<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2504-3145</journal-id>
<journal-title><![CDATA[Portuguese Journal of Public Health]]></journal-title>
<abbrev-journal-title><![CDATA[Port J Public Health]]></abbrev-journal-title>
<issn>2504-3145</issn>
<publisher>
<publisher-name><![CDATA[Escola Nacional de Saúde Pública]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2504-31452020000300176</article-id>
<article-id pub-id-type="doi">10.1159/000512564</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[A financial theory perspective of the metrics employed to measure value in the &#8220;Value in Healthcare&#8221; methodologies]]></article-title>
<article-title xml:lang="pt"><![CDATA[Uma perspetiva da teoria financeira sobre as métricas usadas para medir valor nas metodologias em &#8216;Valor em Saúde&#8217;]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Santos]]></surname>
<given-names><![CDATA[José Miguel Pinto dos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Oliveira]]></surname>
<given-names><![CDATA[Sandra Bernardes de]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
<xref ref-type="aff" rid="Aaf"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,AESE Business School Department of Economics and Finance ]]></institution>
<addr-line><![CDATA[Lisbon ]]></addr-line>
<country>Portugal</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Polytechnic Institute of Santarém Department of Social and Organizational Sciences ]]></institution>
<addr-line><![CDATA[Santarém ]]></addr-line>
<country>Portugal</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,University of Coimbra Centre for Health Studies and Research ]]></institution>
<addr-line><![CDATA[Santarém ]]></addr-line>
<country>Portugal</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>08</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>08</month>
<year>2020</year>
</pub-date>
<volume>38</volume>
<numero>3</numero>
<fpage>176</fpage>
<lpage>186</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://scielo.pt/scielo.php?script=sci_arttext&amp;pid=S2504-31452020000300176&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.pt/scielo.php?script=sci_abstract&amp;pid=S2504-31452020000300176&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.pt/scielo.php?script=sci_pdf&amp;pid=S2504-31452020000300176&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  Background:  Value in healthcare is becoming an important paradigm in the drafting of health policies, the management of healthcare institutions, the financing of healthcare provision, and the choice of technologies in healthcare delivery. Several different metrics have been proposed and are currently used by academics and practitioners in this field. Summary: There are many challenges, both ethical and methodological, in the attempt to measure value in healthcare. One arises from the close relationship between health and life. Although it is generally regarded that human life should not be subject to monetary valuation, several human activities, namely work, are currently valued. This allows for the valuation of health as it impacts on these human activities. Other challenges are measuring health benefits and costs. Several metrics have been proposed in the literature and are used in practice. The purpose of this paper is to appraise, from the perspective of modern financial theory, several metrics used for determining value in healthcare.  Key Messages:  Most metrics used to determine value in healthcare do not reflect the concept of value used in modern financial theory. They rely mostly on accounting concepts such as costs, not in a prospective cash-flow perspective. Some adjustments need to be made to bring them into step with the financial theory of value.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo  Motivação:  Valor em saúde é um paradigma cada vez mais usado na elaboração de políticas de saúde, na gestão de instituições de saúde, no financiamento de serviços de saúde e na escolha de tecnologias de tratamento. Várias métricas foram propostas e são usadas por académicos e profissionais.  Sumário:  A medição do valor da saúde apresenta várias dificuldades éticas e metodológicas. Embora usualmente se considere que que a vida humana não deve ser sujeita a avaliação monetária, várias atividades humanas, nomeadamente o trabalho, são passiveis de ser avaliadas em termos financeiros. Isto permite estimar o valor da saúde na medida em que a saúde tem impacto nessas atividades. No entanto existem outros desafios, tais como medir os custos e benefícios associados à saúde. Várias métricas para estimar valor em saúde foram propostas na literatura académica e são usadas na prática. O objetivo deste artigo é apresentar uma apreciação critica, feita do ponto de vista da teoria financeira, de várias dessas métricas.  Mensagem principal:  Muitas das métricas usadas em valor em saúde não refletem o conceito de valor que está na base da moderna teoria financeira: baseiam-se em conceitos contabilísticos, como custos, e não em cash-flows expectáveis no futuro. Para os tornar coerentes com a teoria de valor que é atualmente aceite necessitam de ser revistos.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Value in healthcare]]></kwd>
<kwd lng="en"><![CDATA[Financial theory]]></kwd>
<kwd lng="en"><![CDATA[Cost-benefit analysis]]></kwd>
<kwd lng="en"><![CDATA[Cost-effectiveness analysis]]></kwd>
<kwd lng="en"><![CDATA[Porter framework.]]></kwd>
<kwd lng="pt"><![CDATA[Valor em saúde]]></kwd>
<kwd lng="pt"><![CDATA[Teoria financeira]]></kwd>
<kwd lng="pt"><![CDATA[Análise custo-benefício]]></kwd>
<kwd lng="pt"><![CDATA[Análise custo-efetividade]]></kwd>
<kwd lng="pt"><![CDATA[Modelo de Porter.]]></kwd>
</kwd-group>
</article-meta>
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