Patient and informal caregiver time in cost-effectiveness analysis - A response to the recommendations of the Washington panel

The time invested by patients and informal caregivers in treatment and rehabilitation should be valued in a cost-effectiveness analysis (CEA). The Washington Panel gives recommendations on incorporation of time costs that may misrepresent true societal costs. This article provides alternative recommendations for incorporating costs of time in CEA. Following an opportunity costs approach, time is separated into three parts, each with its own valuation methods: time spent on paid work, unpaid work, and leisure.