Cost effectiveness in healthcare focuses on maximizing value by balancing costs and benefits effectively.
Cost effectiveness in healthcare refers to interventions that offer value by either reducing costs while increasing benefits or vice versa. An intervention that reduces the cost while increasing the benefit can always be considered cost-effective as it maximizes the value derived. For example, programs that reduce crime rates by investing in early childhood education show a benefit-cost ratio ranging from 4 to 10, indicating high cost-effectiveness.
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