Cost-effectiveness
Cost-effectiveness
Cost-effectiveness (/kɒst ɪˈfɛktɪvnəs/) is a term used in health economics to compare the relative costs and outcomes (effects) of different medical treatments.
Etymology
The term "cost-effectiveness" is derived from the English words "cost," which refers to the amount of money required for something, and "effectiveness," which refers to the degree to which something is successful in producing a desired result.
Definition
Cost-effectiveness analysis is a form of economic analysis that compares the relative costs and outcomes of different courses of action. In healthcare, cost-effectiveness analysis may be used to compare the cost and effectiveness of different treatments or interventions. The goal is to determine which option provides the best health outcome for the least cost.
Related Terms
- Cost-utility analysis: A form of cost-effectiveness analysis that takes into account the quality of life and the quantity of life lived, in addition to the cost of the treatment or intervention.
- Cost-benefit analysis: A method of making decisions that compares the costs of an action with the benefits that result from that action.
- Health economics: The branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare.
- Quality-adjusted life year (QALY): 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. One QALY is equal to 1 year of life in perfect health.
See Also
External links
- Medical encyclopedia article on Cost-effectiveness
- Wikipedia's article - Cost-effectiveness
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