Costs and cost-minimisation analysis.
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In this second article in the series Ray Robinson defines the types of costs, their measurement, and how they should be valued in monetary terms.Abstract:
Whatever kind of economic evaluation you plan to undertake, the costs must be assessed. In health care these are first of all divided into costs borne by the NHS (like drugs), by patients and their families (like travel), and by the rest of society (like health education). Next the costs have to be valued in monetary terms; direct costs, like wages, pose little problem, but indirect costs (like time spent in hospital) have to have values imputed to them. And that is not all: costs must be further subdivided into average, marginal, and joint costs, which help decisions on how much of a service should be provided. Capital costs (investments in plant, buildings, and machinery) are also important, as are discounting and inflation. In this second article in the series Ray Robinson defines the types of costs, their measurement, and how they should be valued in monetary terms.read more
Citations
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Journal ArticleDOI
The death of cost-minimization analysis?
Andrew Briggs,Bernie J. O'Brien +1 more
TL;DR: It is argued that it is inappropriate for separate and sequential hypothesis tests on differences in effects and costs to determine whether incremental cost-effectiveness (or cost-utility) should be estimated and that the analytic focus should be on the estimation of the joint density of cost and effect differences.
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Economic Notes: opportunity cost.
Stephen Palmer,James Raftery +1 more
TL;DR: The concept of opportunity cost is fundamental to the economist's view of costs and since resources are scarce relative to needs, since the use of resources in one way prevents their use in other ways, incorrect conclusions can result from difficulties in applying the concept.
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The health economics of the treatment of long-bone non-unions.
TL;DR: A review of the existing evidence on economic costs of treatment of long-bone fracture non-unions revealed costs of pound 15,566, pound 17,200 and pound 16,330 for humeral, femoral, and tibial non- unions respectively on a "best-case scenario".
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The cost of epilepsy in the United Kingdom: An estimation based on the results of two population-based studies
TL;DR: In this article, the burden of illness of epilepsy at the community level was assessed, and from this, the authors were able to estimate costs for an individual and the cost to the United Kingdom (UK) as a whole.
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Burden of epilepsy: the Ontario Health Survey.
TL;DR: The health profile of self-reported epileptic subjects is similar to that obtained in studies involving defined epilepsy patients, and in the general population, self-identification as having epilepsy carries a significant burden of illness, reflected in poorer health, psychosocial function, and quality of life, and higher health care resource use.
References
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Methods for the Economic Evaluation of Health Care Programmes, Second Edition
TL;DR: The second edition of the first edition of this book was published in 1987 as discussed by the authors, and the second edition includes new chapters on collection and analysis of data and on the presentation and use of data.
Journal ArticleDOI
Cost-effectiveness of antihyperlipemic therapy in the prevention of coronary heart disease. The case of cholestyramine.
Gerry Oster,Arnold M. Epstein +1 more
TL;DR: The results suggest that pharmacologic therapy may not be cost-effective for all patients with elevated cholesterol levels, especially those over 65 years of age, and may be comparable with other accepted medical practices.
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