Health care value analysis professionals are responsible with balancing cost, quality and clinician preference when introducing new MedTech into their hospital system.
They must be able to quickly communicate complex decision-making evaluation criteria, supported with data, in order to gain stakeholder consensus.
However, value analysis professionals are challenged with limited engagement of critical stakeholders due to apathy, lack of time, and lack of full appreciation of what a true value analysis process entails.
Health care economists estimate 40-50% percent of annual health care cost increases can be traced to new technologies.
Evidence-Based, Patient Focus
75% percent of MedTech product purchasing decisions are made solely on the basis of vendor claims. Less than 1/3 of decisions reflect a review of safety metrics or clinical evidence.
Provider payments are now linked to improved performance by health care providers. This form of payment holds health care providers accountable for both the cost and quality of care they provide.
Each year, the FDA receives several hundred thousand medical device reports (MDRs) of suspected device-associated deaths, serious injuries and malfunctions.
Observational studies show that many MedTech purchasing decisions are tackled in isolation due to poor stakeholder engagement.