Real options theory and classification of patients by diagnosis related groups: how these different fields could relate?

Abstract

Hospital organizations are inserted in a complex environment, which makes decision-making a challenge for managers. Therefore, tools and techniques, which seek to understand the past and project the future, are commonly used. In some situations, the observed complexity requires the transfer of knowledge from other areas, in order to find solutions and develop tools that provide an efficient management of resources, integrating what has been done with future projections. In this scenario, this article aims to present a theoretical discussion on the Theory of Real Options - ROT and the Diagnosis Related Groups - DRG, both used in the hospital environment, but for different purposes. Through a bibliographic search, this discussion is justified by the existing gap in the subject and by trying to show how ROT and DRG are related and can be used in a complementary way. The results show that both are applied in the hospital environment with the objective of supporting decision making, taking into account the patient's condition in their analysis in a relevant way. However, ROT and DRG have differences that make the junction of their concepts relevant to decision making.In a complex environment, the managers of hospital organizations should take hard decisions all the time. Therefore, tools and techniques, which seek to understand the past and project the future, are very important. In some situations, the complexity encountered requires the transfer of knowledge from other areas, to find solutions and develop tools that provide efficient management of resources. In this scenario, this article has the main objective to present a theoretical discussion that brings the relationship between the Theory of Real Options and the Diagnosis Related Groups, to identify possible points that underlie the use of real options in Diagnosis Related Groups. The results demonstrate that, with the patient’s condition as the focus, both are applied in the hospital environment with the objective of supporting decision-making, but not together. In addition, the differences observed make the combination of some of its concepts relevant for decision-making