of healthcare economics.
2.2.2 Analysis of Public Healthcare Systems
This report thoroughly examines the government’s critical role in funding and managing
healthcare services. It includes a thorough examination of spending allocation, equitable
distribution of resources, and the significant influence of governmental policy on the accessibility
and caliber of healthcare services (Peña-Longobardo et al., 2022). The study will explain the
complicated factors that drive Australia’s largely public healthcare paradigm by examining these
aspects.
Concurrently, the inquiry expands to the intricacies of private healthcare components
inside Singapore’s hybrid model. It necessitates thoroughly examining the distinct interplay
involving private medical providers, insurance systems, and private investments provided by
organizations such as the Central Provident Fund (CPF). The purpose is to uncover the particular
dynamics of Singapore’s healthcare system, which combines public and private parts.
2.2.3 Determining Combined Influence
Uncovering the joint effect of public and private healthcare organizations on the larger
economic landscape of healthcare supply necessitates thoroughly examining their distinguishing
features. This research goes beyond primary classification to investigate the complexity of how
these mechanisms interplay to promote economic efficiency, equal treatment, and optimal medical
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
results. Recognizing the many roles performed by both public and private organizations, this
research lays the groundwork for a thorough knowledge of the economic complexities inside
various healthcare systems.
2.3 Comparative Studies
Ibn-Mohammed et al.’s report from 2021 critically examines COVID-19’s effects on
ecosystems and the world economy, highlighting areas where circular economy techniques might
be implemented. This study addresses not just the immediate economic repercussions but also the
relevance of resilience and sustainability—an important issue for any comparative study
attempting to assess the long-term economic viability of healthcare systems. The circular economy
perspective adds a new dimension, implying possible similarities in implementing circular
methods for optimizing healthcare resource utilization. Chen et al. (2019) provide a
macroeconomic perspective by quantifying the worldwide burden of road injuries. The economic
effects of traffic injuries, which cross national boundaries, are projected over 166 nations in this
study.
The focus was turned to antibiotic prescribing practices in a remote Ugandan refugee
settlement region by Boniface et al. (2021). This study provides a helpful comparative lens into
healthcare practices in many countries, emphasizing the need for contextualized analysis.
Understanding variances in healthcare delivery becomes critical, laying the groundwork for a
comparative examination of healthcare systems that considers regional inequities and particular
issues. Holmgren et al. (2021) assess the use of electronic health records between US and non-US
health systems. This comparative investigation holds relevance for the present study as it navigates
the complexities introduced by varying healthcare infrastructures and technological adoption.
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
In their 2022 study, Peña-Longobardo and Oliva-Moreno provide a cross-national
examination of the economic worth of non-professional care in Europe. This research establishes
the framework for evaluating the economic ramifications of treatment outside typical healthcare
organizations. Considering the economic contributions of informal caregiving introduces a unique
dimension to the comparative exploration, urging a holistic assessment of healthcare systems.
2.4 Gaps in the Existing Literature
Many studies have been conducted on the Australian healthcare system as a whole. Still,
there is a notable lack of study explicitly addressing the financial complexities of Medicare. This
gap makes it challenging to comprehend the specifics of Australia’s widely used public healthcare
system, including its general sustainability, resource allocation mechanisms, and economic
effectiveness. Similarly, there is a need for more comparative evaluations that investigate the
economic dynamics of Singapore’s healthcare model in depth.
Existing research frequently lumps Singapore into wider regional or worldwide comparisons,
ignoring the unique hybrid structure of its healthcare system. Singapore’s unique system, which
blends aspects of public and commercial healthcare, demands a close investigation to determine
the economic ramifications of this complex mix.
The current literature needs to offer a granular understanding of the economic foundations
that underpin Singapore’s healthcare model. Furthermore, more depth is needed in investigating
the intersectionality of economic considerations with ecological sustainability in healthcare
systems. The study by Ibn-Mohammed et al. (2021) briefly touches upon circular economy
strategies in the context of COVID-19 impacts. However, a comprehensive exploration of how
economic decisions within healthcare systems impact ecosystems is conspicuously absent.
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
Many studies have been conducted on the Australian healthcare system as a whole, but
there is a notable lack of studies explicitly addressing the financial complexities of Medicare. This
gap is the need to focus more on the socio-cultural elements driving healthcare economics in
Australia and Singapore. The present work focuses primarily on quantitative indicators, ignoring
qualitative factors influencing economic behavior in healthcare systems.
the digital transformation of healthcare systems, as demonstrated by the study by Holmgren et al.
(2021), demonstrates a gap in recognizing the consequences of technical improvements on
economic elements within both nations’ healthcare sectors. There is a lack of depth in the current
research about the economic effects of digitalization, which leaves open questions about the
implications of technology-driven healthcare practices for fairness, accessibility, and costeffectiveness. Recognizing these gaps in the existing literature is pivotal for integrating qualitative
and quantitative dimensions, considering ecological sustainability, and addressing the impact of
technological advancements.
Chapter 3: Research Methodology
3.1 Research Design
The Australian healthcare system, notably the financial complexities of Medicare, has
piqued people’s attention. Nonetheless, a significant deficit must remain in devoted studies
concentrating on its economic elements. To bridge this gap, we drew inspiration from previous
works by Modi and Baruah (2022) and Mohanty and Mishra (2022). These studies provided a
paradigm for a thorough research approach that went beneath the basic principles of healthcare
economics.
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
Mixed-Methods Approach
•
Quantitative and Qualitative Integration
Recognizing the multidimensional character of healthcare economics, our research employs a
mixed-methods approach, integrating quantitative and qualitative approaches. Recognizing the
need for a comprehensive investigation, this technique guarantees a full assessment of the
economic features of Singapore’s healthcare model and Australia’s Medicare. The quantitative
aspect focuses on health and out-of-pocket health costs, depending on the theoretical framework
proposed by Modi and Baruah (2022).This quantitative component is the starting point for
understanding medical expenditure trends, resource distribution dynamics, and health benefits in
Australia and Singapore.
•
Theoretical Foundations
Our mixed-methods approach emphasizes the interdependence of quantitative and qualitative
elements, building on the theoretical underpinnings given by Modi and Baruah (2022). We want
to thoroughly understand the complicated economic processes within healthcare systems by
combining both techniques. This dual-method approach guarantees that our study presents
numerical comparisons while capturing the socioeconomic subtleties and qualitative complexity
required to comprehensively understand healthcare economics in the selected nations.
•
In-Depth Interviews
In addition to the quantitative methodology, our research includes in-depth interviews with
important stakeholders such as legislators, healthcare experts, and service consumers. This
qualitative dimension seeks to give complex insights into the economic complexities of healthcare
decision-making, the cultural factors influencing healthcare practice, and public views of
healthcare systems. Our dual-method approach guarantees a full grasp of the economic foundations
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
of each healthcare system by combining quantitative and qualitative techniques. This
comprehensive study strategy has the potential to considerably contribute to the current
understanding of healthcare economics by addressing particular gaps in comprehension about
Medicare’s financial difficulties.
3.2 Data Collection
Our approach to gathering data is well thought out, taking cues from established models of
health expenditures and out-of-pocket medical expenses. In the quantitative phase, we will look
into official healthcare records, economic statistics, and pertinent datasets. A solid dataset for
numerical comparisons between Singapore’s healthcare system and Australia’s Medicare is formed
by this systematic approach to ensure thorough secondary data extraction from various sources.
Recognizing the importance of numerical data in healthcare economics, our methodology
is consistent with other research frameworks. Our objective is to comprehend the financial
complexities of both healthcare systems by analyzing health spending and out-of-pocket health
expenditure. This quantitative component of our data-gathering approach enables systematic
analysis, allowing for numerical comparisons that serve as the foundation of our comparative
research. In addition to the quantitative phase, our data collection includes qualitative elements
inspired by Mohanty and Mishra’s (2022) work on explainable artificial intelligence in healthcare.
We use a practical and integrative analytical approach through semi-structured interviews with a
chosen set of stakeholders. This qualitative method enriches the information gathered by
incorporating the subjective experiences and viewpoints of individuals directly involved in the
healthcare systems under consideration. Expanding the ecological viewpoint suggested by IbnMohammed et al. (2021), our research acknowledges the importance of environmental
sustainability in healthcare.
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
We will collect additional data on ecological sustainability practices within each hospital
system to achieve this. This involves investigating environmental reports, sustainability programs,
and healthcare-related regulations in Australia and Singapore.
3.3 Data Analysis
Our data analysis strategy employs a multi-pronged approach, encompassing quantitative,
qualitative, and ecological dimensions to comprehensively unravel the economic intricacies of
Australia’s Medicare and Singapore’s healthcare systems (Usher & Connolly, 2018)
•
Quantitative Analysis: Statistical Rigor
The quantitative data collected will be subjected to meticulous statistical scrutiny,
incorporating key indicators such as GDP levels, total health expenditure, and the proportion
accounted for by the public sector. Descriptive statistics, including mean, median, and standard
deviation, will provide a comprehensive overview of the economic landscape. Comparative
statistical studies, such as t-tests and chi-square tests, will be critical in showing significant
differences in economic factors between Australia’s Medicare system and Singapore’s healthcare
system.
•
Descriptive Statistics
❖ GDP Levels: Mean GDP values will be calculated to ascertain the average economic
output, providing insights into the economic health of each country.
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
❖ Total Health Expenditure: Descriptive statistics will be employed to understand the
central tendency and variability in healthcare spending, including median and standard
deviation.
❖ Public Sector Proportion: Mean and median will be calculated to determine the average
and middle values of the proportion of health expenditure accounted for by the public
sector.
•
Ecological Analysis: Sustainability Perspectives
The ecological dimension of our research, centering on circular economy strategies,
environmental impact assessments, and sustainability practices in the healthcare sector, will
undergo a meticulous analysis inspired by the methods outlined by Ibn-Mohammed et al. (2021).
This analytical lens provides a profound understanding of the environmental aspects deeply
embedded in the healthcare systems of both Australia and Singapore. By exploring circular
economy strategies and sustainability practices, we aim to show how each nation addresses
ecological concerns within its healthcare frameworks (Burau & Blank, 2020).
Concurrent Validation: Synthesizing Insights
Our study methodology will be built on a concurrent validation process integrating
quantitative, qualitative, and ecological data. This synergistic approach enables a complete and
coherent synthesis of the economic dynamics inherent in Medicare in Australia and the healthcare
systems in Singapore. Recognizing the complexities of our research topics, this multimodal
validation approach offers a solid platform for producing nuanced insights and reaching
meaningful findings. It provides a more thorough understanding of the complicated interplay
between economic considerations and the operational dynamics of healthcare systems in both
nations by providing a comprehensive view.
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
Chapter 4: Comparative Analysis
4.1 Overview of Healthcare Systems in Australia and Singapore
The research illustrates the distinctive elements that separate Australia’s Medicare from
Singapore’s hybrid healthcare model by delving into each system’s historical history,
organizational structures, and key philosophies. Australia’s Medicare, created in 1984, is a
universal healthcare system mostly supported by taxation. The investigation explores the
universality, accessibility, and equality ideals that drive Australia’s healthcare system. Singapore’s
healthcare system, on the other hand, is a hybrid of public and private systems that emphasizes
individual responsibility and a multi-tiered approach.
Australia and Singapore have the same level of healthcare. One of the significant
differences between the two healthcare systems is the financial burden placed on patients for their
medical care. The Medicare program partially or fully covers medical treatment at public hospitals
in Australia. People in Singapore must pay for their healthcare, although the government
contributes to some of the costs. Research on how two healthcare systems have different pricing
for the government and individuals while producing identical health outcomes might assist health
law specialists in learning new things.
4.1.1 Historical Background
•
Medicare in Australia: A Journey to Universal Healthcare (1984-Present)
The introduction of Medicare in Australia in 1984 was a watershed point in the country’s
commitment to provide accessible and affordable healthcare to all residents. Medicare’s origins
may be traced back to earlier attempts, such as the 1975 formation of Medibank, which laid the
groundwork for a socialized healthcare system. The establishment of Medicare aims to eliminate
ECONOMICS OF HEALTHCARE IN AUSTRALIA AND SINGAPORE
disparities in healthcare access and minimize the financial burden on individuals (Pietris et al.,
2022). Medicare has developed over time, adjusting to new healthcare demands and legislative
concerns.
•
From Early Initiatives to the Present: Singapore’s Hybrid Healthcare Model
Singapore’s healthcare system has experienced a transformation, moving from early
attempts to the present hybrid model that combines public and private parts. The history of
Singapore’s healthcare system includes significant turning points, beginning with the founding of
the Ministry of Health in 1959 (Tan et al., 2021). Adopting a pragmatic and flexible strategy has
defined Singapore’s healthcare evolution pore’s dedication to ensuring healthcare sustainability
and efficacy, seen in the combination of public healthcare institutions, commercial providers, and
innovative finance systems such as the Central Provident Fund (CPF).
4.1.2 Organizational Structures
•
Australia’s Medicare System
The Medicare system in Australia has a well-structured organizational framework that en