Health economics and outcomes research (HEOR) is used to measure the cost, effectiveness, and the effects of a treatment or procedure on a patient’s quality of life. Health systems and physicians and other providers who treat patients want to keep costs down while managing patients with complex and costly conditions.
Using a combination of data from clinical trials and real-world evidence, health care decision makers can analyze the value of medical treatments and interventions by assessing the economic value, outcomes research and the clinical and economic effects of a drug, device, or service on patients and health care systems. The goal is to determine if a new intervention is effective and cost-efficient compared with existing options.