Usefulness of clinical economics in managing a complex hospital system for better patient outcomes

Clinical economics or medical economics refers specifically to the economic aspects of clinical decision-making and practices in the healthcare realm, especially at the individual patient level. It is essential for management of complex hospital systems by optimising resource allocation, driving quality improvement, promoting patient-centred care, reducing disparities, informing health policy, and managing clinical as well as financial risks. By integrating economic principles with clinical practice, hospitals can achieve better patient outcomes while ensuring the efficient use of resources. The practice of clinical economics includes cost-effectiveness analyses of different treatment options, resource utilisation in clinical settings, and other economic considerations in the context of individual patient care. It could also assist in balancing the focus from the perspectives of patients, doctors and managers by reaching a consensus among them with regard to different perceptions and values for clinical decisions. Training in clinical economics should therefore become a mandatory component of education for all healthcare professionals, and should include continuing professional education (such as conferences and journal clubs), recertification programmes and practice guideline development.