7. Shifting to value-based careMedtronic CEO Omar Ishrak said earlier this year that he sees value-based payment models driving the future of healthcare and the medical device industry. “We have to have the courage to apply the same degree of precision to demonstrate economic value as we do for clinical value,” he said.
Paying health providers to be more efficient and effective managing people’s health – it still appears to be a major goal in the U.S. and elsewhere. CMS in the U.S. may have recently cut a trio of bundled payment pilot programs, but the agency’s administrator Seema Verma has also sounded supportive of value-based care.
It remains to be seen whether medical device companies are up to the challenge of transitioning to a more service-oriented approach. Less than 60% of healthcare professionals think medical device brands meet their patient outcome expectations, according to a new survey from analytics platform company Vennli.