Lecture 5 Flashcards
Triple Aim
Improve Health
Better Care
Lower Costs
Fee-for-service
incentive to provide a higher volume of services
Pay-for-performance
incentives to provide high quality care at lower costs
Pharmacoeconomics
Description and analysis of the costs and consequences of pharmaceuticals and pharmaceutical services and its effects on individuals, health care systems and society
Outcomes
studies that attempt to identify, measure, and evaluate the end results of health care services (clinical, economic, and humanistic)
Economic outcomes
direct, indirect, and intangible costs compared with the consequences of medical treatment alternatives
Clinical outcomes
Medical events that occur as a result of disease or treatment
Humanistic outcomes
Consequences of disease or treatment on patient functional status, or quality of life, measured along several dimensions
Direct Medical Costs
costs incurred for medical products and services used for the prevention, detection, and treatment of disease
Intangible costs
cost of pain, grief, and other nonfinancial outcomes of disease and medical care
Incremental costs
additional costs incurred to obtain an additional unit of benefit from an alternative strategy
Opportunity costs
money spent on one resource that cannot be spent for other purposes
Cost of Illness (COI)
Identifies all of the direct and indirect costs of a particular disease within a healthcare system
use to provide baseline to compare prevention/treatment options against
total cost of disease can be compared to cost of intervention
Cost minimization analysis (CMA)
Compares the cost of two or more equivalent treatments
Cost-benefit analysis (CBA)
compares the costs and benefits of treatment alternatives or programs; costs and benefits expressed in monetary terms
used to compare treatment alternatives or programs when deciding how to allocate scarce resources
used the least
