Improving Healthcare Outcomes by Rewarding Value, NOT Cost

An Axendia Research Report Featuring Industry Executive Insights

A top priority for patients, payers, providers, and regulators is available, affordable healthcare. The medical products1 industry is shifting from the traditional fee-for-service model to a fee-for-outcomes. Value-Based programs are a key component of the transformation to outcomes-based models of care.

They aim to provide:
• Better care for individuals
• Better health for populations
• Lower cost

A key challenge to achieving value-based healthcare is the misaligned incentives among constituents.

Recent efforts to improve the quality and transparency of healthcare go beyond these fundamental requirements to ask for demonstrations of effectiveness based on real world evidence, and performance within the constellation of products and services involved in an episode of care.

At the same time, ethical concerns impose greater restrictions on how manufacturers market their products and on their access to providers and other stakeholders.

Communicating product value propositions to potential customers grows more complicated all the time. It requires the availability and exchange of ever greater quantities of data, and more complex types of accurate, science-based information. It also requires control of the communications content across the entire lifecycle.

Different company departments – regulatory, reimbursement, medical affairs, marketing – perceive and select the information most relevant to their objectives and concerns. The messages these different groups create must be consistent and compliant with regulations and company policies. They must be modified or updated as new information is available or when circumstances change. Messages should be customized for different audiences – clinicians, patients, administrators, value analysis committees, payers, policymakers – and sometimes further tailored to the specific demographics, economics, and structure of an individual hospital or practice.

Managing this vast body of evidence is a difficult task. It must also be presented in an attractive and compelling manner because, after all, communication is telling a story that needs to engage the audience.

How has the process of communicating value to customers and other stakeholders changed in recent years, and what approaches are companies taking to adapt to the new environment?

This research examines the use of value-based communications to support the transition to fee-for-outcomes models of value-based healthcare.

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The opinions and analysis expressed in this post reflect the judgment of Axendia at the time of publication and are subject to change without notice. Information contained in this post is current as of publication date. Information cited is not warranted by Axendia but has been obtained through a valid research methodology. This post is not intended to endorse any company or product and should not be attributed as such.

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