Pharmacoeconomics Chapter 2
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Give Examples of Direct Medical Costs.
- Medication Monitoring
- Medication Administration
- Patient Counseling
- Diagnostic Tests
Give Examples of Direct Non-medical Costs
- Travel costs to receive health care
- Non-medical assistance related to condition
- Hotel stays for patient and family
- Child care services
Give examples of Indirect costs.
- Lost productivity for patient and/or caregiver
- Lost productivity because of premature
Define intangible costs.
- Costs of pain, suffering, anxiety or fatigue that occur because of an illness or the treatment of the illness.
- Ie side effects
Give examples of intangible costs
- Pain and suffering
Define Perspective with regards to an economic study.
- Describes whose costs are relevant based upon the purpose of the study.
- Cost to patient
- Cost to hospital
- Cost to society
- Cost to third party payor
Define standardization of costs
Due to inflation, money is "worth more" in the past then it is today. When costs of health care interventions are retrospectively looked at and compared to the cost of interventions in a different year, inflation must be accounted for.
When looking at the future costs of a therapy, again inflation must be accounted for. Since health care costs rise (at a rate of about 5% yearly) a therapy that takes multiple years to complete costs must be adjusted to todays value.
Define marginal costs.
The cost to produce one extra unit of outcome or product.
Explain incremental costs-effectivneness ratio.
- Comparing two treatment options with regard to the number needed to treat as being 1 unit.
- (Cost2 - Cost1)/(Effectiveness2 - Effectiveness1)
- Basically the 1/effectiveness is the number of patients needed to treat (aka one unit)
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