Abstract
This article outlines basic principles for the economic analysis of clinical decisions. Using a hypothetical scenario invoking a patient with low back pain, the specific application of cost-benefit analysis (CBA) and cost-effectiveness analysis (CEA) is illustrated; and the two methodologies are compared. Cost-benefit analysis is advanced in the “gold standard” among the two approaches because it forces decision makers to explicitly value both the cost and health consequences of alternative clinical actions.
Original language | English (US) |
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Pages (from-to) | 2101-2106 |
Number of pages | 6 |
Journal | Spine |
Volume | 19 |
Issue number | 18 |
State | Published - Sep 1994 |
Externally published | Yes |
Keywords
- Cost-benefit analysis
- Cost-effectiveness analysis
- Discounting
- Net benefit
- Net present value
ASJC Scopus subject areas
- Orthopedics and Sports Medicine
- Clinical Neurology