Economic and Patient-Reported Outcomes

Question 1

Cost-Benefit Analysis

Answer 1

• Measures both costs and benefits in monetary units
• Allows comparisons of alternatives across different health interventions or programs
• Benefits are costs averted so care must be taken not to double count one as the other

Question 2

Discount

Answer 2

Discount formula = 1/(1+ rate)^time
*time in years for example
Benefits-Cost/Discount

Question 3

Cost-Effectiveness Analysis

Answer 3

• Compares the relevant costs and outcomes (benefits or consequences) of 2 competing therapies
• Costs in monetary units; outcomes in natural units (units of effectiveness)
• Cost-effectiveness ratio expressed as cost per case cured, cost per life saved, etc
• Advantage: value (health outcome per $ spent)
• Disadvantage: only alternatives w/same outcomes can be compared

Question 4

Cost-Utility Analysis

Answer 4

• Subcategory of cost-effectiveness which incorporates a measure of quality of life
• Unit is quality-adjusted life-year (QALY)

Question 5

Cost-Minimization Analysis

Answer 5

-Conducted where outcomes (effectiveness and adverse effects) are essentially equal for equivalent doses