A quick look back at learnings from a high value experience at the Medical Device Strategic Accounts & Pricing Conference (Q1 Productions)
On September 12 and 13 in Atlanta, a leading group of medical device professionals gathered to discuss the rapidly shifting landscape for medical devices within the hospital purchasing environment. We were honored to share our insights on global sourcing and best practices to remaining competitive for small to midsize device manufacturers.
Here are two of the top insights we gained from the professionals ‘in the trenches’ working to prove their products’ value and break through in an industry of serious heavyweights.
- Lead with impact on patient care
During the State of the Industry Address: Medical Device Pricing in 2016 & Beyond, we learned about how reductions in Medicare budgets are causing hospitals to focus more intensely on their total cost structure and the implications of the patient experience. As star ratings begin to influence reimbursement more heavily and healthcare becomes more of a consumer driven market, a health system’s capability to effectively communicate with, and deliver, a highly satisfying patient experience will be critical to its success.
Do your programs, devices or common, commoditized hospital products contribute to higher levels of clinical utility, lower costs and ultimately higher levels of patient satisfaction? Can you prove it? If so, you should be well positioned for growth. All you need to do next is find your clinical champion and successfully sync up with the VAT, supply chain and purchasing teams.
That’s much easier said than done, but here’s what we learned about what’s needed to do so.
- Be open to multiple, new approaches to communicating your value proposition
Gone are the days where physicians are simply able to tell purchasers what they want and get it 100% of the time. Similarly, supply chain executives are not solely capable of pushing devices or products down to clinicians that don’t meet their utility needs. Then there is that little matter of cost and value.
Our recommendation for small to midsize medical device and product manufacturers: find your clinical champion, create a relationship and dialogue with the value analysis team based on value and transparency, THEN engage the supply chain and purchasing managers. This approach is a greater challenge than historically simplistic processes to which many medical device and product manufacturers are accustomed. But it is precisely what is going to be required as the healthcare system in its entirety navigates the turbulent waters amidst the shift from fee-for-service to value-based care.
- Global sourcing’s contribution to value-based care
At ASP Global, we are using our proven global sourcing methodologies to improve the clinical utility, quality and value derived from common, commoditized hospital products every day for dozens of industry leading hospitals and IDNs nationwide. As we continue to move up the clinical ladder into the OR and beyond, we appreciate the invitation to contribute to the discussion at the MDSA&P Conference. Based on our participation in the 2016 edition we recommend it highly to our colleagues in the small to medium medical device market as a place to gain insights on how to take advantage of the rapidly shifting landscape and increase your competitiveness amongst the industry’s biggest players.
To learn more about our global sourcing programs capable of generating value-based impact and higher levels of patient satisfaction from hundreds of common, commoditized hospital products, contact email@example.com or call (404) 594-5473.