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Chasing the Big Picture

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By: Michael Barbella

Managing Editor

Hospitals constantly assess medtech technologies to improve clinical outcomes, maintain a competitive edge and sustain financial health. Lately, hospital administrators also have begun to align the larger strategic objectives of their facilities and their medtech vendors, ensuring that adoption of new technologies is united with the higher priorities of the institution and its mission.

Hospital administrators are becoming more sophisticated and a comprehensive approach to technology assessment is a critical step to fully appreciate the value of the technology. A thorough review of the true economics of a technology and the long-term outcomes is essential to avoid a limited focus on reimbursement and the hospital’s power structure as well as to assess the big picture.

Chasing reimbursement and cutting supply costs is not the only way to improve profitability and performance. Ask yourself, will my technology stand up to the scrutiny of hospital administration? How can I strengthen our medtech economic value proposition?

Readers are invited to submit market data and trend questions to Maria Shepherd. Periodically, selected questions will be presented in this column, with answers from Maria. Send your questions to mshepherd@ddecisiongroup.com.

References

  1. CEO Industry Survey conducted by HealthLeaders Media, a division of HCPro Inc., 2009
  2. philanthropy.com/article/Obama-to-Renew-Call-to-Limit/138425
  3. The New Economics of Healthcare, Frost & Sullivan
  4. Ibid.

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