Medical devices are an integral part of the healthcare ecosystem, and any changes to the functioning of this system can have a direct and significant impact on the device industry.
A prominent trend in healthcare delivery has been the shift from a traditional fee-for-service payment model to a value-based reimbursement model in which physicians, hospitals, medical groups, and other healthcare providers receive payments based on measures such as quality, efficiency, cost, and positive clinical outcomes from private payers or government programs such as Medicare and Medicaid. Here are some key strategies that the device manufacturers have pursued:
Offering service-based solutions for providers:
Medical device manufacturers like The Clinician eXchange are expanding their product offerings to include solutions that assist healthcare providers in fulfilling value-based contracts with payers. In delivering care with improved outcomes, providers want and need medical device manufacturers to innovate devices that generate data and provide actionable insights to providers.
Integrating data capture, cloud storage, and connectivity features into devices increase the adoption of medical devices and facilitate effective healthcare delivery.
Medtech companies have been managing patient care by forming joint ventures or acquiring healthcare providers.
Adopting patient-centric engagement strategies:
Medical device manufacturers increasingly have been developing patient-centric products. They are modifying their products into care management tools by incorporating connectivity solutions or other support services to improve the patient experience.
The support services include online tools for patient education, telemedicine, consulting services, surgical preparation, surgery room management, rehabilitation, post-surgery support, and cost tracking applications. This trend aims to increase care coordination between patients and physicians by providing comprehensive solutions instead of stand-alone products.