Chicago, IL (May 18, 2017) – Procured Health, a leader in providing health systems with solutions that improve both patient outcomes and operational efficiency, announced the addition of Market Insights to its cloud-based Analytics application. With Market Insights, health systems can for the first time combine clinical evidence with market data to guide product selection, utilization and pricing decisions.
”By bringing together peer-reviewed evidence with market data, hospitals will have greater confidence in their ability to make decisions that are reflective of the evidence,” Procured Health CEO Hani Elias said. “Market Insights fundamentally changes what health systems can strive for in terms of medical product pricing and utilization.”
Unlike traditional supply benchmarking, Market Insights compares a health system’s medical product usage and pricing against peer organizations using product categories derived from clinical evidence. These proprietary categories provide health system administrators and physicians with the context necessary to drive action both at the bedside and in vendor negotiations.
“Market Insights provides specific recommendations that are based on the most sophisticated approach to pricing analytics we've seen,” said Whitney Taylor, JD, associate vice president of value analysis and sourcing at Inova Health System. “We're able to understand how specific product attributes are priced by different vendors, including those we are not buying from today. This enables us to have better conversations with physicians about whether specific price points are valid.”
Market Insights gives health systems the ability to analyze peers’ pricing and utilization, based on comparison data from hundreds of hospitals nationwide. When one academic medical center (AMC) analyzed its utilization of costly antibiotic-loaded bone cement, it discovered that several other AMCs were using antibiotic-loaded bone cement less frequently in a way that better adhered to the evidence-supported standard of care. By subsequently better aligning its own usage to the evidence, the organization was able to eliminate one-third of its overall bone cement spend.
Another organization used Market Insights to discover that peer hospitals had successfully negotiated away a price premium for MRI-conditional pacemakers. The evidence revealed a lack of studies demonstrating any difference across MRI-conditional devices from various vendors.
Health systems are discovering the power of Market Insights to challenge long-held beliefs. “Market Insights helped us understand how different vendors behave in particular categories,” said Leslie Flick, executive director of Health Future, an Oregon-based consortium of health systems. “We had bought into the myth that giving more volume and market share was the only way to get better pricing. Market Insights sets us up for savings in ways we’d never considered before.”
About Procured Health
Procured Health is at the forefront of helping health systems achieve the best clinical outcomes at an optimal cost. Providers across the U.S. rely on Procured Health's technology platform to make better decisions on spend and usage of medical devices, supplies, and drugs. For more information, visit ProcuredHealth.com, find us on LinkedIn, follow @ProcuredHealth on Twitter and like us on Facebook.