IMAGEPRO™ PANEL SPEAKS ON VALUE-BASED HEALTHCARE POST COVID-19

January 6, 2023

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Value-based care is a concept that was introduced into the healthcare system over 50 years ago (Novikov D, 2018) 

This model created a paradigm shift from the traditional fee-for-service model, because reimbursements are tied to patient health outcomes, and not to the number of services and procedures provided.

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While the appeal of such an approach has gained popularity over the years due to an aging population and long-term chronic conditions, along with increasing resource pressures, the value-based healthcare model has not yet been fully adopted. Meanwhile, COVID-19 has affected and reshaped the healthcare industry as a whole in inconceivable ways.


At The MarkeTech Group, we wanted to know the consequences of the pandemic on the willingness to adopt the value-based healthcare concept and its impact on budget and MedTech price assessment.


Our imagePRO™ panel specialists were asked three questions that allowed us to evaluate the shift from volume to value based care Post-COVID 19, the level of acceptance of value-based care has increased or remained unchanged.

42% of panelists consider that value-based healthcare is at least somewhat more accepted compared to pre-COVID period. Additionally, the same proportion of respondents (42%) believe that COVID-19 had no change in their acceptance level. Comparatively, only 16% reported a decrease in acceptance (chart 1).


The majority of our panelists claim that value-based care metrics are at least influential in their MedTech selection and purchasing process.


The perceived increased acceptance level has a direct impact in most respondent's medical technology procurement process. Most (56%) reported that their MedTech selection and buying processes are influenced by value-based care metrics. In comparison, only 9% of our respondents consider that value-based metrics have no influence at all during their internal purchasing process (chart 2).


An increase in value-based care acceptance is reflected in a greater likelihood to pay a price premium for a MedTech that offers better patient outcomes.


While budgets are generally predefined, 87% of our respondents stated that they are at least somewhat likely to pay a premium if a medical technology product has proven clinical data of better patient outcomes. On the other hand, 13% reported that they are not likely to pay more, even if a product has superior clinical outcomes (chart 3).


In addition, there is a direct statistical correlation between the influence of value-based care metrics and the likelihood to pay a premium price. In fact, out of all the respondents who reported being influenced by value-based metrics, 66% said that they are likely to extremely likely to pay a premium price (chart 4).


References
Novikov D, C. Z. (2018). The Historical Development of Value-Based Care: How We    Got Here. J Bone Joint Surg Am, 100(22).

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