2.6 () Health economics for pall care Flashcards
1
Q
What is opportunity cost?
A
The value of forgone benefit which would be obtained from a resource in its next best alternative (i.e. potential benefits lost when choosing 1 option over another)
2
Q
Name 3 economic evaluations
A
Cost-minimization analysis: assuming clinically equivalent outcome, which option is cheaper and costs the least
Cost-benefit analysis: comparing $ for cost and $ of benefit of different options
Cost-effectiveness analysis: comparing $ for cost and non-financial benefit of different options
3
Q
What does QALY stand for?
A
Quality adjusted life years - can be assessed in cost-effectiveness analysis
