Healthcare spending is continuing to rise with a projected increase from €6.9 trillion to €9 trillion, 2017-2019. These rising costs are unsustainable as we look to the future.
The medtech industry is proactively developing new solutions that will support better outcomes for patients and reduced costs, with value-based health care.
Value-based health care is the future of health care, and Medtronic is taking the lead by finding new ways to demonstrate value to patients, providers, payers and physicians.
A Mission for Medtronic
Sheri has worked with Medtronic for almost a decade across a variety of leadership roles and she has previously worked for Johnson & Johnson for 13 years, after a five year stint with the World Health Organisation. Over the course of her career, Sheri has demonstrated exceptional business acumen, along with an ability to build top-performing teams that have exceeded expectations. Sheri also serves as Board Chair for the Medical Alley Association.
Medtronic’s Mission has not changed since the 1960s:
Our Mission dictates that our first and foremost priority is to contribute to human welfare.
Over a half-century later, the Mission continues to serve as its ethical framework and inspirational goal for employees around the world. And in her role, Sheri helping to shape the how Medtronic improves patient pathways and empowers people.
While innovations in data analytics and digital health help are creating new insights, this data must be actionable to make an impact. This goes beyond the development of new technologies, these insights can ensure greater ease of adoption and help change behaviours with new clinical insights as well as better patient adherence.
Sheri will offer her expert advice on how medtech businesses can embrace value-based health care as part of their growth strategy, Day 1 of Medtech Rising in a Plenary Session, 9am – 10.30 am, “From Devices, through to Solutions”.
Taking Healthcare Further, Together
Medtronic is the largest medtech company in the world with fiscal revenues of $29.7 billion in 2017, employing 91,000 in 160 countries. According to CEO Omar Ishrak, it’s their ambition to help drive a change in the health care system with new business models with shared accountability to produce better outcomes.
The Affordable Care Act of 2011 encouraged value-based reimbursement models that demonstrated better patient outcomes and lower treatment costs. Additionally, mergers among provider organizations along with the growth of large purchasing organizations increased customer purchasing power. While, higher customer concentration, shorter product life cycles, increased regulations, and growing costs to develop new products and services led to consolidation within the medtech industry.
This led to Medtronic’s new value-based health care strategy with a shift in thinking and practices to move from getting paid for technology to getting paid for the outcomes the technology produces. To drive change in line with Value-Based Health Care (VBHC) strategy under the twin goals of better outcomes and lower costs, a Global Council was established and led to the development of the 7-Step Value-Based Healthcare Framework TM.
Following early success of Medtronic’s pilots and the launch of the strategy, barriers and the road ahead were identified. Find out more about Medtronic’s Value-Based Health Care Framework and its international adoption at Medtech Rising – Book Now