ISSUE: Cost-effectiveness analysis (CEA) is often considered the “gold standard” for the assessment of value for health care decision-making, but even its proponents acknowledge its limitations. As decision-makers increasingly seek to understand value, is it time to move beyond conventional CEA, and, if so, how? Darius Lakdawalla will moderate and provide an overview of recent debates about recommended methods for assessing relative value and making resource decisions in health care. Peter Neumann will shed light on the evolving field of CEA and its current challenges. Charles E. Phelps will share expertise on multi-criteria decision analysis (MCDA), which has been proposed as a way of evolving health care decision analysis and addressing some of CEA’s shortcomings. Jeroen Jansen will provide perspective from recent efforts to incorporate both CEA and MCDA into value-focused open-source decision tools designed, among other reasons, to improve the ability of CEA to respond rapidly to the emergence of new evidence. OVERVIEW: As health care systems increasingly move toward value-oriented decision-making, decision-analytic approaches must provide more flexibility than they have previously. Calls for inclusion of broader components of value – such as health equity, for example – challenge researchers to think beyond the traditional structure of CEA, which compares health interventions in terms of incremental costs relative to incremental gains (or losses) in quality-adjusted life years (QALYs). Meanwhile, some observers argue that the QALY does not adequately capture treatment attributes important to decision-makers, especially patients. Expansions of CEA and alternative approaches, such as multi-criteria decision analysis, have been proposed, but application of these approaches to real-world value comparisons – where diverse stakeholder perspectives may call for multiple approaches – presents considerable challenges. The panel will discuss alternative approaches to improving the flexibility and responsiveness of healthcare technology assessment, with particular focus on the role of MCDA and of flexible, open-source decision models.