Value of information analysis in healthcare: a review of principles and applications
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Background: Economic evaluations are increasingly utilized to inform decisions in healthcare; however, decisions remain uncertain when they are not based on adequate evidence. Value of information (VOI) analysis has been proposed as a systematic approach to measure decision uncertainty and assess whether there is sufficient evidence to support new technologies. Scope: The objective of this paper is to review the principles and applications of VOI analysis in healthcare. Relevant databases were systematically searched to identify VOI articles. The findings from the selected articles were summarized and narratively presented. Findings: Various VOI methods have been developed and applied to inform decision-making, optimally designing research studies and setting research priorities. However, the application of this approach in healthcare remains limited due to technical and policy challenges. Conclusion: There is a need to create more awareness about VOI analysis, simplify its current methods, and align them with the needs of decision-making organizations.
Journal of Medical Economics
Copyright 2014 Informa Healthcare. This is an electronic version of an article published in Journal of Medical Economics, Volume 17, 2014 - Issue 6, Pages 377-383. Journal of Medical Economics is available online at: http://informahealthcare.com with the open URL of your article.
Medical and Health Sciences not elsewhere classified