Evidence-based medicine and cost-effectiveness

Most available medical management techniques compare the practice patterns of providers with other providers but overlook the inherent value of interventional medical therapies to patients and society. The authors present a methodology for objectively evaluating the quality and cost-effectiveness of medical interventional therapies, and comparing them to each other using the common denominator of cost per quality-adjusted life-year ($/QALY). Advantages of this methodology include the fact that it: (1) compares the cost-effectiveness of different treatment regimens, (2) incorporates patient preferences, (3) employs evidenced-based medical data, information that is most reliable and reproducible, (4) factors in the effect of treatment on the quality of life and length of life, (5) offers an evaluation of the clinical efficacy of a treatment, (6) identifies both superior and marginal treatments, (7) maximizes the effective use of scarce resources, and (8) simplifies the understanding of health care procedures for consumers, payers, and providers.