Time Is Money, But How Much? The Monetary Value of Response Time for Thai Ambulance Emergency Services
2014 (English)In: Value in Health, ISSN 1098-3015, E-ISSN 1524-4733, Vol. 17, no 5, 555-560 p.Article in journal (Refereed) Published
ObjectiveTo calculate the monetary value of the time factor per minute and per year for emergency services.MethodsThe monetary values for ambulance emergency services were calculated for two different time factors, response time, which is the time from when a call is received by the emergency medical service call-taking center until the response team arrives at the emergency scene, and operational time, which includes the time to the hospital. The study was performed in two steps. First, marginal effects of reduced fatalities and injuries for a 1-minute change in the time factors were calculated. Second, the marginal effects and the monetary values were put together to find a value per minute.ResultsThe values were found to be 5.5 million Thai bath/min for fatality and 326,000 baht/min for severe injury. The total monetary value for a 1-minute improvement for each dispatch, summarized over 1 year, was 1.6 billion Thai baht using response time.ConclusionsThe calculated values could be used in a cost-benefit analysis of an investment reducing the response time. The results from similar studies could for example be compared to the cost of moving an ambulance station or investing in a new alarm system.
Place, publisher, year, edition, pages
Elsevier, 2014. Vol. 17, no 5, 555-560 p.
cost-benefit, emergency medical service, medicine, response time
Research subject Economics
IdentifiersURN: urn:nbn:se:kau:diva-33379DOI: 10.1016/j.jval.2014.05.006ISI: 000341084700009PubMedID: 25128048OAI: oai:DiVA.org:kau-33379DiVA: diva2:737627