Economic Evaluation In Healthcare Flashcards
What is economic evaluation?
Comparative analysis of the choices in terms of costs and consequences to aid priority setting and resource allocation.
What is the process of economic evaluation?
Identify
Measure
Value
Compare
What are the sources used for economic evaluation?
NICE provides recommendations for the use of medicines based on a review of clinical and economic evidence.
Scottish Medicine Consortium
What are the types of economic evaluation?
Cost effectiveness
Cost utility
Cost benefit
What is cost effectiveness?
Comparing interventions based on an appropriate single common variable based on a better health outcomes like number of years gained or number quitting smoking.
The inputs are the cost of intervention and the change in the health outcome with the new intervention.
What is cost utility?
Comparing the costs of different outcomes based on utility based units that are the units related to a person’s wellbeing typically in QALY.
What is cost benefit?
Analysis of all the outcomes such as health and quality of life between two interventions based on the monetary value.
What is the most comprehensive economic evaluation analysis?
Cost benefit which takes a societal perspective and measures all the outcomes including health, quality of life and societal impacts like time off work in monetary units.
Where does data for economic evaluations come from?
Obtaining primary data by conducting RCTs
Non-randomised studies such as before-and-after
Relying on existing data and secondary data from NICE
What are the costs considered in economic evaluation?
Checklist of the costs and consequences based on all the resources consumed such as:
-> Costs to the healthcare sectors for operating staff, equipment and the premises
-> Costs to patients and family for travel time, anxiety and operating equipment
-> Costs to other sectors such as social services and societal productivity loss
What are the ideal aims in economic evaluation?
Change in health state such as Quality of life state for patient/family
Resources saved for the health sector, patient and family, or other sectors.
What is direct cost?
Costs of an intervention through the manufacturing, premises, staff salary and travel costs.
What is indirect cost?
Missed wages due to illness.
What is cost minimisation analysis?
Comparing the monetary value of different interventions which have an assumed equal health outcomes to choose the least cost analysis. It is not a full form of economic evaluation and it is used when prior evidence suggests that outcomes are equal.
What are the benefits of cost-effectiveness analysis?
Straightforward to carry out and uses data from RCTs.