Economic evaluation

From WikiMD.org
Jump to navigation Jump to search

Economic Evaluation

Economic evaluation (pronunciation: /ˌiːkəˈnɒmɪk ˌiːvæljuˈeɪʃən/) is a method used in Health Economics to compare the costs and outcomes of different Healthcare Interventions. It is a key tool in Health Technology Assessment and is used to inform decision making in healthcare.

Etymology

The term 'economic evaluation' is derived from the words 'economic', which comes from the Greek word 'oikonomikos' meaning skilled in household management, and 'evaluation', which comes from the French word 'évaluation' meaning to determine the value of something.

Types of Economic Evaluation

There are four main types of economic evaluation used in healthcare:

  1. Cost-minimization Analysis (CMA): This is used when the outcomes of two or more interventions are assumed to be equivalent. The aim is to identify the least costly option.
  2. Cost-effectiveness Analysis (CEA): This compares the costs and health effects of an intervention to assess whether it is worth doing.
  3. Cost-utility Analysis (CUA): This is a type of CEA that takes into account the patient's quality of life and their personal preferences.
  4. Cost-benefit Analysis (CBA): This converts the effects of an intervention into monetary terms to compare it with the costs.

Related Terms

  • Incremental Cost-effectiveness Ratio (ICER): This is a statistic used in cost-effectiveness analysis to summarise the cost-effectiveness of a healthcare intervention.
  • Quality-adjusted Life Year (QALY): This is a measure of the state of health of a person or group in which the benefits, in terms of length of life, are adjusted to reflect the quality of life.
  • Willingness-to-pay (WTP): This is a measure of the maximum amount a person would be willing to pay, sacrifice or exchange for a good or service.

External links

Esculaap.svg

This WikiMD dictionary article is a stub. You can help make it a full article.


Languages: - East Asian 中文, 日本, 한국어, South Asian हिन्दी, Urdu, বাংলা, తెలుగు, தமிழ், ಕನ್ನಡ,
Southeast Asian Indonesian, Vietnamese, Thai, မြန်မာဘာသာ, European español, Deutsch, français, русский, português do Brasil, Italian, polski