MOUNTAIN VIEW, Calif., Oct. 20 /PRNewswire/ -- In order for U.S. hospitals to position themselves to survive and thrive considering rapidly changing healthcare economics, Frost & Sullivan theorizes that hospitals must evaluate new clinical technologies based on their impact as an actual value, rather than as an added expense. Actual value and impact on net positive cash flow may be more important than reimbursement for products in the future.
Advertisement
(Logo: http://www.newscom.com/cgi-bin/prnh/20081117/FSLOGO)
Frost & Sullivan recently published a white paper, The New Economics of Healthcare: Evaluating Medical Technologies Based on Actual Value as a Growth Strategy for Healthcare Providers, that explores this topic and provides solutions for hospitals. It also provides a case study of the ON-Q Pain Relief System®, a leading-edge technology that can improve outcomes and provide operational and financial benefits that will be critical to transforming healthcare in the future.
Advertisement
Facilities are rapidly entering a crisis due to growing demand, decreasing reimbursement, and dwindling investments and donations. Many are looking for ways to take greater control over their financial destinies by changing what they can influence the most: their clinical operations and outcomes. Supporting the white paper, Frost & Sullivan completed a survey of U.S. hospital professionals. All but one respondent agreed that in the next five years it will be more important to the economic health of hospitals to deliver improved clinical and financial outcomes. Products able to demonstrate these benefits will be well-positioned to take advantage of these changes.
"Whether a hospital adopts new technologies or not is not an option," explains Charlie Whelan, Director of Healthcare Consulting for Frost & Sullivan. "Hospitals must constantly evaluate new technologies to improve patient outcomes, as well as maintain competitiveness and financial viability. Hospitals will become more like manufacturers, by adopting best practices and standardized protocols that offer predictable outcomes in order to reduce variations in care and drive efficiency and quality."
One such example of this changing paradigm is featured in the whitepaper. It is a technology that delivers these types of benefits: I-Flow's ON-Q®( )Pain Relief System, a non-narcotic, post-surgical pain relief device that reduces length of stay and lowers costs. Hospitals that have used the device have been able to improve clinical outcomes and reduce the use of narcotics, thus reducing systemic narcotic-associated side effects, and achieving operational efficiencies and lower costs.
"Evaluating the impact on reimbursement for new technologies will continue to be critical when hospitals consider which products to adopt," adds Whelan. "But determining the true ROI for a new technology will become more complex in the future, and reimbursement will become relatively less important compared to other variables."
If you are interested in receiving a copy of The New Economics of Healthcare: Evaluating Medical Technologies Based on Actual Value as a Growth Strategy for Healthcare Providers, please send an e-mail to Johanna Haynes, Corporate Communications, at [email protected] with the following information: your full name, company name, title, company telephone number, company e-mail address, city, state, and country.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 35 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.
http://www.frost.com
Contact: Johanna Haynes Corporate Communications - North America P: 210.247.3870 F: 210.348.1003 E: [email protected]
SOURCE Frost & Sullivan
