[Image from Unsplash]
Defining what it means matters because public and private healthcare payers in the U.S. and around the world are moving away from traditional fee-for-service payments. Instead, payers such as the U.S. government’s Medicare program and private insurers favor health providers delivering more efficient and effective care. The situation means that device companies need to have arguments for why their products create value, both to persuade hospitals and clinics to use their devices and to arrange reimbursement from insurers.
Some top medical device industry executives explored the meaning of value during a panel at the recent DeviceTalks Minnesota, June 26–27 in St. Paul. (The next DeviceTalks is Oct. 2 in Boston.) Here’s what they had to say:
Sheri Dodd
VP and general manager, Medtronic Care Management Services (formerly Cardiocom)
“When we talk about value in healthcare at Medtronic, we actually are trying to go very narrow. We’re trying to define in very narrow cohorts, with very specific outcomes for a very specific time period and engage and quantify those off-site to manage that population. … We believe that the more narrow you get, the more refined you get and the more specific you get, the more you will actually be able to address the optimal you can achieve, and we are able to do that. You can actually stop getting paid based on volume and getting paid on that outcome. These aren’t just words, this is what our CEO is talking about all the time, and he is dead serious about it, so we are undergoing a lot of that work. We’re identifying what products we have that truly get to this cost-over-outcome equation that we can stand behind with data, and appropriate intervention and then change the way we’re in the market.”
Get the full story on our sister site, Medical Design & Outsourcing.
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