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Simulation modelling for predicting hospital admissions and bed utilisation

Author

Listed:
  • Maria Hajłasz
  • Bożena Mielczarek

Abstract

We focus on ensuring the financial requirements of a person that has life insurance and needs money because of suffering from a terminal illness that requires costly diagnosis and treatment. On the secondary market of life insurance (the viatical market), companies offer purchase of rights to benefits after the death of the insured. The paper aims to analyse the problem of optimising the life settlement for the insured. We determine the amount of the nominal value of the benefit which the insured intends to sell in such a way so that the number of benefits and premiums maximise the average amount of funds available to the insured. We use various approaches of the insured to risk to find an optimal solution, which also allows taking into consideration the different kinds of human behaviour in risky conditions. The obtained theoretical results are illustrated with examples demonstrating the possibility of their application in practice.

Suggested Citation

  • Maria Hajłasz & Bożena Mielczarek, 2020. "Simulation modelling for predicting hospital admissions and bed utilisation," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 30(3), pages 5-27.
    • Handle: RePEc:wut:journl:v:3:y:2020:p:5-19:id:1484
    DOI: 10.37190/ord200201
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    References listed on IDEAS

    as
    1. Andersen, Anders Reenberg & Nielsen, Bo Friis & Reinhardt, Line Blander, 2017. "Optimization of hospital ward resources with patient relocation using Markov chain modeling," European Journal of Operational Research, Elsevier, vol. 260(3), pages 1152-1163.
    2. Robert Saltzman & Theresa Roeder & Judith Lambton & Lila Param & Brian Frost & Roxanne Fernandes, 2017. "The Impact of a Discharge Holding Area on the Throughput of a Pediatric Unit," Service Science, INFORMS, vol. 9(2), pages 121-135, June.
    3. Elizabeth A. Crawford & Pratik J. Parikh & Nan Kong & Charuhas V. Thakar, 2014. "Analyzing Discharge Strategies during Acute Care," Medical Decision Making, , vol. 34(2), pages 231-241, February.
    Full references (including those not matched with items on IDEAS)

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