Advances in medical research have prompted an explosion of new technologies in recent years, transforming the way health care is delivered. But these new technologies are usually costly and it is often unclear which new devices and drugs are bringing measurable clinical and economic value to patients, health systems, purchasers and society.
The Evidence of Value® Model
The Evidence of Value® Model performs customized calculations of the value of new medical devices, diagnostics, drugs and other therapeutic interventions. The Model links cost and utilization data from large patient care databases to published clinical data specific to new medical devices, diagnostics, drugs and classes of drugs, or a combination of devices and drugs used to treat a specific disease.
COMPARISONS TO CONVENTIONAL "GOLD STANDARDS"
The result is a customized analysis that projects the anticipated economic and clinical outcomes associated with new technologies, comparing them to conventional therapeutic approaches, and identifying the incremental clinical and economic benefits (if any) new technologies are bringing to patients, doctors, hospitals, and health systems.
The EVM's sophisticated interactive capabilities make it possible for users to change the patient mix, reimbursement, cost and clinical assumptions. In this way, the clinical and economic benefits of the technology can be examined within the context of unique patient populations, clinical practices and business situations.
Medical costs are projected to continue to rise, fueled in part by the costs of new technologies and drugs. Entities that understand the value of these new technologies will gain clinically and competitively.
For more information, contact Strategic Health Resources® at (818) 952-5130.