If you ain't [worth] no money take your broke ass home!
pO157.
Posted to Business on Thu Jun 14, 2007 at 05:34:19 PM EST (promoted by port1080). RSS.
525,600 minutes, 525,000 moments so dear
525,600 minutes how do you measure a year?
In daylights, in sunsets, in midnights, in cups of coffee
In inches, in miles, in laughter, in strife?
In 525,600 minutes - how do you measure a year in the life
How about... money?
How much is a year of healthy human life work? Some health care administrators are trying to calculate just that. This is a pressing issue because society underwrites a large portion of health care costs, and spends a ton at that.
How do you put a value on a year of a person's healthy life? A quick answer suggested by medical administrators is related to dialysis. A year of dialysis needed to help keep those those with chronic kidney problems alive runs about $70,000. Therefore, you could ballpark a year of quality healthy life at about $100K (USD) a year or more, which is comparable to studies of americans and their estimations of what their life is worth.
The exact numbers in the study by researchers were obtained by asking patients how much risk of death they would undertake in order to be cured of hypothetical diseases with various symptoms. Based on these results each condition could be assessed for an economic value of loss on a persons life based on both life expectancy and decreased quality.
These results are argued to be important because they can be used to financially justify certain treatments -- for example, some cancer drugs are relatively ineffective and only prolong life by a few weeks, but can run in the millions according to study researchers. Are they a good investment? For example, would a $200,000 treatment to restore vision to a blind man be a good investment if he is expected to only live another 3 years? If the quality of life score assigned to blindness is 0.75 (compared to a healthy 1 or a dead 0, and some diseases actually rate in the negative numbers) and the value of a year of normal life is $100,000 it may not be a good investment according to the economists.
Of course, we are spending more per year on those with health issues, and with a few exceptions most hospitals will pour the money out to prolong patients lives. Almost nobody ever wants to give up on those who are close to death, which is why patients with terminal conditions get expensive treatments. Those patients could be us someday in the future, after all...
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