The Generalized Risk-Adjusted Cost-Effectiveness (GRACE) tool addresses some of the challenges associated with previous health economics and outcomes research (HEOR) methods. It more accurately measures the impact of health on happiness and also allows for patients’ wishes to be included in healthcare decision-making.
“The GRACE model ensures—more than any known system to measure value in healthcare—that patients’ preferences, particularly the quintessential measure of untreated health status, reliably and consistently enter value measures used at both population and individual decision making. This analysis complements and adds to our previous analyses demonstrating how best to incorporate uncertain health benefits into value analyses.” Read more here.
(Source: Darius Lakdawalla & Charles Phelps Value & Outcomes Spotlight – ISPOR, 9/21)