Economic Evaluation Concepts and Methods

The video tutorial covers the process of conducting an economic evaluation, focusing on defining the decision problem, selecting appropriate health outcomes, and determining the perspective. It explains quality adjusted life years (QALYs) and introduces decision trees and Markov models as tools for economic evaluation. The tutorial also discusses data sources, best practices, and the importance of understanding the target audience. It concludes with a summary and a segue into budget impact analysis.

What is the first step in conducting an economic evaluation?

• Designing the model

• Selecting the health outcome

• Defining the decision problem

• Determining the perspective

Which perspective includes all costs regardless of the payer?

• Societal perspective

• Institutional perspective

• Payer perspective

• Provincial perspective

What is the purpose of sensitivity analysis in economic evaluation?

• To design the model

• To test the robustness of the model

• To select the health outcome

• To determine the perspective

Which survey tool is NOT used to measure health-related quality of life?

• SF-36

• EQ-5D

• WHOQOL

• HUI-III

What does a decision tree use to depict a cascade of events?

• Nodes

• Branches

• Cycles

• States

In a Markov model, what is an absorbing state?

• A state with the lowest cost

• A state that patients cannot leave

• A state with the highest health utility

• A state from which patients can transition to another state

What is the main advantage of using Markov models for chronic diseases?

• They do not require transition probabilities

• They can handle multiple cycles over long time horizons

• They are suitable for shorter time horizons

• They are simpler to construct

Where can costs for economic evaluations be obtained from?

• Patient surveys

• Clinical trial data

• Health utility scores

• Administrative databases

What is the purpose of the CHEERS checklist?

• To measure health-related quality of life

• To design economic models

• To ensure best practices in methods and reporting

• To determine the perspective of the evaluation

Why is it important to understand the target audience for economic evaluations?

• To select the appropriate health outcome

• To design the model structure

• To determine the time horizon

• To ensure the evaluation meets the needs of the end users