Novel Growth Avenues and Transformational Hubs for MedTech in the US Healthcare Provider Ecosystem
Transformational growth in the care delivery landscape is changing health systems into systems of health
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While the growth in US healthcare spending has been higher compared to the growth of GDP, reaching 18% of the GDP in the end of the last decade, it is expected to reach 20% of the GDP in the later part of the decade. As the larger share of the healthcare expenditure is attributed to hospital care costs, providers are facing cost pressures necessitating transformation of their care delivery models. Future care delivery infrastructure comprising of next-generation asset light, specialty based care sites, along with technology-enabled digital care is expected to replace the contemporary healthcare service delivery model.
The need for greater accountability among providers is expected to transform health systems to health platforms since this will encourage the development of an integrated care delivery model and accelerate the implementation of risk-control measures, such as managing disease condition and integrating acute and non-acute care, across the continuum. The change in reimbursement models which incentivizes providers for generating savings is driving them to adopt new technologies which can help in delivering efficient care across the continuum. Furthermore, the Covid-19 disruption has been a catalyst for Health systems to invest or reallocate resources to alternative sites of care. The novel innovation programs from Center for Medicaid and Medicare Services (CMS) is expected to transform provider’s role in the care delivery process and MedTech firms need to showcase values that are aligned to the needs of providers, payers, and patients in the ensuing transformation. Increasingly, providers are looking to partner with MedTech companies who can support them in building new capabilities for the value-based care models. In order to build solutions that solve the needs of key stakeholders in the current landscape, MedTech companies need to demonstrate value of the device in achieving the goals of the providers by supporting them with operational efficiency, improving the patient experience, owning the outcome and easing the process of reporting and health information exchange.
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