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Hes > L07: Health Economics Introduction And Overview > Flashcards

L07: Health Economics Introduction And Overview Flashcards

1
Q

What does scarcity mean

A

Lack of resources

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2
Q

What does a economic analyses help us to decide on

A

Choices concerning scarcity

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3
Q

What are the 2 stances an economic analyses can indicate or predict

A

Normative stance

Positive stance

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4
Q

What is a normative stance

A

Indicates The nature of the resource allocation decision that is followed if certain objectives are achieved

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5
Q

What is a positive stance

A

Predicts the observable factors and provide the information on the likely costs and benefits associated with alternative courses of action

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6
Q

What is the opportunity dose

A

The benefits you have lost by not spending the resource in the other way

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7
Q

What is a technical efficiency

A

Producing an output in the best way possible without wasting scarce resources
You meet the objective at a low cost

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8
Q

What is an allocative efficiency

A

Producing an output that best statisfies the consumers wants/needs

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9
Q

What is the definition of economic evaluation

A

A comparative analysis of alternatives courses of action in terms of costs and consequences

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10
Q

What are the 5 main types of economic evaluation

A 
Cost consequence analysis 
Cost effectiveness analysis 
Cost minimisation analysis 
Cost utility analysis 
Cost benefit analysis
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11
Q

What are the outcomes that are measured in a cost effectiveness analysis

A

Lives saved
Or
Increased survival

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12
Q

What are the outcomes measured in a cost utility analysis

A

Quality adjusted life years (QALYs)

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13
Q

What is an incremental approach in economic evaluation

A

The difference in costs and difference in consequences when comparing 2 different options

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14
Q

What is a marginal benefit

A

The increase in benefit as a result of increasing the production by one additional unit

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15
Q

What is the marginal cost

A

The increase in cost as a result in increasing the production by one additional unit

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16
Q

What is the incremental cost effectiveness ratio

A

The ratio between the difference in costs (of 2 options) over difference in cosequences (of 2 options)

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17
Q

What does the incremental cost effectiveness ratio calculate

A

Cost per extra unit of benefit

18
Q

Write down the equation for ICER

A

Difference in cost/ difference in consequence = (cost b-a)/( benefit b-a)

19
Q

What is the cost effectiveness plane

A

A graph of effect against cost difference

20
Q

When does NICE consider an new intervention to be cost effective

A

If the cost of QALY is less than 20’000 per QALY

21
Q

What is the key objective of economic analysis

A

Promote efficient use of health care resources

Ensure maximum total benefit is derived from the resources available

22
Q

What is an opportunity cost

A

The benefit lost by not doing the other thing with the resource

23
Q

What is an economic evaluation

A

A COMPARATIVE analysis of cost and consequence

24
Q

On a cost effectiveness plane which intervention would you consider

A

When it is least colts and most effective than the comparator

25
Q

When would you not consider an intervention on the cost effectiveness 0plane

A

When it is costly and less effective than the comparator

26
Q

Which other outcome of a new intervention would require further considering on a cost effectiveness plane

A

When it is costly but effective

27
Q

What does a cost consequence analyses look at

A

Summaries the costs and consequences of the 2 interventions/comparators

28
Q

What are the advtanges of using a cost consequence analysis

A

You can see all the outcomes

In natural terms

29
Q

What are the disadvantages of cost consequence analysis

A

Assumes decision maker capacity
There is no indication of important outcomes
Decision rule requires dominance

30
Q

In a cost benefit analysis what is the outcome measured in

A

Monetary units

31
Q

Do we proceed with an intervention if the benefit exceeed the cost in a cost benefit analysis

A

Yes

32
Q

When do we not proceed with the intervention in a cost benefit analysis

A

When the cost exceeds the benefit

33
Q

What type of approach does a cost benefit have

A

Welfarist approach

34
Q

What is the outcome of the cost effectiveness analysis measure

A

Effect of the intervention

35
Q

What are the units of the outcome of a cost effectiveness analysis

A

Natural units e.g hospital days, lives saved, complications avoided.

36
Q

Which option is chosen in a cost minimisation an always is

A

The least costly option is the most effienct

37
Q

What are the outcomes of a cost utility analysis

A

QALYs gained

38
Q

Which organisational group uses the cost utility analysis

A

NICE

39
Q

What does the cost utility analysis measure

A

Health

40
Q

Which 3 economic analysis have a extra welfarist paradigm

A

Cost effectiveness analysis
Cost minimisation analysis
Cost utility analysis

Hes (26 decks)

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