There's a new kid on the medtech block: The Value-Based Medical Technology Association (VBMTA; Washington, DC) was officially launched on July 14, 2015. Its stated mission is to enable healthcare providers to provide better care with fewer resources through the use of value-based medical technologies.
Value- or outcome-based technology has been a buzzword in the medical device sector for several years, but it represents a paradigm shift for industry, which is why conventional business models simply have refused to die. As Steve McPhilliamy, a partner at Insight Product Development, recently wrote in sister brand mddionline.com, "It used to be that healthcare delivery was procedure- and fee-for-service-based, with physicians reimbursed for the number of procedures or services they conducted in the medical environment. Today, reimbursement has shifted to an outcome-based model, making the number of procedures and services less important than the resulting outcome."