The economic cost of wait times in Canada

Calculating excess waits Provincial governments and other organizations provide some information on wait times for treatment for a number of different medical conditions experienced by the median patient in their province or region, that is, the patient in the middle of the scale of those waiting the shortest amount of time and those waiting the longest. [...] We used this information to report and calculate the following for each of the 4 procedures: 1) The median patient wait time (shown as the shaded bars in Figure 2) 2) The average wait time for treatment by the average patient who has to wait for longer than the maximum recommended period for treatment (shown as the shaded and clear bars together in Figure 2) Figure 2 Average Patient Wait Times for [...] The Economic Cost of Wait Times in Canada Page 8 2. The economics of wait lists This chapter defines wait times and wait lists, briefly reviews the economic reasons for wait lists, examines what an optimal wait time might be, gives the costs and benefits of waiting for treatment, and reviews some of the other research on the cost of wait times. [...] Costs of waiting The costs of waiting can be determined in terms of the impacts on individual economic agents — (individuals, businesses and governments), the resulting impacts on the resources available to the economy as a whole and the efficiency of this resource allocation. [...] The cost to individuals of waiting depends on the nature of the illness and the circumstances of the individual.