Are you looking to buy implants and devices for your healthcare system? Reading these three important things might improve your chances of saving big on your bottom-line. Year after year.
Do high-priced implants improve clinical outcomes?
Cost should never be a consideration when it comes to clinical outcomes. No compromises here. Decidedly, there are times when a highly priced implant is clinically proven to perform better for certain patient populations. However, it is not necessarily a rule carved in stone. There is also evidence to the contrary. Recent studies have proven that the clinical outcomes of lower cost implants are equal to their higher-priced counterparts. The truth is, given similar clinical outcomes, efficacy of most devices has nothing to do with high prices. Choosing affordable implants can make everybody feel better.
What’s the value added?
Value always questions the status quo. Never more true here. Facilities get something in return for the high prices they pay for devices – like inventory management services and case support. But you do have to question those privileges when the technician who manages the inventory is also the same person they buy the inventory from. Do sales reps really ensure facilities aren’t buying inventory they don’t need? Beyond a well-trained clinical staff, company representatives do add value for procedures in which complex instrumentation and devices are required. And it is a highly recommended idea. For the majority of times, you do have to question if this type of value-add worth its added cost? Rethink value. It might pay off in a big way, especially when budgets are often under the scalpel.
Is this truly an innovative product?
If a device has a 510(k) approval from the FDA, it shouldn’t come with an unjustified price tag. Always check for that. A 510(k) approval is for devices that are ‘substantially equivalent’ to other devices already in the market place. Their quality is price agnostic. In other words, they possess the same competitive quality and perform to the same demanding standards. Choosing value driven implants over high-priced ones can be a defining part of the budget pie chart. You’ll find the price difference is truly staggering when the bills all add up. In today’s environment, a majority of orthopaedic and spine implants are approved by the 510(k) process – proving them to be commodities rather than innovations. So watch out for high-priced implants with claims of innovation. Remember, paying more doesn’t make a product any better…or innovative.