Consolidated Health Economic Evaluation Reporting Standards- Value of Information (CHEERS-VOI): Explanation and Elaboration

BACKGROUND: While the ISPOR Value of Information (VOI) Task Force's reports outline VOI concepts and provide good-practice recommendations, there is no guidance for reporting VOI analyses. VOI analyses are usually performed alongside economic evaluations for which the Consolidated Health Economic Evaluation Reporting Standards 2022 (CHEERS) Statement provides reporting guidelines. Thus, we developed the CHEERS-VOI checklist to provide reporting guidance and checklist to support the transparent, reproducible and high-quality reporting of VOI analyses. METHODS: A comprehensive literature review generated a list of 26 candidate reporting items. These candidate items underwent a Delphi procedure with Delphi participants through 3 survey rounds. Participants rated each item on a 9-point Likert scale to indicate its relevance when reporting the minimal, essential information about VOI methods and provided comments. The Delphi results were reviewed at two-day consensus meetings and the checklist was finalized using anonymous voting. RESULTS: We had 30, 25 and 24 Delphi respondents in Rounds 1, 2 and 3, respectively. After incorporating revisions recommended by the Delphi participants, all 26 candidate items proceeded to the two-day consensus meetings. The final CHEERS-VOI checklist includes all CHEERS items but 7 items require elaboration when reporting VOI. Further, 6 new items were added to report information relevant only to VOI (e.g., VOI methods applied). CONCLUSIONS: The CHEERS-VOI checklist should be used when a VOI analysis is performed alongside economic evaluations. The CHEERS-VOI checklist will help decision-makers, analysts and peer reviewers in the assessment and interpretation of VOI analyses and thereby increase transparency and rigour in decision-making.