What is cost-effectiveness analysis?
An example of an AI chatbot conversation about cost-effectiveness analysis in decision-making.
What is cost-effectiveness analysis?
Cost-effectiveness analysis (CEA) is a method used to compare the relative costs and outcomes of different courses of action.
Can you give me an example of how it's used in healthcare?
Sure! For instance, CEA can be used to evaluate whether a new drug is worth the investment compared to existing treatments.
What factors are considered in a cost-effectiveness analysis?
Factors include the costs of interventions, health outcomes, quality of life, and the time frame of the analysis.
How do you interpret the results of a cost-effectiveness analysis?
Results are often expressed as a cost per quality-adjusted life year (QALY), helping to determine if an intervention is worth the cost.
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