ECO 605 Assignment 5.1: Cost:QALY
ECO 605 Assignment 5.1: Cost:QALY
The following table gives the cost, increase in life years, and the rating of quality of life for four different treatments.
|Treatment||Cost||Increase in Life Years||Rating of Quality of Life||QALY||Cost:QALY|
Use the Assignment 5.1 Document (Word) (Links to an external site.) to record your responses.
- Calculate the QALY for each treatment.
- Interpret each QALY calculated for each treatment.
- Calculate the Cost:QALY ratio for each treatment.
- Interpret each ratio.
- Based on QALY only, which treatment would be most effective?
- Based on cost:QALY, which treatment would be most effective?
Upload your responses. Your document should be named using the following convention: Last name_First name_Assignment_5.1.
Submit your assignment and review full grading criteria on the Assignment 5.1: Cost:QALY page.
Week 5: Economic Evaluation and Quality Initiatives of Health Services
Week 5 combines related topics from different chapters in the two texts for this course. One major topic is the economic evaluation of health services. Economic evaluation involves the analysis of new medical interventions and investigates whether these innovations are economically justified. The other major topic is quality initiatives and whether quality improvements make economic sense. In both topics, techniques to assess economic viability are described.
Review a list of all items due this week in your course’s syllabus.
Lesson 1: Economic Evaluation of Health Services
This lesson will identify the different purposes of an economic evaluation. There will also be an identification of the steps involved in an economic analysis. The different types of economic analysis will be described, including a description of choosing the proper analysis. Also, there will be a description of the guidelines of a cost-effectiveness analysis. How to do a benefit-cost analysis is outlined.
Before attempting to complete your learning activities for this week, review the following learning materials:
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Structure and Mechanics
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In the first lesson this week, we reviewed the steps of economic analysis. The different types of economic analysis were described as well as the way of selecting the proper economic analysis.
Improving quality while maintaining an efficient use of resources has become an ongoing objective in the healthcare sector. In the second lesson, two strategies to improve quality were described. These were the structure/process/outcome strategy and the plan-do-check (PDCA) or plan-do-study-act (PDSA) strategy. To determine if a quality improved was achieved, evaluation techniques such as benchmarking, cost per encounter, quality-adjusted life year (QALY) and cost per QALY ratio were described. Lastly, there were descriptions of the techniques of risk adjustment and risk-benefit analysis.
- Course Essentials
- Week 1: Demand for Healthcare
- Week 2: Healthcare Production and Costs
- Week 3: Behavior of Supply
- Week 4: Competitive Markets and Monopoly Power
- Week 6: Financial Statements and Ratios
- Week 7: Budgeting, Scheduling, and Daily Staffing for Acute Nursing Units
- Week 8: Entrepreneurial Leadership
- Course Conclusion
APA Writing Checklist
Use this document as a checklist for each paper you will write throughout your GCU graduate program. Follow specific instructions indicated in the assignment and use this checklist to help ensure correct grammar and APA formatting. Refer to the APA resources available in the GCU Library and Student Success Center.
☐ APA paper template (located in the Student Success Center/Writing Center) is utilized for the correct format of the paper. APA style is applied, and format is correct throughout.
☐ The title page is present. APA format is applied correctly. There are no errors.
☐ The introduction is present. APA format is applied correctly. There are no errors.
☐ Topic is well defined.
☐ Strong thesis statement is included in the introduction of the paper.
☐ The thesis statement is consistently threaded throughout the paper and included in the conclusion.
☐ Paragraph development: Each paragraph has an introductory statement, two or three sentences as the body of the paragraph, and a transition sentence to facilitate the flow of information. The sections of the main body are organized to reflect the main points of the author. APA format is applied correctly. There are no errors.
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☐ Sources are completely and correctly documented on a References page, as appropriate to assignment and APA style, and format is free of error.
Scholarly Resources: Scholarly resources are written with a focus on a specific subject discipline and usually written by an expert in the same subject field. Scholarly resources are written for an academic audience.
Examples of Scholarly Resources include: Academic journals, books written by experts in a field, and formally published encyclopedias and dictionaries.
Peer-Reviewed Journals: Peer-reviewed journals are evaluated prior to publication by experts in the journal’s subject discipline. This process ensures that the articles published within the journal are academically rigorous and meet the required expectations of an article in that subject discipline.
Empirical Journal Article: This type of scholarly resource is a subset of scholarly articles that reports the original finding of an observational or experimental research study. Common aspects found within an empirical article include: literature review, methodology, results, and discussion.
Adapted from “Evaluating Resources: Defining Scholarly Resources,” located in Research Guides in the GCU Library.
☐ The writer is clearly in command of standard, written, academic English. Utilize writing resources such as Grammarly, LopesWrite report, and ThinkingStorm to check your writing.