What is the incremental cost-effectiveness ratio (ICER)?
An example of an AI chatbot conversation about the incremental cost-effectiveness ratio (ICER).
What is the incremental cost-effectiveness ratio (ICER)?
The ICER is a measure used in health economics to assess the cost-effectiveness of a healthcare intervention.
How is ICER calculated?
ICER is calculated by dividing the difference in costs between two interventions by the difference in their effectiveness.
Why is ICER important in healthcare decision-making?
ICER helps policymakers determine which interventions provide the best value for money, guiding resource allocation.
Can you give an example of ICER in practice?
Sure! If a new drug costs $50,000 and improves health outcomes by 2 quality-adjusted life years (QALYs) compared to an existing treatment costing $30,000, the ICER would be $10,000 per QALY.
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