The healthcare system’s transition from clinically-based outcomes to value-based health care (VBHC) has had tremendous repercussions in the field of medical innovation. VHBC is a healthcare delivery model wherein providers such as hospitals and physicians are rewarded based on patient’s health outcome. The goal is not to minimize costs but to maximize ‘value’ of life instead. In the emerging, value-based world, it is no longer acceptable for medical technology (medtech) companies to rely on traditional market access models that pay attention to sales. Instead, it is critical for them to demonstrate and clearly articulate how their product offerings can enhance patient health outcomes.
According to a survey by Indiana-based analytics platform company Vennli, less than 60 percent of healthcare experts believe that medical device companies are able to meet their patient outcome expectations. As such, new risk-sharing and shared-savings systems are persuading providers to re-evaluate their performance, including the screening process involved in selecting the required medical technologies. Additionally, medtech product offerings need to address the demands of not only individual physicians but also health systems, health technology assessment (HTA bodies), and patient advocates. Different stakeholders prioritize and pay heed to different but overlapping sets of value drivers, against which they judge a technology’s benefits. In response, medtech companies must effectively communicate with each of the stakeholder’s unique set of value drivers in reviewing the worth of a specific medical technology.
The Study shows that healthcare professionals consider following factors when leveraging medtech devices: Consistent outcomes (94%), Positive patient outcomes (93%), Durability (88%), Easy to use (86%) and Efficacy (86%). Considering the huge scope for improvement, the onus is now on medtech companies to address the issues pertaining to lack of accountability as well as simplifying the complex technology in use.