Learn about the market forces driving value-based care in orthopaedics (ASCs, bundled payments), and the clinical outcomes and economic impacts imparted by the use of value-based implants.
Surgeon Executive Keynote: Volume and Value - OMTEC 2018April Bright
The phrase “Volume to Value” has become so overused that it’s devoid of meaning. What hospitals mean when describing “Volume to Value” are changes that need to be made to the mix of product and service offerings in order to answer patients' demands and increase profitability, strategies any smart business should adopt. After all, if a product is properly priced and perceived as providing value to customers, there should be a rise in demand and volume. Dr. Mark I. Froimson, a surgeon executive and thought leader on value-based healthcare, will provide guidance on what’s driving hospital decisions for products and services and the impact on device company price and value.
Orthopaedic Care Shifts to Outpatient and Urgent Care ClinicsApril Bright
The Shift in Care Delivery - As the healthcare delivery system evolves, hospitals may no longer be the first stop for patients seeking orthopaedic care. This is evidenced by the growing trend of surgeons moving to the outpatient setting, as patients seek less invasive procedures. Orthopaedic urgent care centers have also emerged as a viable alternative, due to their ability to address price concerns in the industry by reducing time and overhead costs for both providers and patients.
Attendees gain more insight into this shift, and learn how it will affect demands on manufacturers from a product design and delivery standpoint.
Modernize the Orthopaedic Supply Chain: A Surgeon’s ViewApril Bright
Orthopaedic device manufacturers face increased pressure to assist their hospital customers with the shift to value and accompanying quality and cost mandates. Hospitals have responded to these pressures by supporting more surgeries with reduced hospital and vendor staff, making the implant management process ripe for errors.
As the Hospital for Special Surgery's Chief of Knee Services since 2006 and Co-Chairman of the Quality Coordinating Committee since 2008, Steven Haas, M.D., has experienced firsthand the way that tremendous inefficiencies in the implant delivery system impact surgical outcomes and lead to greater costs for the hospital and manufacturer. For orthopaedic device company attendees, Haas will offer recommendations to assist hospital partners in meeting quality and cost demands.
During his Keynote Address, Haas will explain how technology can modernize the orthopaedic supply chain, including inventory management and the device labeling process, and eliminate "never events."
We’re at a point in healthcare where every dollar is watched, and a more efficient supply chain could be used to offset the cost of newer or improved implants.
Balancing Implant Innovation and Price - OMTEC 2017April Bright
This presentation focuses on the surgeon entrepreneur perspective on how to balance design discipline before creativity and provides recommendations on what surgeons seek in new devices.
This is a 20-minute lecture covering points to consider when building value proposition unique to medical technology. It begins with a brief review of issues related to market adoption for medical technology and the hurdles that a medical technology innovator may encounter when taking a product to market. You will learn about the 7 key factors that would boost market fit.
http://semoegy.com
Surgeon Executive Keynote: Volume and Value - OMTEC 2018April Bright
The phrase “Volume to Value” has become so overused that it’s devoid of meaning. What hospitals mean when describing “Volume to Value” are changes that need to be made to the mix of product and service offerings in order to answer patients' demands and increase profitability, strategies any smart business should adopt. After all, if a product is properly priced and perceived as providing value to customers, there should be a rise in demand and volume. Dr. Mark I. Froimson, a surgeon executive and thought leader on value-based healthcare, will provide guidance on what’s driving hospital decisions for products and services and the impact on device company price and value.
Orthopaedic Care Shifts to Outpatient and Urgent Care ClinicsApril Bright
The Shift in Care Delivery - As the healthcare delivery system evolves, hospitals may no longer be the first stop for patients seeking orthopaedic care. This is evidenced by the growing trend of surgeons moving to the outpatient setting, as patients seek less invasive procedures. Orthopaedic urgent care centers have also emerged as a viable alternative, due to their ability to address price concerns in the industry by reducing time and overhead costs for both providers and patients.
Attendees gain more insight into this shift, and learn how it will affect demands on manufacturers from a product design and delivery standpoint.
Modernize the Orthopaedic Supply Chain: A Surgeon’s ViewApril Bright
Orthopaedic device manufacturers face increased pressure to assist their hospital customers with the shift to value and accompanying quality and cost mandates. Hospitals have responded to these pressures by supporting more surgeries with reduced hospital and vendor staff, making the implant management process ripe for errors.
As the Hospital for Special Surgery's Chief of Knee Services since 2006 and Co-Chairman of the Quality Coordinating Committee since 2008, Steven Haas, M.D., has experienced firsthand the way that tremendous inefficiencies in the implant delivery system impact surgical outcomes and lead to greater costs for the hospital and manufacturer. For orthopaedic device company attendees, Haas will offer recommendations to assist hospital partners in meeting quality and cost demands.
During his Keynote Address, Haas will explain how technology can modernize the orthopaedic supply chain, including inventory management and the device labeling process, and eliminate "never events."
We’re at a point in healthcare where every dollar is watched, and a more efficient supply chain could be used to offset the cost of newer or improved implants.
Balancing Implant Innovation and Price - OMTEC 2017April Bright
This presentation focuses on the surgeon entrepreneur perspective on how to balance design discipline before creativity and provides recommendations on what surgeons seek in new devices.
This is a 20-minute lecture covering points to consider when building value proposition unique to medical technology. It begins with a brief review of issues related to market adoption for medical technology and the hurdles that a medical technology innovator may encounter when taking a product to market. You will learn about the 7 key factors that would boost market fit.
http://semoegy.com
Dr. Kelvin Chan gave a short explanation on what real-world evidence (RWE) is, how they can be used in cancer care and what benefits patients can get from the real-world evidence. He will also introduce the Canadian Real-world Evidence for Value of Cancer Drugs (CanREValue) collaboration, which is a pan-Canadian collaboration working on developing a framework to generate and use real-world evidence to inform cancer drug funding decisions.
The webinar was followed by an interactive question & answer session.
Why Accurate Financial Data is Critical for Successful Value TransformationHealth Catalyst
Approximately 50 percent of CMS payments are now tied to a value component. The CMS Innovation Center has allocated nearly $5.4 billion to implement 37 value-based payment models, with 55 percent of those funds marked for development and implementation of additional value-based models. The shift towards value and consumerism is pushing providers to adopt a novel financial mindset and strategy. The key component? Accurate financial data.
In this webinar Steve Vance, senior vice president and executive advisor at Health Catalyst, explores why accurate financial data, coupled with specific tools and strategies, is critical for successful transformation.
View this webinar for key insights into thriving in a value-based environment:
- Why it’s time to embrace new payment methodologies.
- What role financial and clinical data play in value- and risk-based contracts.
- Various organizational and operational strategies for successful financial transformation.
- How Health Catalyst solutions support an innovative data-driven financial process.
Workflow & Business Process Automation Opportunities in the Healthcare MarketY Soft Corporation
Wouter Koelewijn, Y Soft Vice President and Managing Director of Y Soft Scanning Division, talked about opportunities in workflow and business process automation for healthcare market in USA.
YSoft SafeQ is a leading print management and document capture solution currently uses by more than 14 000 companies in more than 100 countries.
If you want to find out more about YSoft SafeQ, contact us at www.ysoft.com/contact-us or schedule your Live Demo at www.ysoft.com/demo.
How to Prepare to For the HIMSS Value ScoreAdam Bazer
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These slides use concepts from my (Jeff Funk) course entitled Biz Models for Hi-Tech Products to analyze the business model for Oscar Health Insurance. Unlike most health care insurance companies, Oscar focuses on end-users as opposed to companies. It connects end users with its network of health care providers (e.g., doctors, hospitals). It focuses on end-users, largely because America’s new health care plan, usually called Obamacare, opened up this opportunity for focusing on end-users, who didn’t have coverage through employers. Oscar reduces its costs through a simpler form of web-based billing, Telemedicine, and wearable technology. These slides describe the value proposition, customers, method of value capture, scope of activities and the method of strategic control for Oscar.
United States Diagnostics Market Size, Share, Trend and Forecast 2026 | TechS...TechSci Research
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Gain More Insight: https://bit.ly/3wWI0do
Get Sample Report: https://bit.ly/3ltFdo6
Website: https://www.techsciresearch.com/
Market Research News: https://techsciblog.com/
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Dr. Kelvin Chan gave a short explanation on what real-world evidence (RWE) is, how they can be used in cancer care and what benefits patients can get from the real-world evidence. He will also introduce the Canadian Real-world Evidence for Value of Cancer Drugs (CanREValue) collaboration, which is a pan-Canadian collaboration working on developing a framework to generate and use real-world evidence to inform cancer drug funding decisions.
The webinar was followed by an interactive question & answer session.
Why Accurate Financial Data is Critical for Successful Value TransformationHealth Catalyst
Approximately 50 percent of CMS payments are now tied to a value component. The CMS Innovation Center has allocated nearly $5.4 billion to implement 37 value-based payment models, with 55 percent of those funds marked for development and implementation of additional value-based models. The shift towards value and consumerism is pushing providers to adopt a novel financial mindset and strategy. The key component? Accurate financial data.
In this webinar Steve Vance, senior vice president and executive advisor at Health Catalyst, explores why accurate financial data, coupled with specific tools and strategies, is critical for successful transformation.
View this webinar for key insights into thriving in a value-based environment:
- Why it’s time to embrace new payment methodologies.
- What role financial and clinical data play in value- and risk-based contracts.
- Various organizational and operational strategies for successful financial transformation.
- How Health Catalyst solutions support an innovative data-driven financial process.
Workflow & Business Process Automation Opportunities in the Healthcare MarketY Soft Corporation
Wouter Koelewijn, Y Soft Vice President and Managing Director of Y Soft Scanning Division, talked about opportunities in workflow and business process automation for healthcare market in USA.
YSoft SafeQ is a leading print management and document capture solution currently uses by more than 14 000 companies in more than 100 countries.
If you want to find out more about YSoft SafeQ, contact us at www.ysoft.com/contact-us or schedule your Live Demo at www.ysoft.com/demo.
How to Prepare to For the HIMSS Value ScoreAdam Bazer
This presentation provides information on the features and benefits of the HIMSS Value Score, how to prepare your organization for completing a HIMSS Value Score, and who to contact for more information on how to leverage your HIMSS Value Score in your strategic planning processes
These slides use concepts from my (Jeff Funk) course entitled Biz Models for Hi-Tech Products to analyze the business model for Oscar Health Insurance. Unlike most health care insurance companies, Oscar focuses on end-users as opposed to companies. It connects end users with its network of health care providers (e.g., doctors, hospitals). It focuses on end-users, largely because America’s new health care plan, usually called Obamacare, opened up this opportunity for focusing on end-users, who didn’t have coverage through employers. Oscar reduces its costs through a simpler form of web-based billing, Telemedicine, and wearable technology. These slides describe the value proposition, customers, method of value capture, scope of activities and the method of strategic control for Oscar.
United States Diagnostics Market Size, Share, Trend and Forecast 2026 | TechS...TechSci Research
According to #TechSci Research report, United States Diagnostics Market stood at USD30.08billion in 2020 and is expected to grow at a steady rate of 5.17% during the forecast period.
Gain More Insight: https://bit.ly/3wWI0do
Get Sample Report: https://bit.ly/3ltFdo6
Website: https://www.techsciresearch.com/
Market Research News: https://techsciblog.com/
The Top 5 Ancillary Services For Urology PracticesClark Love
Reduction in Medicare contract payments and decreased physician reimbursement from insurers are causing decreased physician salaries, medical profits and general revenue. This is driving the desire for urology practices to add ancillary services - and this is a good thing for patients.
Prof. Martin Gaynorin esitys VATT-päivässä 1.11.2016
Gaynor on professori Carnegie Mellon yliopistossa, tutkija Britannian johtavassa, julkisen sektorin reformeihin keskittyvässä tutkimuslaitoksessa (Bristolin yliopiston Centre for Market and Public Organisation) ja jäsenenä NHS:n kilpailuasioita käsittelevässä asiantuntijapaneelissa.
Gaynor on tehnyt vaikutusvaltaisia tutkimuksia ja kirjoittanut laajasti terveydenhuoltomarkkinoiden toiminnasta, kilpailusta, kilpailua rajoittavista tekijöistä, tuottajien saamista korvauksista sekä Yhdysvalloissa että Briteissä.
The changing landscape of health care in the US -- drivers and outcomesGregory Travis
The United States has the worst health care outcomes among its OECD peers. It also has the highest health care costs within the OECD. What are the reasons for this and what changes can we anticipate going forward?
Special Report: Getting the Optimal Return on X-ray EquipmentCarestream
Radiology administrators need to meticulously analyze their spending to get the best possible return on their investment in medical imaging equipment. In this special report, we explore several approaches to get the maximum return on this important capital investment.
Harness Your Clinical and Financial Data with an Enterprise Health Informat...Perficient, Inc.
The importance of Enterprise Health Information Exchange (EHIE) as a key way to empower your physicians and patients and demonstrate meaningful use of electronic health records:
- Present the business case for EHIE as an important architecture that matters to progressive health systems
- Take a look at some of the market-leading EHIE architectures and products
- Provide real exam...ples of organizations that are using EHIE to improve their operations
Milestone Scientific Inc. (MLSS) is a biomedical technology research and development company that patents, designs, develops and commercializes innovative diagnostic and therapeutic injection technologies and instruments for medical and dental applications. Milestone's computer-controlled systems are designed to make injections precise, efficient, virtually painless, and less expensive. Milestone’s proprietary DPS® Dynamic Pressure Sensing technology® platform advances the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, with specific applications for epidural space identification in regional anesthesia procedures.
Implementing Bundled Payments: A Deeper DiveWellbe
A Bundled Payment can be defined as “a single package price that provides a positive margin for a comprehensive and specific set of healthcare services delivered by multiple providers over a specified period of time.”
There is growing consensus that this payment methodology, and the powerful spillover effect from extensive care redesign associated with its implementation, may be the most effective strategy to reduce spiraling healthcare costs.
The secondary hypothesis is that bundled payment creates sufficient financial incentives to encourage multiple stakeholders to re-align and focus on improving the value of healthcare delivered to the patient.
There is data, including from the Connecticut Joint Replacement Institute (CJRI), which supports these hypotheses. Despite growing interest in bundled payment methodology, however, there are numerous upside challenges and downside risks. In this webinar, these issues will be reviewed and a cogent strategy for implementing a bundled payment program presented.
About the Speaker:
Dr. Steven F. Schutzer graduated with Honors from Union College 1974 and then the University of Virginia School Of Medicine in 1978. Dr. Schutzer was a Lieutenant in the Medical Corps of the United States Navy between 1979 and 1981. He did his General Surgical training at the University of Rochester and then completed his Orthopedic Residency at the University of Connecticut in 1985. He was then a Fellow in Adult Hip and Reconstructive Surgery at the Massachusetts General Hospital and entered practice with Orthopedic Associates of Hartford in July 1986.
He is currently on the staff of St. Francis Hospital, Hartford Hospital and the University of Connecticut John Dempsey Hospital. Dr. Schutzer is a Founding Member and the Medical Director of the Connecticut Joint Replacement Institute. He is also President of Connecticut Joint Replacement Surgeons, LLC. Dr. Schutzer is a member of AAOS, AAHKS, and the Orthopedic Research Society.
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Orthopedic device companies have responded to payors’ adoption of bundled payments and FDA’s promotion of digital health tools by commercializing products that track patients beyond the O.R. Digital health tools, including wearables, provide device companies with revenue streams that respond to hospitals’ episode of care requirements and patients’ personalized medicine needs, while simultaneously creating a feedback loop for product ideas. Christopher E. Pelt, M.D., a surgeon enrolled in Zimmer Biomet’s mymobility clinical study with the Apple Watch app, offered perspective on the benefits of wearables and shares ways that the technology will impact patients, surgeons and device companies in the future.
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The Clinical and Economic Impact of Value-Based Implants in Orthopaedic Trauma - OMTEC 2018
1.
2. The Role of Value Based Implants
in Orthopaedic Trauma
Peter L. Althausen, MD/MBA
Reno Orthopaedic Clinic
3. Smith & Nephew
Research Support
The Orthopaedic Implant Company (OIC)
Stock or stock options in a company
Journal of Orthopaedic Trauma
Reviewer
Journal of AAOS
Reviewer
Disclosures
4. What are High Value Implants
High Value Implants Conventional Implants
Historically, medical device companies have used innovation
as means of differentiation and driving up costs.
In the orthopaedics, we’ve seen a tremendous
slowdown in true innovation.
5. What are High Value Implants
High Value Implants Conventional Implants
High Value Implants Conventional Implants
Under the hood they are the same.
6. High Value Trauma Products
• Cannulated Screws
• Nails
• External Fixation
• Anatomic Plates and Screws
7. Healthcare is the single greatest expenditure of most
developed nations
Total U.S. cost $2.9 trillion
17.4% of U.S. GDP
3 top expenditures
Arthroplasty ($7.2 Billion)
Cardiac Surgery ($6.4 Billion)
Hip Fractures ($4.7 billion)
US Healthcare Costs
9. Market Forces are Changing
Ambulatory Surgery Centers
• Many are physician owned
• Increased indications (joints, trauma, spine)
• 80% of all orthopaedic cases will be done in an ASC by 2020
• Development of Orthopaedic Urgent Cares will further
drive fracture care into ASCs
Surgeon Alignment
• Service line re-investment
• Gain-sharing
• Co-management agreements
• Hospital employed physicians
Healthcare Policy
• Bundled Payments (Government and Private Payors)
• CJR/SHFFT
10. Trauma Landscape
• Fastest growing area of orthopaedics
• Device market: $6.3B in 2016 to $14B in 2028
• Non-elective. Trauma patients will always
need surgery.
• Patients cannot be turned away
by EMTALA Laws.
• Most underinsured/uninsured segment
of orthopaedics.
• Need to be treated in the most
economical means possible.
• Must have high quality implants to
prevent complications.
11. Trauma Landscape (Cont.)
• Hip fracture bundles are here with BPCI,
but more trauma bundles will come
• As more trauma and fracture care moves
to ASCs and outpatient, hospitals will be
stuck with most costly patients
• Perfect storm is here, as surgeon owned
orthopaedic urgent cares will be driving
more trauma business to their ASCs
• Both ASCs and hospitals are now
seeking high value trauma implants
12. Gainsharing/Co-Management
Co-manangement
• A relationship between a group of physicians and a hospital
where both parties are actively involved in managing a
specific hospital service line
• Physicians receive a portion of service line revenue (3-5%)
• These agreements are legal
Gain-sharing
• If I, the physician, assist you, the hospital, in saving money,
then you will share some of the savings with me
• This can be more difficult to set up, so the
government has stepped in
13. Bundled Payment for Care Initiative
• The latest cost saving program developed by CMS
• Legalized form of gain-sharing
• Institutions and orthopaedic surgeons can
directly benefit from cost savings
• 4 models exist
• Physician eligible for 150% of procedure
if beats target
• Incentive payments made to group from the
difference between the claims paid by CMS
during the 90-day period versus the target
price set by CMS
15. My Experience
• Average of 60% savings
• 30% increase in cases at ASC
• Saved of $850K in implant costs over a
12-month period at local hospital
• BPCI Program saved hospital over $1.9M
• BPCI Program generated over $1.2M for practice
• No increase in complication rate
• Decrease in OR time
• Similar Clinical Outcomes
16. Conclusion
• Due to market forces, High Value Implants are
here to stay
• Savings are significant to Patients,
Hospitals and ASCs
• Physician mindset is changing due to new
innovations in reimbursement, rise of ASCs
and orthopaedic urgent cares
• Physicians are aligning with their institutions
to deliver better value in healthcare due to
gain-sharing and co-management