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The Question of Value

  • Chapter
Applying Comparative Effectiveness Data to Medical Decision Making

Abstract

This chapter discusses how to measure and evaluate the values in health-care decisions. The values of health-care decisions can be measured by health outcomes. The measured health outcomes are classified into clinical outcomes, humanistic outcomes, and economic and utilization outcomes. The clinical outcomes are the most commonly used health outcomes in comparative effectiveness research. However, evaluating the values of health-care decisions requires the economic and utilization outcomes (costs) also.

The values in health-care decisions can be evaluated to determine whether a health-care decision is an efficient use of society’s resources. The economic evaluation methods are classified into the cost-health outcome evaluations and cost-only evaluations. The former included cost-effectiveness analysis, cost-utility analysis, cost-consequence analysis, and cost-benefit analysis, and the latter included cost-minimization analysis and cost-of-illness/cost-identification analyses.

The most common type of economic evaluation is the cost-effectiveness analysis (including cost-utility analysis) that compares the costs and outcomes of alternative approaches to reaching the “same” objective in order to determine which alternative accomplishes a given objective at the least cost. The cost-benefit analysis can compare widely varying programs and services with different outcomes to evaluate allocative efficiency among interventions between health care and other sectors. Cost-of-illness/cost-identification analyses estimate economic burdens of disease or treatment on society. Cost-minimization analysis identifies the least expensive alternative to minimize cost with an assumption of identical effectiveness.

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Authors and Affiliations

  1. Center for Outcomes Research, Department of Internal Medicine, University of Illinois College of Medicine at Peoria, Peoria, IL, USA

    Minchul Kim PhD

  2. Research Professor, Director of Center for Outcomes Research, Department of Pharmacy Systems, Outcomes and Policy, Affiliate Faculty, Center for Pharmacoepidemiology and Pharmacoeconomic Research, University of Illinois at Chicago College of Pharmacy, Chicago, IL, USA

    Carl V. Asche PhD

  3. Research Affiliate, Centre on Aging, University of Victoria, Victoria, British Columbia

    Carl V. Asche PhD

  4. Battelle Memorial Institute, Atlanta, GA, USA

    Inkyu K. Kim PhD

Authors
  1. Minchul Kim PhD
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  2. Carl V. Asche PhD
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  3. Inkyu K. Kim PhD
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Correspondence to Minchul Kim PhD .

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Editors and Affiliations

  1. Affiliate Faculty, Center for Pharmacoepidemiology and Pharmacoeconomic Research, University of Illinois at Chicago College of Pharmacy, Research Professor, Director of Center for Outcomes Research, Department of Pharmacy Systems, Outcomes and Policy, Chicago, Illinois, USA

    Carl Asche

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Kim, M., Asche, C.V., Kim, I.K. (2016). The Question of Value. In: Asche, C. (eds) Applying Comparative Effectiveness Data to Medical Decision Making. Adis, Cham. https://doi.org/10.1007/978-3-319-23329-1_6

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  • DOI: https://doi.org/10.1007/978-3-319-23329-1_6

  • Publisher Name: Adis, Cham

  • Print ISBN: 978-3-319-22064-2

  • Online ISBN: 978-3-319-23329-1

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