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RESS Yr 2 > Lecture 9: Introduction to health Economics > Flashcards

Lecture 9: Introduction to health Economics Flashcards

1
Q

What is healthcare economics the study of?

A

how choices in health and healthcare should be made between competing needs for resources

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2
Q

What are the four key concepts of economics?

A

1) opportunity cost

2) efficiency

3) marginal analysis

4) equity

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3
Q

What is opportunity cost?

A

the value of forgone benefit which could be obtained from a resource in its next best alternative use

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4
Q

What is efficiency in economics?

A

maximising the benefit for the resources used

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5
Q

What is technical efficiency?

A

meeting a given objective at the least cost (when comparing alternatives with similar outcomes)

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6
Q

What is allocative efficiency?

A

a situation in which consumers are all paying the lowest prices possible and all the producers capable of supplying at that price are doing so

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7
Q

What is marginal analysis?

A

analysis that involves comparing marginal benefits (next step up or down) and marginal costs

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8
Q

What is marginal benefit?

A

what you gain by adding or subtracting one more unit

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9
Q

What is marginal cost?

A

the cost of adding or subtracting one unit

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10
Q

What is equity (in economics)?

A

fairness or justice of the distributions of costs and benefits

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11
Q

What is cost-consequence analysis?

A

disaggregated study that looks at consequences measured in a variety of natural units (e.g. days of extra life) paired with their costs

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12
Q

Give 3 pros of cost-consequence analysis:

A

1) can see all outcomes

2) in natural terms

3) disaggregated (few assumptions)

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13
Q

Give 2 cons of cost-consequence analysis:

A

1) assumes decision maker capacity

2) no indication of relative importance of outcomes

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14
Q

Cost-effectiveness analysis:

A

compares the relative cost and outcomes of different courses of action (results are in terms of cost per unit effect e.g. £1K per life saved

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15
Q

Give two instances where cost-effectiveness analysis should not be used:

A

1) health programmes can have multiple objectives

2) health programmes may not have a main outcome

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16
Q

True or false: cost-effective analyses look at one clinical outcome (no secondary outcomes)

A

True

17
Q

What is cost-minimisation analysis?

A

Chooses cheapest option between treatments that have identical outcomes

18
Q

What is cost-benefit analysis?

A

a systemic process for calculating and comparing benefits and costs of an intervention in terms of monetary unit

19
Q

True or false: cost-benefit analysis cannot be used for comparisons with other public sector expenditure

A

True

20
Q

What is cost utility analysis?

A

Specialized form of cost-effectiveness analysis that includes a quality of life component associated with morbidity using common health indices such as quality-adjusted life (QALYs) and disability-adjusted life years (DALYs)

21
Q

Give two instances where cost utility would not be used:

A

1) when an effectiveness measure is already captured by another variable

2) when effectiveness shows a programme has dominance

22
Q

What NICE-approved standardised questionnaire is used to calculate QALY?

A

EQ-5D

23
Q

What are the 5 factors assessed in the EQ-5D questionnaire?

A

1) mobility

2) selfcare

3) usual activity

4) pain/ discomfort

5) anxiety/ depression

(each is given a level from 1-3 with 1 being no problems and 3 being extreme problems)

24
Q

What does a QALY score of 1 mean?

A

full year of quality life

25
Q

Give the equation to work out total QALY using utility:

A

utility x life expectancy

26
Q

What is HES?

A

a national statistical data warehouse for England of the care provided by NHS hospitals and NHS hospital patients elsewhere

27
Q

True or false: HES data doesn’t include primary or social care data

A

true

28
Q

Where can values of hospital services be found?

A

NHS reference cost

29
Q

Where can values of primary care services be found?

A

personal social services research unit cost of health and socail care (PSSRU)

30
Q

What does ICER stand for?

A

incremental cost effectiveness ratio

31
Q

Give the ICER equation:

A

difference in cost/ difference in consequence

32
Q

What is the willingness to pay threshold?

A

the maximum a society is willing to pay in order to get an extra unit of health benefit

33
Q

What is the NICE threshold range?

A

£20,000 - £30,000

34
Q

What is dominance?

A

where A and B are being compared if programme A costs less and produces more health gain than programme B then programme A is said to be dominant

35
Q

What is a one way uncertainty and sensitivity analysis?

A

varying one variable at a time

36
Q

What is a multiway uncertainty and sensitivity analysis?

A

varying more than one variable at a time

37
Q

What is probabilistic uncertainty and sensitivity analysis?

A

varying all parameters simultaneously based on probability distributions

RESS Yr 2 (10 decks)

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