Highlights
- •Economic studies are used to measure the cost and effectiveness of an intervention and can help determine how healthcare resources are distributed.
- •Most economic studies in healthcare are cost-benefit analyses, cost-effectiveness analyses, or cost-utility analyses.
- •The perspective from which an economic study is evaluated (the patient, the provider, the payor, or the society) should be carefully considered.
- •An understanding of economic evaluations in healthcare is important to critically review the available literature.
Abstract
Economic studies in healthcare are used to measure the cost and effectiveness of an
intervention and are valuable in determining how healthcare resources can be distributed
to achieve the greatest overall gain. Most economic studies in healthcare are cost-benefit
analyses, cost-effectiveness analyses (CEAs), or cost-utility analyses (CUAs). CEAs
and CUAs compare alternative interventions based on cost and effectiveness but are
influenced by different methodologies and assumptions employed by researchers. The
perspective from which an economic study is evaluated (the patient, the provider,
the payor, or the society) should be carefully considered. The incremental cost effectiveness
ratio (ICER) describes the difference between two interventions in cost and health
outcomes and can be expressed in dollars per quality-adjusted life year (QALY). A
threshold ICER <$50,000/QALY is often used to determine whether an intervention is
cost-effective, in conjunction with patient factors, healthcare system factors, and
opportunity cost associated with the intervention. The Consolidated Health Economic
Evaluating Reporting Standards (CHEERS) statement provides guidelines for reporting
healthcare economic studies. Key elements to be reported include the study design,
target population and subgroups, time horizon, health outcomes, perspectives, comparison
group, and sensitivity analyses performed. Economic studies are particularly important
in orthopedics given the prevalence of musculoskeletal disease, high upfront costs,
and potential quality of life improvements associated with orthopedic surgical procedures.
An understanding of economic evaluations in healthcare is important to critically
review the available literature.
Keywords
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Article info
Publication history
Published online: April 19, 2022
Accepted:
April 15,
2022
Publication stage
In Press Journal Pre-ProofIdentification
Copyright
© 2022 Elsevier Ltd. All rights reserved.
