Fundamentals of Economics in Healthcare
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Questions and Answers

Which of the following is NOT a key element in economic studies?

  • Choosing between alternatives
  • Maximizing outcomes (correct)
  • Decision making within limited budgets
  • Assessment of costs and consequences

What does cost-effectiveness primarily examine?

  • Total economic burden of disease
  • Cost and profits measured in monetary terms
  • Quality of life adjustments in monetary terms
  • Outcomes measured in natural units (correct)

What does a cost utility analysis measure?

  • Cash flow from healthcare programs
  • Total expenses of healthcare services
  • Outcome in Quality-Adjusted Life Years (QALYs) (correct)
  • Financial savings from reduced medical costs

Which type of cost is associated with loss of productivity?

<p>Indirect Cost (D)</p> Signup and view all the answers

Which method is used in cost of illness studies to calculate the lifetime cost of new cases?

<p>Incidence-based method (C)</p> Signup and view all the answers

What does cost minimization assume about outcomes?

<p>Outcomes are equivalent (B)</p> Signup and view all the answers

Which of the following is an example of an indirect cost?

<p>Loss of job productivity (C)</p> Signup and view all the answers

What type of outcome focuses on the availability of healthcare providers?

<p>Structure Outcomes (B)</p> Signup and view all the answers

Which of the following perspectives in economic analysis focuses on out-of-pocket costs and lost wages?

<p>Patient Perspective (A)</p> Signup and view all the answers

Which accounting principle emphasizes that price does not always reflect cost?

<p>Cost consideration principle (A)</p> Signup and view all the answers

What is the primary purpose of Cost Minimization Analysis?

<p>To identify the least costly alternative with equivalent outcomes (D)</p> Signup and view all the answers

Which component is NOT part of the ECHO model in outcome assessment?

<p>Societal outcomes (B)</p> Signup and view all the answers

Which types of outcomes focus primarily on patient safety and treatment efficacy?

<p>Clinical Outcomes (D)</p> Signup and view all the answers

In Cost Effectiveness Analysis, what natural units are usually measured?

<p>Years of life saved (B)</p> Signup and view all the answers

What is a major limitation of Cost Minimization Analysis?

<p>It requires strict equivalence of outcomes (C)</p> Signup and view all the answers

Which of the following correctly defines efficiency within the context of economic outcomes?

<p>Lowest cost per unit of output (D)</p> Signup and view all the answers

What does the utility scale range from?

<p>0 (death) to 1 (perfect health) (D)</p> Signup and view all the answers

Which utility measurement method is considered the GOLD STANDARD?

<p>Standard Gamble (D)</p> Signup and view all the answers

What limitation does the Rating Scale method have?

<p>It does not incorporate a time element. (A)</p> Signup and view all the answers

In the Time Trade-Off method, which scenario exemplifies the decision-making process?

<p>Deciding between 40 years with diabetes and 30 years of perfect health. (B)</p> Signup and view all the answers

When is Quality of Life (QOL) information most useful?

<p>When comparing treatments with different side effect profiles. (D)</p> Signup and view all the answers

What is one of the challenges associated with Cost Benefit Analysis (CBA)?

<p>Placing monetary value on human life. (A)</p> Signup and view all the answers

What is a critical requirement for conducting a Cost Benefit Analysis?

<p>A precise definition of objectives and result criteria. (A)</p> Signup and view all the answers

Which of the following is NOT an alternative option in program consideration for CBA?

<p>Implementing a sweeping legislative reform (B)</p> Signup and view all the answers

What indicates that an intervention is cost-effective in terms of net monetary benefit?

<p>NMB &gt; 0 (B)</p> Signup and view all the answers

Which treatment option provided the highest number of symptom-free days for adult asthma patients?

<p>ICS + Drug A (C)</p> Signup and view all the answers

What is one of the limitations of cost-effectiveness analysis (CEA)?

<p>It requires sensitivity analysis for variations/errors (D)</p> Signup and view all the answers

In cost-utility analysis, what is emphasized over disease metrics?

<p>Patient experience (B)</p> Signup and view all the answers

Which of the following is categorized as a morbidity indicator?

<p>Discomfort (A)</p> Signup and view all the answers

What is a primary advantage of cost-utility analysis?

<p>It allows comparison of health outcomes without monetary valuation (D)</p> Signup and view all the answers

What is indicated by a positive regression coefficient in the net benefit regression framework?

<p>Treatment is cost-effective (A)</p> Signup and view all the answers

What is an advantage of measuring health benefits based on economic productivity?

<p>It provides easy calculation of productivity loss. (D)</p> Signup and view all the answers

What challenge is commonly faced when determining utility or preference weight values in cost-utility analysis?

<p>They often have a subjective nature and lack consensus (A)</p> Signup and view all the answers

Which of the following is a disadvantage of using economic productivity for measuring health benefits?

<p>It misses out on potential quality of life impacts. (C)</p> Signup and view all the answers

Which method is utilized to calculate Net Benefit in a cost-benefit analysis?

<p>Total benefits minus total costs. (C)</p> Signup and view all the answers

In which situation would the Benefit-to-Cost Ratio be considered beneficial?

<p>When the ratio exceeds 1. (C)</p> Signup and view all the answers

Which of the following is a method used in the willingness to pay approach?

<p>Open ended financial surveys. (A)</p> Signup and view all the answers

What is a potential issue with the hypothetical nature of responses in willingness to pay methods?

<p>It can lead to inflated valuations of benefits. (A)</p> Signup and view all the answers

What is the Internal Rate of Return (IRR) used for in a cost-benefit analysis?

<p>To compare the present value of benefits to costs. (B)</p> Signup and view all the answers

How is the Benefit-to-Cost Ratio determined?

<p>Dividing total benefits by total costs. (D)</p> Signup and view all the answers

Which scenario classifies a treatment as cost-effective when it is more effective but more costly?

<p>More effective and more costly, but additional benefits justify the cost (D)</p> Signup and view all the answers

What is a primary limitation of small randomized trials?

<p>They may have concerns related to generalizability and power. (A)</p> Signup and view all the answers

What do cost-effectiveness ratios help determine in healthcare?

<p>The change in costs divided by change in outcomes. (D)</p> Signup and view all the answers

Which type of study is limited in establishing causal relationships but reflects real-world practice outcomes?

<p>Observation studies (B)</p> Signup and view all the answers

What is a noted problem with the incremental cost-effectiveness ratio (ICER)?

<p>It can be challenging for regression analysis. (B)</p> Signup and view all the answers

What should cost-effectiveness metrics be compared against?

<p>Pre-specified threshold values (D)</p> Signup and view all the answers

Which characteristic is typical of large randomized trials?

<p>They enhance generalizability through multi-site implementation. (D)</p> Signup and view all the answers

What is one of the sources of effectiveness data that may reflect real-world outcomes but is often limited in establishing causality?

<p>Observation studies (B)</p> Signup and view all the answers

What is a disadvantage of using a general health-related quality of life measure?

<p>It may not detect unanticipated effects. (A)</p> Signup and view all the answers

Which of the following is an advantage of disease-specific measures?

<p>They are more responsive to individual health changes. (D)</p> Signup and view all the answers

What is a key feature of Markov modeling?

<p>It allows for analysis of transitions between health states. (C)</p> Signup and view all the answers

Which aspect limits the practical application of Markov modeling for individual patient treatment?

<p>It may be complex and less transparent. (A)</p> Signup and view all the answers

What is a disadvantage of using general health measures in specific populations?

<p>They are less likely to detect changes in health status. (B)</p> Signup and view all the answers

Which of the following best describes economic outcomes in healthcare?

<p>Include measures like costs per day or per member per month (A)</p> Signup and view all the answers

What is one limitation of Cost Minimization Analysis?

<p>It can only compare costs without considering outcomes (D)</p> Signup and view all the answers

In the ECHO model, which of the following components is NOT integrated?

<p>Financial outcomes (D)</p> Signup and view all the answers

Which type of outcome involves the accuracy of prescription labels?

<p>Process outcomes (D)</p> Signup and view all the answers

Which perspective in economic analysis emphasizes an assessment of all medical and non-medical costs?

<p>Societal perspective (A)</p> Signup and view all the answers

What is a primary focus of cost-effectiveness analysis in healthcare?

<p>Acquiring outcomes in natural units effectively (B)</p> Signup and view all the answers

What does the term 'efficiency' refer to in the context of economic outcomes?

<p>Lowest cost per unit of output in treatment (B)</p> Signup and view all the answers

What defines clinical outcomes in the assessment of healthcare interventions?

<p>Safety and efficacy in treatment processes (B)</p> Signup and view all the answers

What does the utility scale measure in terms of Quality of Life (QOL)?

<p>Health outcomes as a single value (D)</p> Signup and view all the answers

Which utility measurement method compares a certain disease state for a specific time versus a shorter period of perfect health?

<p>Time Trade-Off (C)</p> Signup and view all the answers

What limitation is associated with the Rating Scale method of utility measurement?

<p>There is no time element incorporated (B)</p> Signup and view all the answers

In which scenario is Quality of Life (QOL) information most useful?

<p>In cases of chronic, lifelong disease management (A)</p> Signup and view all the answers

Which element poses a challenge in conducting a Cost Benefit Analysis (CBA)?

<p>Assigning monetary value to human life (A)</p> Signup and view all the answers

Which method is considered the GOLD STANDARD in utility measurement?

<p>Standard Gamble (D)</p> Signup and view all the answers

What is the key component considered in the alternative options during a Cost Benefit Analysis?

<p>Evaluating similar programs at different scales (B)</p> Signup and view all the answers

What does the Time Trade-Off method illustrate?

<p>Trade-offs between life years with illness and life years in full health (C)</p> Signup and view all the answers

What does a positive net monetary benefit (NMB) indicate about an intervention?

<p>The intervention is cost-effective. (D)</p> Signup and view all the answers

Which of the following limitations is associated with cost-effectiveness analysis (CEA)?

<p>It does not incorporate quality of life considerations. (B)</p> Signup and view all the answers

What is one advantage of cost-utility analysis over traditional cost-effectiveness analysis?

<p>It does not require monetary valuation of health outcomes. (B)</p> Signup and view all the answers

In the context of cost-utility analysis, what do the '5 D's' primarily represent?

<p>General outcome indicators. (D)</p> Signup and view all the answers

Which of the following describes a situation where incremental cost-effectiveness ratios (ICER) might be misleading?

<p>When comparing two interventions with similar outcomes. (C)</p> Signup and view all the answers

What is a key component in conducting a sensitivity analysis in cost-effectiveness analysis?

<p>Examining variations due to different assumptions. (B)</p> Signup and view all the answers

Why is quality of life (QOL) an important measure in cost-utility analysis?

<p>It emphasizes patient experience over solely disease metrics. (B)</p> Signup and view all the answers

What type of node in a decision tree represents points where decisions are made?

<p>Decision Node (D)</p> Signup and view all the answers

What does a cost-effectiveness analysis typically fail to account for?

<p>Quality of life impacts. (C)</p> Signup and view all the answers

Which country was the first to publish mandatory evaluation guidelines in pharmacoeconomics?

<p>Australia (B)</p> Signup and view all the answers

What does the benefit-to-cost ratio of 6:1 indicate?

<p>For every $1 spent, $6 is gained. (B)</p> Signup and view all the answers

What is a characteristic feature of a chance node in a decision tree?

<p>Points where probability influences outcomes (C)</p> Signup and view all the answers

Which organization oversees common drug reviews in Canada?

<p>Canadian Agency for Drugs and Technology in Health (CADTH) (D)</p> Signup and view all the answers

What does health-related quality of life (HRQOL) focus on?

<p>Functional effects of illness and therapy (C)</p> Signup and view all the answers

What advantage does using systematic decision analysis provide?

<p>Enables comparison of multiple options effectively (A)</p> Signup and view all the answers

What type of measures do non-utility/non-preference measures utilize?

<p>Health status assessment surveys (C)</p> Signup and view all the answers

Which of the following represents a disadvantage of using Willingness to Pay (WTP) as a valuation method?

<p>Responses may be influenced by hypothetical situations (C)</p> Signup and view all the answers

What defines an intervention as beneficial according to the Net Benefit method?

<p>Total benefits exceed total costs (A)</p> Signup and view all the answers

In the Benefit-to-Cost Ratio, what condition indicates a beneficial program?

<p>A ratio greater than 1 (B)</p> Signup and view all the answers

Which of the following options is NOT included as a bidding vehicle in the WTP method?

<p>Cost-effective analysis (A)</p> Signup and view all the answers

What is a significant drawback of valuing health benefits solely based on economic productivity?

<p>It may overlook quality of life impacts (B)</p> Signup and view all the answers

Which calculation method involves comparing the present value of benefits to costs?

<p>Internal Rate of Return (B)</p> Signup and view all the answers

Which method uses contingent valuation to measure both indirect and intangible aspects of health benefits?

<p>Willingness to Pay (A)</p> Signup and view all the answers

Flashcards

Cost Minimization (Economics)

An economic evaluation method that focuses on the lowest monetary cost, assuming equivalent outcomes for different treatments or interventions.

Cost Benefit Analysis (Economics)

A method that measures both costs and outcomes in monetary terms, looking at the net monetary gain. It estimates the total value of potential outcomes and compares it with the investments.

Cost Effectiveness Analysis (Economics)

An economic evaluation method that measures outcomes in natural units (e.g., lives saved, symptoms reduced), and examines the cost-effectiveness ratio.

Cost Utility Analysis (Economics)

An evaluation method that incorporates quality of life into the analysis, measuring outcomes in QALYs (quality-adjusted life years).

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Direct Medical Costs

Expenses directly related to delivering medical care, such as doctor visits, tests, and medicine.

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Indirect Costs (Healthcare)

Costs resulting from lost productivity due to illness or injury. This includes time off work or diminished work capacity.

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Cost of Illness Studies

Studies designed to determine the total economic burden of a disease, considering direct and indirect costs.

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Economic Evaluation (Healthcare)

A scientific discipline evaluating the clinical, economic, and humanistic aspects of healthcare products and programs.

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Structure Outcomes

Healthcare provider availability and similar factors that influence the healthcare setting.

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Process Outcomes

Aspects of care delivery, such as the accuracy of medical labels.

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Clinical Outcomes

Measures of safety and effectiveness in patient care, possibly with intermediate metrics.

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Economic Outcomes

Costs associated with healthcare, including daily or per-member costs.

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Cost Minimization Analysis

Comparing costs of interventions with similar outcomes to find the least expensive option.

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Cost-Effectiveness Analysis

Measures outcomes in natural units (e.g., years of life saved) to determine the lowest cost to reach objectives, focused on best value.

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Efficiency (in healthcare)

Lowest cost per unit of output.

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Efficacy

Effectiveness of a product or intervention in clinical trials.

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Cost-effective strategy

A strategy that achieves at least the same effectiveness at a lower cost or is more effective at the same or lower cost, or is more effective and more costly but provides additional crucial benefits

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Large Randomized Trials

Research studies involving multiple sites that are designed to test a particular treatment or intervention through random assignment of participants, and this design provides more generalizable results and higher statistical power.

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Cost Effectiveness Ratios

Metrics used to evaluate the cost-effectiveness of interventions, typically with Average cost-effectiveness(CER) and Incremental cost-effectiveness ratio(ICER)

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Incremental Cost-Effectiveness Ratio (ICER)

Measures the additional cost required to achieve an additional unit of health outcome. It's the change in costs divided by the change in outcomes.

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Threshold Consideration

Comparing the cost-effectiveness results against a predefined standard.

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Observation Studies

Studies that observe real-world outcomes without the intervention of the researchers. They reflect real-world practice but don't establish causal relationships as strongly.

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Net Benefit Approach

A method to analyze the economic benefits by taking into account the potential for uncertainty in the ICER estimates.

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Small Randomized Trials

Research studies using random assignment but may face challenges in generalizability and might have limited power compared to larger studies.

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Net Monetary Benefit (NMB)

The difference between the total monetary value of the benefits and the total monetary cost of an intervention.

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Net Health Benefit (NHB)

The difference between the total health benefits and the total health costs of an intervention.

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Cost-Effective Intervention

An intervention is cost-effective if the net monetary benefit (NMB) is greater than zero.

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Quality of Life (CEA Limitation)

Cost-effectiveness analysis (CEA) doesn't directly account for the impact of an intervention on a patient's quality of life.

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Sensitivity Analysis (CEA)

CEA requires sensitivity analysis to assess the impact of data variations or errors on the results.

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Net Benefit Regression Framework

A framework that uses statistical regression tools to analyze cost and effectiveness data at the individual level in a cost-effectiveness analysis (CEA).

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Positive Regression Coefficient

In the Net Benefit Regression Framework, a positive regression coefficient indicates that a treatment is cost-effective.

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Cost-Utility Analysis (CUA)

An extension of cost-effectiveness analysis that considers both health outcomes and the quality of life associated with those outcomes.

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Quality-Adjusted Life Year (QALY)

A measure of health outcome that combines both the quantity and quality of life. One QALY represents one year of perfect health.

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Utility Scale

A scale used to measure health-related quality of life. It ranges from 0 (death) to 1 (perfect health).

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Standard Gamble

A method for measuring utility that presents a choice between a certain outcome (chronic disease) and a gamble with a chance of perfect health or death.

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Time Trade-Off

A method for measuring utility that compares a certain disease state for a specific duration with a shorter period of perfect health.

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Discrete Choice Experiment

A method for measuring utility that involves respondents choosing between different health scenarios based on their preferences.

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Cost-Benefit Analysis (CBA)

An economic evaluation method that compares the costs and benefits of a program in monetary terms, taking into account both direct and indirect costs.

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Benefit Valuation Methods

Methods used to estimate the value of benefits in a cost-benefit analysis. These methods often try to quantify benefits that are not easily measured in monetary terms.

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Human Capital Approach

A benefit valuation method that considers the economic value of human life based on lost productivity due to illness or death.

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Productivity-Based Health Value

Measures health benefits by their impact on economic productivity. It considers factors like wage rates and missed workdays due to illness.

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WTP: Willingness to Pay

A method to measure the value of health benefits, including intangible aspects. It uses techniques like asking people how much they'd pay for a certain improvement in health.

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Contingent Valuation

A technique in WTP to assess the value of something, like a health intervention, by asking people how much they'd be willing to pay for it.

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Open-Ended WTP Questions

A type of question used in contingent valuation that allows respondents to freely state their willingness to pay.

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Close-Ended WTP Questions

A type of question in contingent valuation where respondents choose from a set of predetermined amounts they are willing to pay.

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Net Benefit/Cost (NB)

A method to assess the effectiveness of a health intervention by comparing the total benefits (positive outcomes) to the total costs.

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Benefit-to-Cost Ratio

Measures the relative value of benefits to costs. It gives you a clear indication of the return on investment in a health intervention.

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Internal Rate of Return (IRR)

Calculates the discount rate at which the present value of benefits equals the present value of costs. It helps decide if a project is worth investing in.

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Case-mix group

A grouping of patients who share similar characteristics and resource needs, often used for budgeting and resource allocation in healthcare.

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Micro-costing

A detailed method of cost accounting that breaks down the costs of providing a specific service into individual components, such as salaries, supplies, and overhead.

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Outcome Assessment

The process of measuring and evaluating the results of healthcare interventions, treatments, or programs.

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ECHO Model

A framework for evaluating healthcare interventions that considers three key components: Economic outcomes (cost), Clinical outcomes (effectiveness), and Humanistic outcomes (patient experience).

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Wage Rates

A measure of the value of labor used in productivity-based health value assessments. It reflects earnings from work.

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Missed Time Due to Illness

A factor in productivity-based health value assessments; it reflects the time lost from work due to illness.

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Willingness To Pay (WTP)

A valuation method that measures both direct and intangible health benefits by asking individuals how much they'd pay for an improvement.

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QALY

A measure of health outcome that combines both the quantity and quality of life. One QALY represents one year of perfect health.

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Decision Analysis

A method for comparing different decision options using probabilities and decision trees to model likely outcomes.

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Decision Node

In decision analysis, a square-shaped node on a decision tree that represents a point where a decision needs to be made.

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Chance Node

In decision analysis, a circle-shaped node on a decision tree that represents a random event where probability determines the outcome.

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Terminal Node

In decision analysis, a triangular node on a decision tree that represents the final outcome or state.

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Pharmacoeconomic Guidelines

Guidelines for evaluating the economic value of pharmaceuticals, often with specific requirements for data submission.

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HRQOL (Health-Related Quality of Life)

A measure of quality of life specifically focused on the impact of illness and treatment on a patient's functional abilities and overall well-being.

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Non-utility/Non-preference Measures

Measures of HRQOL based on patient self-assessment using health status surveys, which can be generic (broad) or disease-specific.

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Generic HRQOL Advantages/Disadvantages (Exam)

Generic HRQOL measures are widely applicable but might not be as precise for specific diseases. They are more efficient but may lack detail.

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HRQOL Advantages

General HRQOL measures are widely applicable, summarize a range of concepts, and can detect unexpected effects.

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HRQOL Disadvantages

General HRQOL measures might not be sensitive to specific health changes, may not be suitable for particular populations, and results can be difficult to interpret.

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Disease-Specific HRQOL Advantages

Disease-specific HRQOL measures are more relevant for certain populations and are responsive to changes in their health.

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Disease-Specific HRQOL Disadvantages

Disease-specific HRQOL measures cannot compare across different populations and are less likely to reveal unexpected effects.

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Markov Modeling: Key Feature

Markov Modeling is an extension of decision analysis that analyzes complex outcomes and disease states, enabling the analysis of transitions between health states.

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Study Notes

Fundamentals of Economics in Healthcare

  • Economic studies allocate limited resources among alternative uses
  • Three key elements: Choosing between alternatives, assessing costs and consequences, and decision-making within budget constraints
  • Pharmacoeconomics evaluates clinical, economic, and humanistic aspects of pharmaceutical products, healthcare services, and programs
  • Types of economic evaluations include cost minimization (assumes equivalent outcomes, focuses on lowest monetary cost), cost benefit (measures costs and outcomes in monetary terms, focuses on net monetary gain), cost effectiveness (measures outcomes in natural units, examines cost-effectiveness ratio), and cost utility (incorporates quality of life, measures outcome in QALYs)
  • Cost analysis studies total economic burden of diseases using incidence-based (calculates lifetime cost of new cases) and prevalence-based (estimates total cost in a given year) methods
  • Types of costs include direct medical (physician fees, diagnostic, medications), direct non-medical (transportation, specific diet requirements), and indirect costs

Cost Minimization Analysis

  • Compares costs of interventions with equivalent outcomes
  • Aims to identify the least costly alternative
  • Primarily focused on cost efficiency
  • Limited application due to requirements for equivalent outcomes

Cost Effectiveness Analysis

  • Pharmacoeconomic model measuring outcomes in natural units
  • Focuses on achieving objectives at the lowest cost
  • A strategy is considered cost-effective under four scenarios: at least as effective at less cost, more effective at the same cost, more effective and more costly, but benefits justify the cost, or less effective but less costly, with cost reductions offsetting effectiveness reduction
  • Data for effectiveness comes from sources like large randomized trials, observational studies, and multiple sites for better generalizability

Cost Utility Analysis

  • Extends cost-effectiveness analysis by focusing on measuring quality of life outcomes
  • Addresses healthcare payers' concerns about value for money in terms of health outcomes, emphasizing patient experience over disease metrics
  • Key components include general outcome indicators (Death, Disease, Disability, Discomfort, Dissatisfaction) and mortality vs. morbidity indicators (life vs death, disability, discomfort, dissatisfaction)

Utility Measurement Methods

  • Rating scale (simple visual scale, multiple diseases stated, and questionnaire-based)
  • Standard Gamble (evaluates a treatment with possibilities of normal health or death compared with a certain chronic disease state)
  • Time Trade Off (compares certain diseases with specific time periods versus shorter periods of perfect health)
  • Discrete Choice Experiment (uses ordinal choice-based approach to understand how respondents choose between different health scenarios)

Decision Analysis

  • Uses decision trees to model options
  • Includes decision nodes (points for decisions), chance nodes (probabilities determine outcomes), and terminal nodes (outcomes)
  • Systematic method for comparing decision options
  • Utilizes probabilities from clinical literature to model treatment options

Pharmacoeconomic Guidelines by Country

  • Many countries have guidelines for pharmacoeconomic evaluations. For instance, Australia publishes mandatory evaluation guidelines, overseen by the Pharmaceuticals Benefit Advisory Committee. These guidelines require pharmaceutical companies to submit pharmacoeconomic data. Canada has no universal prescription coverage mandate, but provinces determine eligibility and coverage rules. Furthermore, the Canadian Agency for Drugs and Technology (CADTH) oversees common drug reviews. The United Kingdom utilizes guidelines too.
  • HRQOL measures are more specific than general quality of life and focus on functional effects of illness or therapy from a patient perspective
  • Measures include non-utility/non-preference measures (based on patient self-assessment, health status assessment surveys, and generic or disease-specific measures)
  • Generic measures generally have broad applicability and summarize a range of concepts (can potentially detect unanticipated effects), but they may not be as responsive to changes in health or appropriate for all populations
  • Disease-specific measures are often more relevant to particular populations, but are less likely to compare across populations effectively

Markov Modeling

  • Analyzes complex outcomes and disease states
  • Enables analysis of transitions between health states
  • More complex and less transparent than other methods
  • Limited by availability of long-term data, potentially not practical for individual patient treatment, and may not consider previous experiences

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Explore the key economic principles that drive decision-making in healthcare. This quiz covers essential topics such as resource allocation, types of economic evaluations, and pharmacoeconomics. Test your understanding of how these concepts apply to healthcare services and products.

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