What is cost-effectiveness analysis?
An example of an AI chatbot conversation about cost-effectiveness analysis in decision-making.
Can you explain what cost-effectiveness analysis is?
Cost-effectiveness analysis (CEA) is a method used to compare the relative costs and outcomes of different courses of action.
How is it used in healthcare?
In healthcare, CEA helps determine the best allocation of resources by comparing the costs and health outcomes of various treatments.
What are some common metrics used in CEA?
Common metrics include Quality-Adjusted Life Years (QALYs) and Incremental Cost-Effectiveness Ratios (ICERs).
Can you give an example of a cost-effectiveness analysis?
Sure! For instance, comparing a new drug to an existing treatment by analyzing their costs and the health benefits they provide.
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