This article was originally published for MedTech Week 2020 by Darragh Tolan, vice president Endoscopy EMEA at Boston Scientific
Scrolling through Twitter recently, a post by medical technology journalist Tina Tan caught my eye. Tina was sharing her thoughts on value-based healthcare, deeming it both a “new reality and a major challenge that start-ups need to think about early on”.
I couldn’t agree more – except that it’s not just something start-ups need to be paying attention to. Every healthcare company, regardless of size, should be placing people at the centre of its business model.
Value-based healthcare is all about people. When healthcare providers are rewarded based on patient health outcomes, we are able to innovate more easily as well as simplify procedures and lower costs. This is possible thanks to professionals from a broad range of disciplines – from hospital administrators through to physicians – working together.
Healthcare professionals must be able to focus on patient care without the interruption of administrative tasks or concerns about budget. This is where MedTech companies can play a role. We can work with hospitals and healthcare providers to take care of logistics, administration and budget management.
This support can take different forms. A vendor management service can help with stock, facilitate product inventory ordering, logistics, and deliveries. On the hospital wards, offering a fixed-price, payment-per-procedure model allows physicians to use the drugs and devices that are best suited to a single procedure, rather than worrying about the cost implications of each specific product choice they make.
Value-based healthcare demands a forward-thinking approach. That is why the Endoscopy Team at Boston Scientific has a group of colleagues focused on Commercial Contracting, working in close partnership with hospitals and healthcare providers to support with topics such as pricing, service delivery and education. This is part of our company’s commitment to ensuring we can meet healthcare professionals’ rapidly evolving demands.
MedTech Week is the perfect opportunity to shine a light on value-based healthcare. It’s a dynamic and ever-evolving space, which inspires me all the time. Now is the time to focus on how we can work towards improving patients’ lives through innovative technologies. I’m endlessly excited by the opportunity to work in such a cutting-edge environment and I can’t wait to see where it goes next.
Check out MedTechWeek.eu to learn more or visit BostonScientific.eu for more information about our latest medical technologies.