Costs

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Costs

Costs (pronunciation: /kɒsts/) are the monetary value or price of resources used or required to perform certain activities. In the medical field, costs refer to the financial expenditure associated with healthcare services, including but not limited to, hospital care, medications, medical procedures, and preventive measures.

Etymology

The term "costs" originates from the Latin word constare, which means "to stand at something, to cost". It was later adopted into Old French as coster, and then into Middle English as costen.

Types of Costs

There are several types of costs associated with healthcare:

  • Direct Costs: These are costs directly related to the provision of healthcare services, such as the cost of medical procedures, medications, and hospital stays.
  • Indirect Costs: These are costs not directly related to the provision of healthcare services, but are incurred as a result of illness or treatment, such as lost productivity due to illness.
  • Intangible Costs: These are costs that are difficult to measure, such as the emotional distress caused by illness.

Related Terms

  • Out-of-pocket Costs: The portion of healthcare costs that the patient pays out of their own pocket.
  • Cost-effectiveness Analysis: A method of economic evaluation that compares the costs and outcomes of different healthcare interventions.

See Also

External links

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