Unbiased Analysis of Today's Healthcare Issues
Generalized risk-adjusted cost effectiveness analysis (GRACE) abandons the assumption of risk neutrality held by traditional cost effectiveness analysis (TCEA). While this sounds like a very technical issue, by allowing for risk aversion over quality of life, GRACE places a relatively higher value on treatments that improve health for more severe diseases and relatively lower value…
That is the title of a new paper out in Value in Health with co-authors Jaehong Kim, Jacob Fajnor, Kyi-Sin Than, Elizabeth S. Mearns , Stacey L. Kowal, Thomas Majda and Jakub P. Hlávka PhD. The abstract is below. Objectives To quantify how incorporating patient risk preferences and severity adjustments affect the value of a…
That is the title of my article out today in The Evidence Base. Here is an excerpt: The Centers for Medicare and Medicaid Services (CMS) are now setting drug prices under the Medicare Drug Price Negotiation program. Unlike other health technology assessment (HTA) bodies worldwide, however, CMS will not consider quality-adjusted life years (QALYs) when setting drug…
That is the title of my new paper in the Forum for Health Economics and Policy (FHEP) and the subtitle is “Estimating Insurance Value and Risk Preferences in Neurology.” This work is co-authored with Kyi-Sin Than, Jacob Fajnor, Jaehong Kim, Elizabeth Mearns, Stacey Kowal, Thomas Majda and Jakub Hlávka. First, the research uses a multiple…
Generalized risk-adjusted cost effectiveness (GRACE) aims to incorporate risk preferences into standard cost effectiveness analysis (CEA) methods. While traditional CEA assumes individuals are risk neutral, GRACE allows for risk preferences to influence value. Namely, that health gains in more severely ill health states are valued more than equivalent health gains in better health states. But…
What are the best practices for conducting comparative effectiveness research in the real-world? One proposed best practice guildelines are the Good Research for Comparative Effectiveness (GRACE) guidelines. However, most studies do not follow these guidelines. A paper by Dreyer, Bryant and Velentgas (2016) assembled 28 observational comparative effectiveness articles published from 2001 to 2010 that compared treatment effectiveness and/or…