A substantial proportion of cancer patients experience heightened psychological distress that may include anxiety, depression, fear of cancer recurrence, and cancer‐specific distress.1, 2 Improving psychological outcomes of cancer patients across the continuum of care (ie, from diagnosis to survivorship) is a key aspect of oncology care, and as such there is an increasing expectation and requirement that cancer care service providers assess and address patients' psychosocial needs.3 These services vary in complexity depending on the level of psychosocial support required, care setting, and resource availability.4 There is a large body of evidence demonstrating the effectiveness of psychosocial care interventions in reducing depression and anxiety and improving quality of life of cancer patients.5-7 Nevertheless, and due to increasing health care costs, decision makers require evidence on the cost‐effectiveness (ie, value for money) of new services before they can make decisions to fund and implement them in practice. Economic evaluations are increasingly performed to generate evidence about the value for money of new health care interventions.