An industry giant, Humana and a large payer survey provide statistics on the slow but steady increase in value based care. Their findings challenged my assumptions on the state of value based care in the US today.
A few as 8 years ago, many medtech strategists (with experience presenting to the Value Analysis Committee) said it couldn’t be done. Robots and their high priced accessories could not be sold at the enormous price premium Intuitive Surgical commands. Since then Intuitive Surgical has had several years of profitable growth and have returned to their original value proposition. They claim that they have surpassed 5 million surgeries by expanding the value of minimally invasive surgery, through innovation such as integrated systems and single port technology. Their goal is to continue to re-invent minimally invasive surgical solutions that decrease variability in surgery and improve patient outcomes at the same time.
In medtech, we always look for ways to provide value to the clinical decision maker. Blockchain is an exciting new tool that creates new opportunities in medtech to additionally provide value to hospital administrators.
It is always good to learn from other industries. In a study from PricewaterhouseCoopers (PWC), a project team from Stanley Black & Decker (SB&D), was recognized as a “high-leverage innovator,” a company that outpaced other industry members in terms of financial success while downsizing spend on R&D.
While there is no specific data that provides ROI on medical device human factors usability testing, there is plenty of applicable data for usability testing across multiple industries.
There are plenty of business best practices reasons to perform human factor usability testing because there is a great return on investment for medical device companies. in terms of Medtech Product Development Benefits (Faster Development/Rapid Prototyping) and Commercialization….Read more