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Treatment choices by seriously Ill patients: The health stock risk adjustment model

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Treatment choices by seriously Ill patients: The health stock risk adjustment model MEDICAL DECISION MAKING Gaskin, D. J., Kong, J., Meropol, N. J., Yabroff, K. R., Weaver, C., Schulman, K. A. 1998; 18 (1): 84–94

Abstract

Anecdotal evidence suggests that patients who have life-threatening conditions often choose to undergo high-cost, high-risk treatments for them. This kind of risk-seeking behavior seems irrational because most patients are risk-averse. The Health Stock Risk Adjustment (HSRA) model seeks to explain this phenomenon. The model is based on the concept of relative health stock--the ratio of patients' expected quality-adjusted life years (QALYs) after a diagnosis to their expected QALYs before the diagnosis. The model predicts risk-averse patients will behave in a risk-seeking manner as their relative health stocks deteriorate. The HSRA model can help physicians better understand why some seriously ill patients seek high-risk treatments while others elect to forgo treatment. State legislatures and insurers are attempting to appropriately design insurance benefits for patients with life-threatening conditions. The HSRA model can help predict which patients will most likely take advantage of these benefits.

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