Business Dynamics
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In many countries, healthcare expenditure has witnessed an accelerated pace of increase over the years. This has placed a strain on both public and private sectors to effectively mitigate the surmounting pressures of healthcare costs, affordability and accessibility. This paper looks into these issues within Singapore's healthcare system. The system dynamics simulation method has been used to elucidate complexities brought about by multiple interconnected subsystems and their complex relationships. Simulations have been carried out to understand how the different entities in the system influence healthcare affordability. For instance, this included observing how demand for hospital services affected the various critical hospital resources and their respective costs. Four different classes of policies have then been developed and subsequently tested for their effectiveness in improving healthcare affordability.