Medical device value: Here’s how you work it into your design

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[Photo by Yeshi Kangrang on Unsplash]

Public and private payers are increasingly demanding that health providers manage their patient populations more effectively and efficiently. That means that medtech companies can no longer merely rely on the strength of their technology to achieve reimbursement.

They need to demonstrate “value,” too.

“There’s a lot going on with the healthcare payment delivery systems to reform healthcare, and that’s primarily quality and cost,” said Tom Hughes, senior principal advisor at the Regulatory and Clinical Research Institute outside Minneapolis. (Meet with RCRI officials at booth #302 at DeviceTalks Boston on Oct. 2.)

But was does value mean? Value means outcomes per dollar spent – or better care through less costs, according to Hughes.

Two categories of value based evidence include clinical effectiveness – outcomes-based data – and cost effectiveness – delving into what the health providers are billing payers for their products and services.

Find out more from Hughes in our latest MDO podcast:

(Meet with RCRI officials at booth #302 at DeviceTalks Boston on Oct. 2.)

 

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