Role of medical technology in supporting healthcare providers to achieve high outcomes.
Healthcare systems across the globe face several challenges in delivering high quality care, due to reductions in reimbursement, budget shortfalls, and a restrictive regulatory environment. The pressure to deliver high quality care against financial constraints forces healthcare providers to pass on this cost deficit to medical technology solution providers. Medical technology vendors are themselves grappling with the need to bring the latest technology to market quickly, while maintaining their profit margins. In such a context, there is a need to balance both qualitative as well as quantitative outcomes; and a value-based care model offers healthcare providers and medical technology new possibilities.
Impact of value-based care on efficacy and efficiency of healthcare delivery
Value-based care model is a process based approach used by healthcare providers to deliver accurate diagnosis and treatment algorithms to improve patient outcomes and thereby reduce disparities in treatment of diseases and conditions. From a reimbursement and pricing point of view, this means that payment is based on efficacy and efficiency of care delivered. For hospital CIOs, value-based care provides additional metrics to evaluate their performance including specific measures such as reducing hospital readmissions, improving emergency care and operating room utilisation, and a focus on preventative care. This not only allows hospitals to improve their financial performance but also provides additional advantages such as increased level of patient satisfaction.
Collaboration of medical technology OEMs and healthcare providers to drive VBC
Healthcare data supported by a digital health ecosystem will be the backbone to driving VBC. Medical technology vendors can provide digitally enabled solutions to support digitisation; they will increasingly need to demonstrate economic value offered by their solution in addition to clinical outcomes. With rise of integrated care, healthcare providers and medical technology vendors will need to increasingly collaborate to deliver value across the care continuum and improve overall quality of life.
Healthcare providers are at varying stages of digital maturity and medical technology vendors have an influential role to play in overcoming this gap. Vendors can work with hospitals to optimise the performance of existing infrastructure in areas such as inventory management, resource utilisation, etc. through incremental innovation.
A joint endeavour between healthcare vendors and medical technology OEMs will ensure that clinicians have access to healthcare data that will assist them in clinical decision making. At the same time, it will enable optimisation of key clinical workflows and business processes that drive overall operational efficiency. This two-pronged approach will result in achieving both clinical outcomes and business goals, leading to value-based care in its truest sense.