Value of Information: An Innovative Approach to Prioritizing Comparative Effectiveness Research (Text Version)
On September 29, 2010, Ava John-Baptiste made this presentation at the 2010 Annual Conference. Select to access the PowerPoint® presentation (750 KB).
Value of Information: An innovative approach to prioritizing comparative effectiveness research
AHRQ Annual Meeting
September 29, 2010
Organizers & Presenters
- William Lawrence, MD, MS
- Joanna E. Siegel, RN, SM, SD
- Ava John-Baptiste, PhD
- David O. Meltzer, MD, PhD
- Gillian D. Sanders, PhD
|The promise and challenge of using value of information to inform comparative effectiveness research priorities||Ava John-Baptiste, PhD|
|Value of Information Analysis to Inform Priorities for Health Research: Moving from Theory to Practice||David O. Meltzer, MD, PhD|
|Using Value of Information to Prioritize Future Research: A Case Study||Gillian Sanders, PhD|
- Outline the theoretical basis of VOI.
- Describe use of VOI.
- Discuss barriers to applying VOI.
- Consider possible solutions.
- Present AHRQ funded VOI research.
- Can improve health care decision making
- ... at a cost
- Research topics:
- Span a variety of conditions
- Pertain to a variety of populations and subgroups
- Prevention, diagnosis and treatment
- Drugs, devices, procedures or strategies
How can research funding organizations systematically target investments in research where the impact of reducing the uncertainties in decisions will have the greatest benefits?
- For diabetic patients, what is the effectiveness of between visit patient outreach compared to standard patient care on adherence to therapy?
- What is the comparative effectiveness of typical and atypical antipsychotics for schizophrenia, bipolar disorder and other disorders?
- What is the comparative effectiveness of percutaneous coronary interventions and coronary artery bypass grafting for coronary artery disease?
AHRQ Priority Setting Criteria
- Disease burden
- Stakeholder support
- Desirability of new research
- Potential value
Value of Information
- A measure of the value of acquiring more information to better inform a health care decision
- ... based on an estimate of the foregone benefit of making the wrong decision.
Value of Information
- Health care decisions are uncertain.
- We choose what we believe is the best option.
- With more information we may choose a different option.
Value of Information = p Wrong Decision x Expected Value Wrong Decision
- Decision with two or more options.
- A model relating the expected value of each option to uncertain parameters.
- A method of calculation.
Parameters + Uncertainty leads to: Value of Information = Wrong Decision x Expected Value Wrong Decision
- Encourages structured decision making
- Potential to increase transparency
- Can quantify research benefits relative to:
- Potential to reduce uncertainty
- Impact on decision making
- Complex models are resource intensive.
- Simple models may exclude important elements of expected value.
- Estimating uncertainty can be difficult.