Omar Ishrak, CEO of Medtronic, spoke about value-based care at OCTANe's Medical Technology Innovation Forum, according to Medical Design & Outsourcing.
Here are five key points from the presentation:
1. Mr. Ishrak feels in the future healthcare will be an "economic driver, and not a cost driver," according to the report. He challenged device companies to collect and apply data on economic value in the future.
2. There is currently a lack of accountability on the device company's part because technology is paid for even if the procedure needs a reoperation; when reoperations occur, the system pays for the new device. He sees payment more depending on outcomes in the future.
3. Without change, Mr. Ishrak sees lawmakers taking drastic measures to reduce spending and cut costs at a rate that will be prohibitive for future innovation. He advised the industry to begin considering more accountability for value-based care.
4. In the future, healthcare will prize keeping individuals healthy and in the workforce longer.
5. Value-based outcomes will require more collaboration in the future.