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Review Article

Value-based care: a review of key challenges and opportunities relevant to medical technology innovators

[+] Author and Article Information
Véronique Peiffer

Byers Center for Biodesign, Stanford University, Stanford, CA (USA)
vpeiffer@stanford.edu

Cynthia Yock

Byers Center for Biodesign, Stanford University, Stanford, CA (USA)
cayock@stanford.edu

Paul Yock

Byers Center for Biodesign, Stanford University, Stanford, CA (USA)
pyock@stanford.edu

Jan Pietzsch

Byers Center for Biodesign, Clark Center (E100), 318 Campus Drive, Stanford, CA 94305; Wing Tech, Inc., Menlo Park, CA (USA)
pietzsch@stanford.edu

1Corresponding author.

ASME doi:10.1115/1.4042794 History: Received August 22, 2018; Revised January 28, 2019

Abstract

Developed countries struggle with high healthcare spending and cost is often cited as a barrier to the introduction of new patient care technologies. Innovators will benefit from familiarizing themselves with trends in the health economic environment and the implications for the adoption of new technologies. We review and discuss this topic in language accessible to medical technology innovators. We assess macro-level developments in healthcare spending and highlight measures already taken to control spending. We discuss practical implications for anyone involved in healthcare innovation. Two observations are central to this discussion: 1) the US spends significantly more on healthcare per capita than any other developed country; 2) across developed countries, healthcare spending has risen steadily over the past two decades. Nevertheless, higher spending has not always led to improvements in health. Innovators need to be prepared to navigate an outcomes-oriented and value-based environment that is being defined by the emerging requirements of various healthcare stakeholders. New products should aim to improve health outcomes at a cost deemed "good value", and/or reduce cost for one or multiple stakeholders. Opportunities also exist for tools that enable cost/outcomes tracking, which will help demonstrate value to providers, insurers and patients.

Copyright (c) 2019 by ASME
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