Economic Analysis

Question 1

relationship between quality and cost

Answer 1

as cost increases so should quality until a certain point

then it begins to decrease

Question 2

types of economic analysis

Answer 2

cost minimization
cost effectiveness with cost utility
cost benefit

Question 3

cost minimization

Answer 3

same benefit different costs for two interventions

looks at 2 things that have the same health outcome and determines which is cheaper/cost effective

Question 4

cost effectiveness

Answer 4

different costs and different benefits to two interventions
compares 2 things without same outcome
measured in outcomes (not $)- lives saved, number not hurt, persons able to live at home, etc
most common

Question 5

cost utility

Answer 5

outcomes in terms of quality adjusted life years (QALY)

uses QALYs to see the benefit

Question 6

cost benefit

Answer 6

comparing costs and benefits in terms of dollars (rate in health care)
uses $ to determine benefit, not really used in health care

Question 7

basic steps in a cost effectiveness analysis

Answer 7

• define project
• determine perspective of analysis
• define target population
• select intervention and comparator
• decide how long data needs to be collected
• determine health outcomes in both groups
• determine costs for both groups
• conduct analysis that compares benefit in outcomes and costs
• conduct a sensitivity analysis (results in tornado diagram)

Question 8

QALY

Answer 8

measurement of “utility”, 1 perfect year of health

Question 9

monte carlo estimations

Answer 9

cost-effectiveness planes aka bootstrapping
dots=estimations from the model all the ranges
want dots in bottom right
A is always compared to B

Question 10

CEAC

Answer 10

cost effectiveness acceptability curves
this curve is driven by Monte Carlo estimates
only helpful for the society not individual

Question 11

tornado plot

Answer 11

top value has the greatest influence on the Monte Carlo

aka the longest one