Dictionary

V

Vaccination CostTermImmunisation Cost, Cost of Vaccination

The total resources required to deliver a vaccination programme, covering the vaccine product, administration, cold chain storage, and delivery infrastructure.

Vaccination ExternalitiesConceptVaccine Externalities, Indirect Vaccine Effects

Vaccination externalities are the benefits one person's vaccination gives others by cutting disease spread, benefits that person ignores when choosing.

Vaccination PolicyConceptImmunisation Policy, Vaccine Policy

Government policy governing which vaccines are included in a national immunisation schedule and how programmes will be funded and administered.

Vaccine Cost-EffectivenessTermVaccine CEA, Immunisation Cost-Effectiveness

An assessment of a vaccine's cost relative to its health benefits, typically expressed as cost per QALY or DALY averted.

Vaccine EconomicsTermVaccination Economics, Immunisation Economics

The application of health economic evaluation specifically to vaccines, covering pricing, programme design, and modelling techniques capturing indirect protective effects.

Vaccine EffectivenessConceptReal-World Vaccine Effect, Field Effectiveness

The degree to which a vaccine reduces disease risk under real-world conditions in a general population, unlike efficacy measured under trial conditions.

Vaccine EfficacyConceptProtective Efficacy, Efficacy Under Trial Conditions

The degree to which a vaccine reduces disease risk among vaccinated individuals under the controlled conditions of a clinical trial.

Vaccine PricingTermImmunisation Pricing, Vaccine Price Setting

The pricing strategies applied specifically to vaccines, often differentiated by country income level and supported by international procurement mechanisms.

Vaccine Programme EvaluationTermImmunisation Programme Evaluation, Vaccine Programme Assessment

A comprehensive assessment of a vaccination programme's costs, health outcomes, and broader impact, including indirect population-level herd immunity effects.

Validation SetTermValidation Data, Tuning Set

A subset of data used during model development, separate from both the training data and the final test set, to tune settings.

Validity AssessmentTermValidity Evaluation, Validity Testing

The process of evaluating whether an instrument or study design accurately captures what it is intended to measure, covering several specific forms.

Valuation ProtocolTermValuation Procedure, Elicitation Protocol

The specific procedures, including instructions, health state descriptions, and elicitation technique, followed when conducting a health state valuation study.

Valuation Study DesignTermValuation Design, Preference Study Design

The overall methodological plan for a health state valuation exercise, including sample selection, elicitation technique, and the health states to be valued.

Value AssessmentTermValue Evaluation, Value Appraisal

The process of evaluating a technology's overall benefit relative to its cost, encompassing cost-effectiveness analysis and broader value frameworks.

Value CommunicationTermValue Messaging, Value Storytelling

The process of clearly and accurately conveying a technology's demonstrated value to clinicians, patients, and payers, grounded in the underlying evidence.

Value DemonstrationTermValue Evidence Generation, Demonstrating Value

The process of generating and presenting evidence establishing a technology's clinical and economic value, spanning trial results, real-world evidence, and modelling.

Value DossierTermValue Evidence Dossier, Evidence Value Pack

A comprehensive document presenting clinical and economic evidence supporting a technology's value, prepared to support assessment submissions and payer engagement.

Value DriverTermValue Lever, Value Contributor

A specific factor contributing meaningfully to a technology's overall assessed value, such as a particularly strong trial result or safety profile.

Value ElementTermValue Component, Value Dimension

A specific, distinct component contributing to a technology's overall value, such as clinical benefit, caregiver burden effect, or real option value.

Value For MoneyTermVfM, Worth the Cost

A general term describing whether a technology's health benefit is judged sufficient to justify its cost, cost-effectiveness analysis's central question.

Value FrameworkTermValue Assessment Framework, Value Scoring Framework

A structured tool for systematically assessing a technology's overall value, encompassing considerations beyond a single cost-effectiveness ratio, such as toxicity.

Value GapTermValue Shortfall, Evidence Shortfall

The difference between a technology's price and its assessed value based on formal health economic evaluation, favourable or unfavourable.

Value in HealthcareTermHealthcare Value, Value in Health

A concept defined as health outcomes achieved for patients relative to the cost of achieving them, the central principle of value-based reform.

Value MatrixTermValue Grid, Value Assessment Matrix

A structured framework, often within multi-criteria decision analysis, organising multiple value criteria and scores for a set of technologies for comparison.

Value MeasurementTerm

The assessment of healthcare value as the outcomes achieved relative to the cost incurred across a full cycle of care.

Value of InformationConceptVOI, Information Value

Value of information (VOI) analysis estimates the expected benefit of reducing decision uncertainty, to judge whether more research is worth its cost.

Value of Information AnalysisConceptApplied Value of Information, VOI Study

The application of value of information methods to a health economic decision, typically used to judge whether further research is worth conducting.

Value of Statistical LifeConceptVSL, Statistical Life Value

A monetary estimate of the value society places on reducing the risk of death, derived from willingness to pay for a small risk reduction.

Value of Statistical Life YearConceptVSLY, Statistical Life-Year Value

An adaptation of the value of statistical life expressed per life-year rather than per life, adjusted for age and remaining life expectancy.

Value PropositionTermProduct Value Case, Payer Value Case

A clear, concise statement articulating a technology's benefits relative to existing alternatives and why those benefits justify its proposed cost.

Value ScoreTermValue Rating, Value Index

A numerical rating summarising a technology's overall assessed value, combining multiple factors such as clinical benefit, toxicity, and cost.

Value SetConceptUtility Tariff, Preference Tariff

The complete collection of utility weights from a population valuation study, used to convert every combination of instrument responses into a utility score.

Value Set DevelopmentTermTariff Development, Value Set Construction

The process of designing, conducting, and analysing a population valuation study to produce a scoring algorithm for a health status instrument.

Value StoryTermValue Narrative, Product Story

A coherent narrative integrating a technology's clinical, economic, and humanistic evidence into an accurate overall account of its value proposition.

Value Stream MappingTermVSM, Value Stream Map

A lean management tool visually mapping all steps, value-adding and not, required to deliver a service, to identify and eliminate waste.

Value TransferTermEstimate Transfer, Transferred Estimate

The general practice of applying an economic value estimated in one context to a decision in a different context.

Value-Based AssessmentTermValue-Based Appraisal, Multi-Dimensional Value Assessment

An evaluation approach explicitly centring the relationship between a technology's outcomes and cost, potentially incorporating multiple value dimensions.

Value-Based HealthcareTermVBHC, Value-Based Care

A framework organising delivery and payment around maximising health outcomes achieved for patients relative to cost, rather than service volume.

Value-Based PaymentTermVBP, Outcome-Linked Payment

A general term for arrangements tying provider reimbursement to quality, efficiency, or outcomes, rather than volume alone under fee-for-service.

Value-Based PricingTermVBP Pricing, Value-Based Price Setting

A pricing approach setting a treatment's price to reflect its health benefit relative to existing alternatives, often linked to a cost-effectiveness threshold.

Value-Based PurchasingConceptVBP Purchasing, Value-Based Commissioning

A purchasing approach that connects provider selection, contracting or payment to measured care quality, outcomes or efficiency for a defined population.

Value-Based Safe HarborTermVBC Safe Harbor, Value-Based Arrangement Exception

A US legal protection permitting certain value-based payment arrangements that might otherwise raise concerns under standard anti-kickback fraud rules.

Valve Disease EconomicsTermValvular Disease Economics, Cardiac Valve Economics

The application of health economic evaluation to heart valve conditions, spanning surgical and catheter-based treatment as options have expanded.

Valve Replacement EconomicsTermValvular Replacement Economics, Valve Surgery Economics

The application of health economic evaluation to replacing a damaged heart valve, comparing durability, complications, and costs across device types and approaches.

Variability AnalysisTermVariability Assessment, Variability Decomposition

An examination of how outcomes differ across individual patients due to genuine heterogeneity, unlike parameter uncertainty concerning imprecise population-level averages.

Variable CostTermVariable Expense, Volume-Dependent Cost

A cost that changes in direct proportion to output or service volume, such as medical supplies used per patient treated.

VarianceConceptSigma Squared, Mean Squared Deviation

A dispersion measure representing the average squared deviation of individual data points from the mean of a dataset.

Variance AnalysisTermBudget-vs-Actual Analysis, Financial Variance Review

A technique for decomposing the difference between budgeted and actual financial results into component causes, such as price and volume effects.

Variance Inflation FactorConceptVIF, Collinearity Diagnostic

A regression diagnostic quantifying how much an estimated coefficient's variance is inflated by correlation with other predictors, higher values meaning worse multicollinearity.

Variance ReductionConceptVariance-Reduction Technique, Efficiency Technique

Variance reduction is the use of simulation sampling or estimator design to lower Monte Carlo error for a specified quantity without changing the quantity being estimated.