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.
P
- Policy RevisionTermPolicy Amendment, Policy Update
- A modification to an existing health policy to address shortcomings, incorporate new evidence, or adapt to changed circumstances.
- Policy TerminationTermPolicy Cessation, Policy Wind-Down
- The formal discontinuation of an existing policy or programme, typically when judged ineffective, unnecessary, or superseded by an alternative.
- Polio EconomicsTermPoliomyelitis Economics, Polio Cost of Illness
- The application of health economic evaluation to poliomyelitis, a paralysis-causing viral disease targeted for global eradication through sustained vaccination.
- Political FeasibilityTermPolitical Viability, Political Acceptability
- An assessment of whether a policy is likely to garner sufficient political support to be adopted, given stakeholder interests and public opinion.
- POLSTTermPhysician Orders for Life-Sustaining Treatment, Portable Medical Order
- Physician Orders for Life-Sustaining Treatment, a standardised medical order documenting a seriously ill patient's resuscitation and treatment preferences.
- PolypharmacyTermMultiple Medication Use, Concurrent Medication Burden
- The concurrent use of multiple medications by a patient, most commonly defined as five or more regularly used medications, though definitions vary.
- PoolingTermPrepaid Fund Accumulation, Shared Fund
- The accumulation and management of prepaid healthcare funds into a shared fund used to pay for services for a covered population.
- Pooling EquilibriumTermPooling Outcome, Mixed-Type Equilibrium
- A market outcome in which different risk types make the same choice, so a firm cannot distinguish between them from behaviour alone.
- PopulationConcept
- Population, in health economic evaluation, is the group of people a decision or analysis concerns, defined by condition, characteristics and care pathway.
- Population AnalyticsTermPopulation Health Analytics, Cohort Analytics
- The application of data analysis to understand health patterns and needs across an entire defined patient population, supporting risk stratification.
- Population Attributable FractionConceptPAF, Population Aetiologic Fraction
- The proportion of disease cases in an entire population that would not occur if a specific exposure were eliminated, accounting for its prevalence.
- Population Attributable RiskTermPAR, Population Excess Risk
- The reduction in disease incidence within a population that would result from eliminating a harmful exposure entirely, expressed as an absolute rate.
- Population CoverageTermPopulation Entitlement, Entitled Population Share
- The proportion of a defined population covered by a health financing or insurance scheme, one dimension of universal health coverage progress.
- Population EVPIConceptAggregate EVPI, Whole-Jurisdiction EVPI
- The expected value of perfect information calculated for an entire affected patient population over time, rather than for a single patient.
- Population HealthTermCommunity Health Status, Group Health Outcomes
- The health outcomes of a group of individuals, including their distribution, encompassing healthcare delivery and broader social and environmental determinants.
- Population Health ManagementTermPHM, Managed Population Health
- An approach focusing on improving outcomes for an entire defined patient population, incorporating proactive outreach, risk stratification, and coordinated care.
- Population StructureTermCohort Composition, Modelled Demographic Mix
- The way a decision-analytic model represents the composition of the patient population studied, including relevant subgroups by age or severity.
- Population-Based PaymentTermPopulation Payment Model, Per-Capita Provider Payment, Population Payment
- A methodology reimbursing a provider based on the overall health needs and outcomes of a defined population, rather than individual services delivered.
- Population-Level ModelTermAggregate-Level Model, Whole-Population Model
- A decision-analytic model representing outcomes for an entire population rather than individual patients, often used to capture transmission or budget effects.
- Portability DesignTermCoverage Transferability, Plan Portability Rules
- Features built into an insurance product or account letting coverage or accumulated funds remain with an individual across employer or plan changes.
- Positive ExternalityConceptBeneficial Spillover, External Benefit
- A benefit conferred on a third party by an economic activity, not reflected in its market price, leading to underproduction relative to the social optimum.
- Positive FeedbackTermReinforcing Loop, Amplifying Feedback
- A causal relationship in which a change in one variable triggers effects that reinforce the original change, tending to accelerate the system's trajectory.
- Positive Likelihood RatioConceptLR+, Positive LR
- A diagnostic test measure expressing how much a positive result increases the odds that a patient truly has the condition tested for.
- Positive ListTermReimbursement List, Inclusion List
- A list explicitly specifying which medications or services are covered under a health plan, unlike a negative list specifying exclusions.
- Positive Predictive ValueConceptPPV, True-Positive Share
- The probability that an individual with a positive diagnostic test result truly has the condition being tested for.
- Positive RecommendationTermFavourable Recommendation, Recommend-For Decision
- A body's formal decision to recommend a technology for funding, based on acceptable cost-effectiveness at the reviewed price.
- Post-Acute CareTermPAC, Sub-Acute Care
- Healthcare services provided after an acute hospitalisation to support continued recovery, spanning skilled nursing, rehabilitation, and home health settings.
- Post-Hoc AnalysisTermPost-Hoc Testing, Unplanned Analysis
- A statistical analysis conducted after a trial's data have already been examined, often exploring a hypothesis or subgroup not prespecified.
- Post-Market MonitoringTermPost-Launch Monitoring, Ongoing Market Watch
- The ongoing surveillance of a technology's safety and effectiveness after regulatory approval, capturing information beyond pre-approval trial data.
- Post-Marketing CommitmentTermPMC, Voluntary Post-Approval Study
- A study a manufacturer voluntarily agrees to conduct after approval, unlike a formally mandated post-marketing requirement, characterising real-world safety or effectiveness.
- Post-Marketing RequirementTermPMR, Mandated Post-Approval Study
- A study regulators formally mandate a manufacturer conduct after approval, often as a condition of accelerated approval granted on a surrogate endpoint.
- Post-Marketing SurveillanceTermPhase IV Surveillance, Post-Approval Monitoring
- The ongoing monitoring of a drug's safety and effectiveness after regulatory approval, capturing information not always evident from pre-approval trials.
- Post-Test ProbabilityConceptPost-Test Risk, Updated Diagnostic Probability
- The updated probability that a patient has a condition after a diagnostic test result is known, combining pre-test probability with the likelihood ratio.
- Posterior DistributionConceptPosterior, Updated Distribution
- In Bayesian statistics, the updated probability distribution for a parameter after combining a prior distribution with the likelihood of observed data.
- Posterior OddsTermUpdated Odds, Post-Data Odds
- The updated odds that a hypothesis is true after incorporating new evidence, found by multiplying prior odds by the likelihood ratio.
- Posterior ProbabilityTermPosterior Belief, Updated Probability
- The updated probability of a hypothesis after accounting for observed evidence, combining a prior probability with the likelihood of that evidence.
- Potential Life YearsTermPYLL, Life-Years Foregone
- A measure of premature mortality calculated as the years of life lost when death occurs before a specified reference age, such as seventy.
- Potentially Inappropriate MedicationTermPIM, Inappropriate Prescribing Flag
- A medication generally considered to pose an unfavourable risk-benefit balance for a specific population, most commonly older adults, per expert criteria.
- Potentially Preventable EventTermPPE, Avoidable Adverse Event
- An adverse outcome, such as a readmission, that could plausibly have been avoided through appropriate care, unlike a disease's natural progression.
- PovertyTermEconomic Deprivation, Material Hardship
- A state of lacking the material resources needed to meet basic needs, measured against an income or consumption threshold and strongly associated with worse health.
- Poverty LineTermPoverty Threshold, Income Cut-Off
- In health economics, the income or consumption threshold below which a person or household is classified as living in poverty, used in equity and targeting analysis.
- Power of AttorneyTermHealth Decision Proxy, Welfare Attorney
- A legal document granting one individual authority to act on another's behalf, in healthcare typically to make medical decisions if incapacitated.
- Practice ChangeTermCare Delivery Change, Clinical Behaviour Shift
- A modification to established clinical or organisational routines, typically undertaken to align practice with current evidence-based recommendations.
- Practice Expense RVUTermPE RVU, Overhead Relative Value Unit
- A US Medicare relative value component reflecting the overhead costs of operating a practice, such as staff and office space, attributable to a service.
- Practice GuidelinesTermClinical Guidance Document, Care Standards Document
- Formal, evidence-based recommendations developed by an expert panel to guide clinical decision-making for a specific condition, promoting consistent care.
- Practice SettingsTermCare Settings, Clinical Settings
- The range of distinct physical and organisational environments in which a healthcare profession's members deliver services, such as community or hospital settings.
- Practice Style VariationTermPhysician Practice Style, Provider Style Difference
- Differences in clinical decision-making and treatment intensity across physicians or regions treating clinically similar patients, unexplained by need or preference.
- Pragmatic TrialTermReal-World Trial, Effectiveness Trial
- A trial designed to evaluate a treatment under conditions resembling routine clinical practice, using broad eligibility and outcomes relevant to real-world decisions.
- Pragmatic Trial DesignTermPRECIS-Guided Design, Pragmatic Study Protocol
- A trial design evaluating a treatment under conditions resembling routine practice, using broad eligibility and standard care settings, unlike an explanatory design.
- Pre-Commitment InterventionTermUlysses Contract, Self-Binding Device
- A mechanism allowing a person to voluntarily restrict future choices in advance to support a desired long-term behaviour.