Cost-minimization analysis

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Cost-minimization analysis (pronunciation: kɒst mɪnɪmʌɪˈzeɪʃən əˈnælɪsɪs) is a method used in health economics to compare the costs of different medical interventions that have already been proven to be clinically equivalent. It is a type of economic evaluation that assumes the outcomes of the alternatives being compared are equal, and thus, the decision-making criterion is the cost of each alternative.

Etymology

The term "Cost-minimization analysis" is derived from the English words "cost" (from Old French coster, from Latin constāre meaning "to stand at something, cost") and "minimization" (from Latin minimis, meaning "smallest"). The term "analysis" comes from the Greek ἀνάλυσις (analusis) meaning "a breaking up, a loosening, releasing".

Related Terms

  • Cost-effectiveness analysis: A form of economic analysis that compares the relative costs and outcomes (effects) of different courses of action.
  • Cost-benefit analysis: A systematic approach to estimating the strengths and weaknesses of alternatives used to determine options which provide the best approach to achieving benefits while preserving savings.
  • Cost-utility analysis: A form of financial analysis used to guide procurement decisions.
  • Health economics: A branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare.

See Also

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