Economic and Patient-Reported Outcomes Assessment

Efficacy = Degree to which an intervention works, determined by results achieved in carefully designed studies Effectiveness = Degree to which the intervention can work in practice, interested in real-world results Efficiency = Assessment of whether the intervention is worth its price, measurement of resource utilization function of value Ethics = Assessment of whether the intervention should be used regardless of the cost, consideration of human worth

Clinical outcomes = Changes in biomedical and physical events Economic outcomes = Changes in the utilization of resources Humanistic outcomes = Changes in patient status or quality of life Opportunity cost = Money spent on one resource that cannot be spent for other purposes; value of the next best use that is forgone

Direct medical cost = Costs directly related to medical treatment Direct nonmedical cost = Costs directly related to non-medical aspects of treatment Indirect cost = Costs indirectly related to the consequences of medical treatment Intangible costs = Costs that are difficult to quantify, such as pain and suffering

Cost Consequences Perspective = Defined as the resources consumed by a program or treatment alternative Incremental costs = Additional costs resulting from a new intervention compared to standard care Equity = Assessment of whether the intervention represents a fair allocation of resources Patient reported outcome (PRO) analysis = Provides insight into ethics decisions

Clinical outcomes = Consequences of disease or treatment on patient functional status or quality of life, measured along several dimensions Economic outcomes = Direct, indirect, and intangible costs compared with the consequences of medical treatment alternatives Humanistic outcomes = Medical events that occur as a result of disease or treatment Economic Outcome Assessment = Cost consequences perspective

Pharmacoeconomics = Identifying, measuring, and comparing costs and consequences of therapies Health outcomes research = Identifying and measuring the link between treatments or interventions delivered and the actual outcomes achieved Value-based system = Health outcomes per dollar spent Economics = Study of how individuals and society employ scarce resources to produce commodities and distribute them for consumption

Value = Defined as 'health outcomes per dollar spent' Patient-reported quality of life = Functional measures including patients' satisfaction and quality of life Intervention value = Determination of value by evaluating four types of interventions Pharmacoeconomic analyses = Based on outcomes and costs to determine best therapy outcomes for resources invested

Scarce resources = Resources that could have alternative uses and are employed to produce various commodities Commodities distribution = Distribution for consumption among various people and groups in society Value determination = Four types of evaluation for interventions must be done to determine value Outcome achievement measurement = Methodology used to identify and measure the link between treatments or interventions delivered and the actual outcomes achieved

Health care reform = Oriented to a value-based system Pharmacoeconomic analyses = Process of identifying, measuring, and comparing costs and consequences of therapies Value-based system = Orientation towards 'health outcomes per dollar spent' Outcomes research methodology = Incorporates clinical outcomes, financial impact, and functional measures including patients' reported quality of life and satisfaction

Pharmacoeconomics = Determining which alternative produces best outcomes for resources invested Economics = Study of how individuals and society choose to employ scarce resources to produce various commodities Value determination = Determined by evaluating four types of interventions Patient-reported quality of life = Incorporates patients' satisfaction and quality of life in health outcomes research

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