Dictionary
The Dictionary provides concise definitions of health economics terms, arranged alphabetically for quick reference. Use it to understand unfamiliar terminology or confirm the meaning of a specific term.
O
- Obesity EconomicsTermEconomics of Obesity, Obesity Cost of Illness
- The application of health economic evaluation to obesity prevention and treatment, spanning lifestyle intervention, medication, and bariatric surgery.
- Obesity Prevalence RateTermObesity Rate, Population Obesity Level
- A measure of the proportion of a population classified as obese based on standardised body mass index criteria.
- Objective Response RateConceptORR, Overall Response Rate
- Objective response rate is the proportion of participants in a prespecified analysis population who achieve a complete or partial tumor response according to defined response criteria during the assessment period, with any confirmation requirement stated.
- Oblique RotationConceptCorrelated-Factor Rotation, Promax Rotation
- A factor analysis technique transforming a solution into a more interpretable structure while allowing the resulting factors to correlate with each other.
- Observational DataTermNon-Experimental Data, Non-Interventional Data
- Data collected without the researcher assigning participants to a specific exposure or treatment, instead observing naturally occurring patterns.
- Observational DesignTermNon-Experimental Design, Observational Study Design
- A broad category of study designs, including cohort, case-control, and cross-sectional studies, in which outcomes are observed without assigning participants to an intervention.
- Observational StudyConceptNon-Interventional Study, Observational Research
- A study that observes exposures and outcomes without investigator assignment of the exposure under investigation, using a specified design to describe patterns or assess associations and, under additional assumptions, causal effects.
- Observed-to-Expected RatioConceptO/E Ratio, Observed-Expected Ratio
- A measure comparing a provider's actual observed outcomes against statistically expected numbers given patient severity, above one meaning worse than expected.
- Observer-Reported OutcomeTermObsRO, Proxy-Reported Outcome
- A clinical outcome reported by someone other than the patient or a clinician, such as a carer of a patient who cannot self-report.
- Obsolete TechnologyTermOutdated Technology, Superseded Technology
- A technology superseded by a more effective, safer, or more cost-effective alternative, such that its continued routine use is inappropriate.
- Obstetrics EconomicsTermObstetric Care Economics, Childbirth Economics
- The application of health economic evaluation to pregnancy and childbirth care, covering prenatal screening, labour and delivery, and postpartum care.
- Occupancy RateConceptBed Occupancy, Bed-Occupancy Percentage
- Occupancy rate (bed occupancy) is the percentage of a hospital's available staffed beds that hold inpatients, averaged from daily bed counts over a period.
- Occupational EpidemiologyTermWorkplace Epidemiology, Occupational-Exposure Epidemiology
- A branch of epidemiology studying the relationship between workplace exposures and health outcomes among working populations.
- Occupational Health PolicyTermWorkplace Health Policy, Occupational Safety Policy
- Government or organisational policy addressing workplace health and safety risks, covering regulatory standards and workers' compensation programmes.
- Occupational Therapy EconomicsTermOT Economics, Occupational Therapy Cost
- The application of health economic evaluation to occupational therapy, which helps patients regain daily activity skills after illness, injury, or disability.
- Odds RatioConceptOR, Odds Relative Measure
- A measure comparing the odds of an outcome in one group to the odds in another, common in case-control studies and logistic regression.
- Oesophageal EconomicsTermEsophageal Economics, Oesophageal Disease Economics
- The application of health economic evaluation to oesophageal conditions, including reflux disease, oesophageal cancer, and swallowing disorders.
- Off-Label UseTermOff-Label Prescribing, Unlicensed Use
- The prescribing of an approved drug for a condition, population, or dosing regimen not specifically included in its official regulatory approval.
- OIG AuditTermOffice of Inspector General Audit, OIG Compliance Audit
- A review by the US Office of Inspector General examining a healthcare organisation's billing or compliance for potential fraud, waste, or abuse.
- Oligopoly BehaviourTermOligopolistic Competition, Oligopoly Conduct
- The strategic pricing and output decisions of firms in a market dominated by a small number of sellers who must anticipate rivals' responses.
- Oncology EconomicsTermCancer Economics, Economics of Cancer
- The broad application of health economic evaluation to cancer prevention, screening, diagnosis, and treatment.
- Oncology Value FrameworkTermASCO Value Framework, ESMO-MCBS
- A structured tool from professional oncology societies combining clinical benefit, toxicity, and cost into a single comparative score for assessing treatment value.
- One Health EconomicsTermOneHealth Economics, Planetary Health Economics
- The application of health economic methods to problems spanning human, animal, and environmental health simultaneously, such as zoonotic disease control.
- One-Stage Meta-AnalysisTermOne-Step Meta-Analysis, IPD One-Stage Model
- An individual patient data meta-analysis analysing combined patient-level data from all studies within a single unified statistical model.
- One-Tailed TestTermOne-Sided Test, Directional Test
- A hypothesis test assessing evidence for an effect in only one specified direction, requiring strong prior justification for that direction.
- One-Time TreatmentTermSingle-Administration Therapy, Durable One-Shot Treatment
- A therapy, such as certain gene or cell therapies, given only once and intended to produce a durable or permanent clinical benefit.
- One-Way SensitivityConceptUnivariate Sensitivity, Single-Parameter Sensitivity
- A deterministic sensitivity analysis that varies one model input across a specified range while keeping the remaining inputs at their base-case settings, then recalculates the model outcome and any decision threshold.
- One-Way Sensitivity AnalysisConceptOWSA, Univariate Sensitivity Analysis
- One-way sensitivity analysis (OWSA) varies one model input at a time, holding the rest at base case, to show which inputs drive cost-effectiveness results.
- Only in ResearchTermOIR, Research-Only Recommendation
- A recommendation category indicating a technology should be funded only within a formal research study, rather than routine clinical practice.
- Open Label StudyTermOpen-Label Trial, Unblinded Study
- A trial design in which both participants and researchers know which treatment each person is receiving, without any blinding of assignment.
- Open-Source ModelTermOpen Model Code, Publicly-Available Model
- A model whose complete code and structure are publicly available, letting anyone review, replicate, or adapt it without special permission.
- Operating BudgetTermRecurrent Budget, Running-Costs Budget
- A budget covering the day-to-day revenues and expenses required to run an organisation's ongoing operations.
- Operating CostTermRunning Cost, Recurrent Cost
- The recurring cost of an organisation's ongoing operations, such as staffing, supplies, and utilities, as distinct from one-off capital investment.
- Operating MarginTermOperating Profit Ratio, EBIT Margin
- A financial ratio calculated as operating income divided by revenue, showing the proportion remaining after operating expenses but before non-operating items.
- Operating Room ManagementTermOR Management, Theatre Management
- The processes used to schedule, coordinate, and optimise a hospital's surgical suite resources, covering case scheduling and turnover time.
- Operational AnalyticsTermOperations Analytics, Hospital Operations Analytics
- The application of data analysis to a healthcare organisation's operational processes, such as patient flow and staffing, identifying efficiency opportunities.
- Operational EfficiencyTermOperating Efficiency, Process Efficiency
- A measure of how effectively an organisation converts available resources into patient care activity, avoiding unnecessary waste or delay.
- Operational WasteTermProcess Waste, Operational Inefficiency
- Inefficiencies within an organisation's day-to-day operations that consume resources without producing corresponding value, such as unnecessary delays.
- Ophthalmology EconomicsTermEye Care Economics, Vision Health Economics
- The broad application of health economic evaluation to eye conditions, from cataracts and glaucoma to complex retinal disease.
- Opinion LeaderTermKOL, Thought Leader
- An individual whose views carry particular influence over peers' attitudes and practices, often leveraged within implementation strategies to promote adoption.
- Opioid Use EconomicsTermOpioid Economics, Opioid Crisis Economics
- The application of health economic evaluation to opioid use disorder, covering medication-assisted treatment, overdose prevention, and broader public health responses.
- Opportunistic ScreeningTermCase-Finding Screening, Ad Hoc Screening
- A screening approach offering testing when an individual happens to present for an unrelated visit, rather than through systematic invitation.
- Opportunity CostConceptForgone Benefit, Alternative Cost
- Opportunity cost is the value of the best alternative given up when a resource is put to one use; in health care, usually health lost elsewhere.
- Opportunity Cost AnalysisTermOpportunity-Cost Appraisal, Foregone-Benefit Analysis
- A form of analysis explicitly estimating the health or value forgone elsewhere in a system when resources are allocated to a specific intervention.
- Opportunity Cost AssessmentTermOpportunity-Cost Evaluation, Displacement Assessment
- The process of estimating what health benefits or other value are displaced when a health system commits resources to a new intervention.
- Opportunity Cost CriterionTermOpportunity-Cost Decision Rule, Health-Maximising Criterion
- A decision rule stating that an intervention should only be adopted if the value it produces exceeds the value of resources it displaces elsewhere.
- Opportunity LossTermEOL, Loss from Wrong Decision
- The difference in value between the outcome of the optimal decision and the outcome of the decision actually made under uncertainty.
- Opt-Out OptionTermPresumed Consent, Automatic Enrolment
- An alternative in a discrete choice experiment letting respondents select neither presented option, representing a choice to keep current circumstances.
- Optimal Sample SizeConceptENBS-Based Sample Size, Efficient Sample Size Choice
- A study sample size selected to meet a stated design objective, such as adequate power or precision, or to maximise the expected value of information after accounting for research costs and decision delays.
- Optimal Study DesignTermVOI-Optimal Design, Efficient Research Design, Study Design Optimisation
- The combination of research characteristics, such as sample size and follow-up duration, that maximises the expected net benefit of sampling for a budget.