# Shared Flashcard Set

## Details

Econ Exam 1
N/A
29
Pharmacology
Professional
09/17/2012

Term
 Decision Nodes
Definition
 A point in the decision process where the decision-maker must chose from the treatment options available (squares)
Term
 Chance Nodes
Definition
 A point in the decision process wher ethe events that follow are not in control of the decision-maker (circles)
Term
 Branches
Definition
 An exhaustive list of the optoinos (decision nodes) or events (chance nodes) that follow a node (right angles)
Term
 Event Probabilities
Definition
 The probabilities associated witht he set of events after each chance node (for each chance node the probabilities must sum to 1) (p,q)
Term
 Consequences
Definition
 The assumed set of final outcome "changes" associated with each path through the decision tree that are aligned witht he perspective of the decision-maker (rectangles/terminal nodes)
Term
 Diagnostic Uncertainty
Definition
 Uncertainty in the patient's diagnosis that may affect the relationship between treatment and outcomes   *Ex:  Treat acute otitis media with ABX?
Term
 Prognostic uncertainty
Definition
 Uncertainty int he patient's course of disease given a diagnosis that may affect the relationshp between treatment and outcomes   *Ex.  Aggresively treat early stage cancer
Term
 Treatment Uncertainty
Definition
 Uncertainty in the relationship between treatment and outcome for a given diagnosis and prognosis   *Ex:  Use pharmacologica care with risk of ADR factored into decision tree
Term
 Averaging Out
Definition
 Calculate the "expected" consequence following each chance node using respective probabilities as weights
Term
 Folding back
Definition
 Selecting the decision at each decision node with the best expected outcome and "pruning" all other decision branches
Term
 Clincal Decision Analysis (CDA)
Definition
 A systematic approach to contrast the ability of one or mroe treatment regimens to achieve a single health outcome under uncertainty
Term
 Marketing
Definition
 The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Term
 Priorities of Marketing (5)
Definition
 1.  Identify new opportunities 2.  Develop new products 3.  Attract customers 4.  Retain customers and build loyalty 5.  Fulfill orders
Term
 P's of marketing (4)
Definition
 1.  Product 2.  Price 3.  Place 4.  Promotion
Term
 Market Segment
Definition
 Group of individuals or organization that have one or mroe similar characteristics, needs, and/or interests
Term
 Market Niche
Definition
 Narrower segment of population that needs or desires specialized goods/services   *Needs to be sufficient in size, growth potential, not well-served, purchasing potential, demonstrated need
Term
 Brand
Definition
 The image associated with a company, product, or service   *Integrated marketing communications (IMC) is a key branding strategy
Term
 Relationship Marketing
Definition
 Developing long-term mutually beneficial relatinoship with patients, business partners, and clinical partners
Term
 Willingness-to-pay
Definition
 How much a pt would pay to improve his/her health state
Term
 Willingness-to-accept
Definition
 How much a pt would accept as payment to reduce their health state
Term
 Treatment Threshold Price (TTP)
Definition
 The highest price a pt would be willing to pay for a tx given the value of benefits associated with the treatment and the effectiveness of the treatment relative to the alternative outcome.
Term
 TTPa
Definition
 The value of the relative advantage of treatment A over treatment B...ie, max pt willing to pay for tx A
Term
 ECHO Model
Definition
 Economic Clinical and Humanistic Outcomes model   *Econ:  opportunity costs, measured by payors and pts *Clnical:  morbidity/mortality; measured by health-care providers *Humanistic:  QOL; measured by pt
Term
 Indirect costs
Definition
 Individual costs, costs to family and friends
Term
 Direct Costs
Definition
 Medical costs and nonmedical (transportation, informal care, etc)
Term
 Intangible Coss
Definition
 Pain, suffering, and greif of pt and anyone who cares
Term
 Fixed Costs
Definition