Running head: HEALTHCARE ECONOMICS 1Digital Medicine for Diabetes in Healthcare EconomicStudent’s NameInstitutional Affiliation
HEALTHCARE ECONOMICS 2Digital Medicine for Diabetes in Healthcare EconomicDiabetes is a disease that has become epidemic in the contemporary world and it is mostly due to our lifestyle choices, habits, diet, and eating patterns (Beaton, 2018). With the rise in fast foods, sugars in almost every snack and meals diabetes has risen to become a healthcare condition that is most common in people of all ages ranging from older people to teenagers. It is perhaps appropriate to evaluate our eating habits to prevent this epidemic. It is evident that currently, the illness is one of the most expensive conditions to treat. The costs for diabetes are endless, ranging from glucose inhibitor to insulin, treatment and medication, exercise, and diet. The list of wants and needs that people who have diabetes require is almost endless besides beingexpensive. The paper will focus on applying economic concepts to healthcare by addressing digital medicine for diabetes.Economic Concepts in Treatment of DiabetesEconomic in health care has however, played a pivotal role in trying to prevent the spread of diabetes while also reducing its cost. Digital apps and tool helps diabetic patients to come up with cost-effective means to save on their spending for drugs, treatment diet, and all the requirements that pertain to the prevention of the disease (Greenwood et al., 2017). Digital transformation and economics are perhaps things worth celebrating. Because they have enabled the health sector to come up with treatment interventions that can help reduce the prevalence of the disease while at the same time saving some money and helping the patients to remain with some pocket change.The economics of healthcare treatment of diseases helps to provide means and ways through which patients can get services such as consultation and treatment using the limited resources disposable to them. The majority of the world populations who suffer from diabetes
HEALTHCARE ECONOMICS 3fall under the working bracket, and the elderly who can hardly earn a living makes the economic planning for diabetes treatment crucial (Alcántara-Aragón, 2019). The reasoning behind financialstrategies in the digital treatment for diabetes is that the disease is costly. Recent studies have shown that the direct and indirect costs associated with diabetes are quite high. In America annually, the government allocates billions of dollars to cater to the expenditure for the disease (Alcántara-Aragón, 2019). Uninsured patients with the condition are at expanded risk for poor results and regularly have restricted access to wellbeing and remedy administrations essential to oversee the healthcare condition. Formally, financial cost benefit analysis addresses the necessary money related issues in the healthcare. One can therefore, analyze the benefits of healthcare and those ofdifferent undertakings with one another in similar terms.