Can we do better? Economic analysis of human resource investment to improve home care service for the elderly in Serbia

Marko M Mihic, Marija Lj Todorovic, Vladimir Lj Obradovic, Zorica M Mitrovic Department for Management and Specialised Management Disciplines, Faculty of Organisational Sciences, University of Belgrade, Belgrade, Serbia Background: Social services aimed at the elderly are facing great challenges c...

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Autores principales:	Mihic MM, Todorovic ML, Obradovic VL, Mitrovic ZM
Formato:	article
Lenguaje:	EN
Publicado:	Dove Medical Press 2016
Materias:	home care social investment human resources economic analysis elderly Geriatrics RC952-954.6
Acceso en línea:	https://doaj.org/article/2622b46395f749208dbcb485a48797ef
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spelling	oai:doaj.org-article:2622b46395f749208dbcb485a48797ef2021-12-02T06:16:43ZCan we do better? Economic analysis of human resource investment to improve home care service for the elderly in Serbia1178-1998https://doaj.org/article/2622b46395f749208dbcb485a48797ef2016-01-01T00:00:00Zhttps://www.dovepress.com/can-we-do-better-economic-analysis-of-human-resource-investment-to-imp-peer-reviewed-article-CIAhttps://doaj.org/toc/1178-1998Marko M Mihic, Marija Lj Todorovic, Vladimir Lj Obradovic, Zorica M Mitrovic Department for Management and Specialised Management Disciplines, Faculty of Organisational Sciences, University of Belgrade, Belgrade, Serbia Background: Social services aimed at the elderly are facing great challenges caused by progressive aging of the global population but also by the constant pressure to spend funds in a rational manner.Purpose: This paper focuses on analyzing the investments into human resources aimed at enhancing home care for the elderly since many countries have recorded progress in the area over the past years. The goal of this paper is to stress the significance of performing an economic analysis of the investment.Methods: This paper combines statistical analysis methods such as correlation and regression analysis, methods of economic analysis, and scenario method.Results: The economic analysis of investing in human resources for home care service in Serbia showed that the both scenarios of investing in either additional home care hours or more beneficiaries are cost-efficient. However, the optimal solution with the positive (and the highest) value of economic net present value criterion is to invest in human resources to boost the number of home care hours from 6 to 8 hours per week and increase the number of the beneficiaries to 33%.Conclusion: This paper shows how the statistical and economic analysis results can be used to evaluate different scenarios and enable quality decision-making based on exact data in order to improve health and quality of life of the elderly and spend funds in a rational manner. Keywords: home care, social investment, human resources, economic analysis, elderlyMihic MMTodorovic MLObradovic VLMitrovic ZMDove Medical Pressarticlehome caresocial investmenthuman resourceseconomic analysiselderlyGeriatricsRC952-954.6ENClinical Interventions in Aging, Vol Volume 11, Pp 85-96 (2016)
institution	DOAJ
collection	DOAJ
language	EN
topic	home care social investment human resources economic analysis elderly Geriatrics RC952-954.6
spellingShingle	home care social investment human resources economic analysis elderly Geriatrics RC952-954.6 Mihic MM Todorovic ML Obradovic VL Mitrovic ZM Can we do better? Economic analysis of human resource investment to improve home care service for the elderly in Serbia
description	Marko M Mihic, Marija Lj Todorovic, Vladimir Lj Obradovic, Zorica M Mitrovic Department for Management and Specialised Management Disciplines, Faculty of Organisational Sciences, University of Belgrade, Belgrade, Serbia Background: Social services aimed at the elderly are facing great challenges caused by progressive aging of the global population but also by the constant pressure to spend funds in a rational manner.Purpose: This paper focuses on analyzing the investments into human resources aimed at enhancing home care for the elderly since many countries have recorded progress in the area over the past years. The goal of this paper is to stress the significance of performing an economic analysis of the investment.Methods: This paper combines statistical analysis methods such as correlation and regression analysis, methods of economic analysis, and scenario method.Results: The economic analysis of investing in human resources for home care service in Serbia showed that the both scenarios of investing in either additional home care hours or more beneficiaries are cost-efficient. However, the optimal solution with the positive (and the highest) value of economic net present value criterion is to invest in human resources to boost the number of home care hours from 6 to 8 hours per week and increase the number of the beneficiaries to 33%.Conclusion: This paper shows how the statistical and economic analysis results can be used to evaluate different scenarios and enable quality decision-making based on exact data in order to improve health and quality of life of the elderly and spend funds in a rational manner. Keywords: home care, social investment, human resources, economic analysis, elderly
format	article
author	Mihic MM Todorovic ML Obradovic VL Mitrovic ZM
author_facet	Mihic MM Todorovic ML Obradovic VL Mitrovic ZM
author_sort	Mihic MM
title	Can we do better? Economic analysis of human resource investment to improve home care service for the elderly in Serbia
title_short	Can we do better? Economic analysis of human resource investment to improve home care service for the elderly in Serbia
title_full	Can we do better? Economic analysis of human resource investment to improve home care service for the elderly in Serbia
title_fullStr	Can we do better? Economic analysis of human resource investment to improve home care service for the elderly in Serbia
title_full_unstemmed	Can we do better? Economic analysis of human resource investment to improve home care service for the elderly in Serbia
title_sort	can we do better? economic analysis of human resource investment to improve home care service for the elderly in serbia
publisher	Dove Medical Press
publishDate	2016
url	https://doaj.org/article/2622b46395f749208dbcb485a48797ef
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Can we do better? Economic analysis of human resource investment to improve home care service for the elderly in Serbia

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