Key Takeaways from AdvaMed’s 2018 MedTech Conference
If there could be one word to describe AdvaMed’s 2018 MedTech Conference, it would be packed. The show was bursting with people from all over, coming together to learn and share ideas. The educational sessions were full of information from great speakers, including former president George W. Bush, Jr. The event provided an insightful look into the ever-changing world of medical technology.
A major take away from the conference was the wealth of information about value-based care. Medical devices and medical technology are a paramount and integral part of the US healthcare system, and it appears that this value-based care model is here to stay. Early adopters such as Medtronic paved new pathways by working with hospitals, care providers, physicians, and insurance companies in ways companies had never done before.
A few years ago, those in the medical technology field were just trying to understand how the system would work and how the various parties involved would interact. Now, medical technology firms are expanding their product portfolios to increase the chances of their products being adopted in the value-based contract space. As they shift more focus onto improved patient outcomes, medical technology companies want products that generate data and help provide actionable insight to healthcare providers. An example demonstrated how patients who recovered and did rehabilitation outside of a hospital had more efficient and effective outcomes.
This has led to the development and release of new technologies and devices that patients can use in the comfort of their own homes. These tools will coach and monitor the patients’ recovery actions and progress towards the determined order. To ensure proper reimbursement is made, these tools will also feed data to the healthcare providers and insurance companies directly. Therefore, medical technology companies will need to have products and solutions that assist in lowering healthcare costs without compromising patient and procedure outcomes. These companies will also shift from their classical stand-alone products towards more integrated systems.
The MedTech Conference is known for its candid sessions called CEO’s Unplugged. This year, the discussion centered on quality being the driver of innovation in the medical technology field. With the massive amounts of new tech flooding the markets, it is important to take a step back and reflect on whether these are quality instruments. Progress is essential, but it is important to stay vigilant when introducing new goods and services to market, and ensuring that ‘hype’ isn’t a factor.
Overall, the show was a great success and the Oxford team enjoyed their time attending. Gary Bergman, Oxford Life Science Practice Director said “It was great to be back at the Annual MedTech Conference as a classroom attendee, but more so as an exhibitor. The MedTech 2018 Conference allows you to stay in-tune with a lot of very important topics that impact the industry, allowing our team to continue to provide valuable insight and support to our current and prospective clients.” With a focus on quality over quantity, and value-based care being a driver for innovation, the medical technology industry will continue to deliver outstanding advancements for the healthcare community.