sea changeThe fee-for-service healthcare model is being replaced by a value-based care model. This is a sea change, and therefore a significant opportunity for those who can envision ways of fulfilling the needs of the new market model.

For medical device makers, opportunities lie in developing ways to extend device offerings to provide associated services and data. Healthcare providers will buy solutions that enable them to lower the overall cost of care. By finding ways to help improve patient outcomes, device makers can have an impact.

How to find those ways? Start by studying where and how your device sits in the healthcare environment/ecosystem. The big-picture view you obtain will reveal ways you can leverage a simple device offering into that of a product system, which could include services and adjunct products. What might you do to reduce the risk of hospital-acquired infection? To increase patient compliance? To lower readmission rates? Having a positive impact in those areas will improve patient outcomes and lower the total cost of care. That is the value providers will be looking for.

A second thing device makers can do is to devise ways in which their device can add to the ecosystem of data collection and analysis that is growing rapidly. Every reader is probably aware of “big data” and the “internet of things” concept. IoT will extend to the internet of medical things as well. Along with value-based care, there is a drive toward personalized medicine. New technologies are enabling us to capture personal physiological data of all kinds. The hope is that we can harness that data to customize therapy to the individual and thereby increase therapeutic effectiveness and lower cost. Products that facilitate data capture will be valued. Even more valued will be product solutions that help make sense of the oceans of data that will be collected. The tallest wave of opportunity will be in providing interpretation, comparison and guidance.