Why It’s Important

paragraphHeader”>Why It’s Important
At the recent IN3 Medical Device 360 meeting in Boston, Mass., IN3 managers developed an expert panel of venture capital professionals to discuss and define this topic. The panel said hospital administrators are becoming much more sophisticated in demanding proof of an economic benefit differentiator when choosing medtech companies they will partner with going forward. It is important that hospital administrators choose carefully among competing companies, keeping in mind that fewer vendors reduce their internal and working capital costs. In addition, and perhaps most importantly, standardizing a procedure for the clinical staff, including the medical devices they use, increases quality and clinical outcomes as well as reduces cost. This is supported by data from a 2009 survey of more than 300 hospital CEOs and physician group practice managers stating that improving quality and patient safety were the top provider priorities, far surpassing revenue cycle management, cost reductions and improving reimbursement.¹