Description
The session, led by Matt Costa, dives into the complexities of health economics, particularly focusing on health utility analysis. Costa acknowledges the expertise required in the field and clarifies that his presentation will only cover a minor aspect. He emphasizes the significance of understanding economic principles in healthcare systems globally, where rationing is a common issue due to inadequate funding for all patient needs. Costa explains how evidence guides funding decisions in the NHS and highlights the importance of NICE guidelines in the commissioning process.
The talk also discusses the practical application of health economics, using incremental cost-effectiveness ratios to assess treatment options. Costa illustrates this with examples from clinical trials, depicting the economic implications of varied patient management strategies, such as treating wrist fractures with either plates or wires. He introduces various trials and outcomes, stressing that understanding the cost-effectiveness of treatments is crucial for decision-making in healthcare.
Through the presentation, Costa argues for the necessity of evidence-based guidelines that influence commissioning, while fielding audience questions that connect individual patient experiences with broader economic considerations in surgical interventions. He acknowledges the complexities in achieving optimal patient outcomes against the backdrop of healthcare economics, ultimately framing the discussion around developing evidence that can shape future guidelines and improve patient care.