For example, in a recent study of the economic impact of the US Medicare program’s mandatory Comprehensive Care for Joint Replacement (CJR) bundled-payment program, researchers found that payments for implants declined by 30% and accounted for about 80% of the savings under the The shift to value-based reimbursement isn’t just a future possibility increasingly, it is a reality, and it is already undermining traditional industry business models. Such caution may be understandable, but it is strategically misguided. Still others balk at the cost of the investments required to build the necessary capabilities. Others point to the uncertainty about how quickly value-based health care will be implemented and the risk that if they move too soon, they will end up cannibalizing their existing businesses before it is absolutely necessary. Some are concerned that value-based reimbursement models-in which device makers are paid not only for the products they sell but also for the outcomes they deliver-will undermine traditional business models. While some medtech CEOs have been at the forefront of this trend, many remain cautious about fully embracing a value-based strategy. Porter and Elizabeth Olmsted Teisberg, Redefining Health Care: Creating Value-Based Competition on Results, Harvard Business School Press, 2006, and Value in Healthcare: Laying the Foundation for Health System Transformation, World Economic Forum, April 2017. Notes: 1 For a comprehensive discussion of value-based health care, see Michael E.
1 1 For a comprehensive discussion of value-based health care, see Michael E. The approach emphasizes the systematic measurement of health outcomes and costs by disease, condition, or risk group and the development of customized interventions, including new approaches to care delivery, that improve the ratio of outcomes to costs for theĭefined subpopulations. In response to health care’s ongoing cost crisis and the growing awareness of unnecessary variation in outcomes across health systems, more and more stakeholders in the industry are embracing value-based health care.
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