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Nicholas Graves

This course offers an introduction to economic evaluation, with a focus on cost-effectiveness analysis, to guide decision-making in healthcare services. Students will gain foundational knowledge in economic concepts and learn how to apply these principles to evaluate the costs and health benefits of various healthcare programs.

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This course offers an introduction to economic evaluation, with a focus on cost-effectiveness analysis, to guide decision-making in healthcare services. Students will gain foundational knowledge in economic concepts and learn how to apply these principles to evaluate the costs and health benefits of various healthcare programs.

The curriculum covers multiple types of economic evaluations, emphasizing Quality Adjusted Life Years (QALYs) as a key outcome measure for benefits. Additionally, the course will explore the use of decision trees and Markov models, providing insights on how to interpret the results of cost-effectiveness studies effectively.

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Syllabus

Introduction to Economic Evaluation for Health Care
In this module, you will be introduced to the foundational concepts of economic evaluation in health care. We will cover the essential background, key concepts, and definitions that will set the stage for the analytical methods you will learn in the next modules.
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Costing Methods and Quality Adjusted Life Year (QALY)
We cover the basics of costing methods used for economic evaluation and introduce the concept of the Quality Adjusted Life Year; the main outcome measure used for cost-effectiveness studies.
Interpreting the Findings
We show how the results of cost-effectiveness studies should be interpreted for decision making. This will enable you to read and understand a published cost-effectiveness paper.
Building Models for Cost-Effectiveness
We cover modelling in generals as a way of thinking and then teach two commonly used methods ‘Decision Trees’ and ‘Markov Models’

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
Tailored for healthcare professionals looking to evaluate the costs and benefits of healthcare programs
Introduces foundational economic concepts relevant to healthcare decision-making
Provides practical knowledge and skills in applying cost-effectiveness analysis to guide healthcare services
Covers essential concepts such as Quality Adjusted Life Years (QALYs) and decision models (e.g., Decision Trees, Markov Models)
Emphasizes interpretation of cost-effectiveness results for informed decision-making
Suitable for mid-level healthcare professionals, policy analysts, and researchers seeking to enhance their understanding of healthcare economics

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Cost Effectiveness and Decision Making for Health Care with these activities:
Review basic concepts of statistics and probability
Strengthen your foundation in statistics and probability, as they are prerequisite knowledge for this course.
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  • Review statistical concepts such as mean, standard deviation, and confidence intervals.
  • Review probability concepts such as conditional probability and Bayes' theorem.
  • Practice solving problems involving these concepts.
  • Consider using online resources or textbooks for reinforcement.
Compile a glossary of key terms and definitions in economic evaluation
Improve your understanding and retention of key terminology by creating a personalized glossary.
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  • Review course materials and identify important terms and definitions.
  • Create a list of these terms and their definitions.
  • Organize the terms alphabetically or by topic.
  • Add examples or explanations to enhance understanding.
Solve practice problems on QALY (Quality-Adjusted Life Year) calculation
Reinforce your understanding of QALY, a key outcome measure used in cost-effectiveness studies.
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  • Review the concept of QALY and its calculation.
  • Practice calculating QALYs using provided examples.
  • Attempt solving QALY calculation problems independently.
  • Review your solutions and identify areas for improvement.
Two other activities
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Watch tutorials on cost-effectiveness analysis modeling
Gain insights into modeling techniques used in cost-effectiveness studies.
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  • Find online tutorials or courses on cost-effectiveness analysis modeling.
  • Follow the tutorials, taking notes on key concepts and methods.
  • Apply the concepts to practical examples.
  • Consider using software or tools for modeling, if available.
Develop a decision tree or Markov model for a healthcare intervention
Apply your knowledge of modeling techniques to evaluate healthcare interventions.
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  • Choose a healthcare intervention to evaluate.
  • Identify relevant outcomes, costs, and uncertainties.
  • Construct a decision tree or Markov model to represent the intervention.
  • Analyze the model to determine the cost-effectiveness of the intervention.
  • Present your findings in a report or presentation.

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