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NDHI NAT IONAL DIALOGUE FOR Healthcare Innovation Value-Based Healthcare Organization Overview • Medtronic is the world’s largest medical technology company, offering a broad range of therapies and health care solutions to improve the lives of patients around the globe. Medtronic’s therapies now serve two new patients every second of the day • Medtronic is focused on creating a sustainable value-based healthcare strategy, consistent with the Medtronic Mission to alleviate pain, restore health and extend life for more patients around the world Background Healthcare leaders are adopting new value-based payment and delivery systems aimed at curbing costs and improving quality. The Department of Health and Human Services aims to tie 50% of Medicare fee-forservice payments to value through alternative payment models by 2018, and is already more than halfway to that goal. As these value-based healthcare (VBHC) approaches are implemented, they will increasingly determine how technology and services are utilized in the future. Medtronic is committed to being a leader in this transformation of healthcare. The company’s technologies, and the data and insights that these products generate, can be utilized to help integrate and connect patient care across disease state progressions or across care continuums – a vital step in delivering on the promise of meaningful outcomes and lower costs. Medtronic is excited about the opportunity to participate in the development of value-based healthcare collaborations, sharing direct accountability for healthcare costs and patient outcomes in its business models. However, these agreements must reflect several key principles, including: • Appropriate patient risk-stratification “ • Well-defined inclusion and exclusion criteria for bundled services • Open and transparent data sharing for the projection and calculation of costs and outcomes Toward these goals, Medtronic has adopted a comprehensive framework, through which the company develops innovative new business models and partnerships that involve shared accountability. Collaboration Details The Medtronic 7-Step Value-Based Healthcare Framework was established to provide a common language and approach to advance care delivery built on three premises: 1. Accountability for outcomes “We are actively partnering to drive meaningful dialogue from thought-leaders across healthcare about how we can transform the incentives in healthcare today to focus on outcomes.” “ Omar Ishrak Chairman and CEO, Medtronic 2. Rigorous understanding of economic value from the stakeholder perspective 3. Appropriately-defined time horizons to be accountable for value An Initiative of the 99 | Value-Based Healthcare
NDHI NAT IONAL DIALOGUE FOR Healthcare Innovation Using the VBHC Framework, Medtronic: • Quantifies baseline outcomes and costs for each patient cohort • Determines prospective performance and cost objectives • Creates a business model to achieve these objectives Value Delivered By creating clear value frameworks, Medtronic aims to maximize the health care dollar, reward quality, and deliver optimal patient outcomes. These approaches are designed to fit squarely with the overarching goals of payment and delivery reform in the US healthcare system. Led by the Economist Intelligence Unit (EIU) and an international roster of healthcare experts, Medtronic commissioned Value-Based Healthcare: A Global Assessment as health systems in many nations begin to implement VBHC. The Global Assessment establishes a common framework for value-based healthcare, and through key indicators tracks progress toward VBHC today while providing a path for action as we move into the future. The report also delivers country-level perspectives and actionable insights for applying the tenets of value-based care. Information about the Global Assessment, including its key findings and methodology, policy papers, and case studies for the United States are available at http://vbhcglobalassessment.eiu.com/. Path Forward Medtronic accepts and supports that healthcare system leaders around the world will, in fact, implement Value-based Healthcare (VBHC) delivery and payment systems, whereby they make payment for Medtronic’s products and services contingent upon their ability to improve patient outcomes relative to their cost. As the largest medical device company in the world, Medtronic has a unique role to play in ensuring technology and innovation are leveraged to their fullest as healthcare evolves in the shift to VBHC. To achieve that goal and fulfill its Mission, Medtronic is actively partnering to help lead this transformation. Value-Based Healthcare | 100
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