Introduction to economic assessment - part 4

This is the final in a series of four continuing professional development articles on economic assessment (EA), more specifically EA in the context of nurse-led service innovation. The series aims to equip readers with an understanding of: (a) the main requirements of EA; (b) definitions of relevant terminology; (c) different EA techniques and their associated strengths and weaknesses; and (d) procedures to assign monetary values to costs and benefits. The series introduces a methodology, with associated tools and templates, that has been used by practising nurses to conduct EAs. The aim of this article is to show readers how to put monetary values on the types of cost incurred, and benefits generated, by a service innovation.