Frank Jaubert Vice President Services EMEA, Medical Devices Johnson & Johnson
Every day I have a reason to be proud of the value MedTech brings and how we help providers win for patients. However, what I have come to realize is how differently the word VALUE is both defined and connected to meaning in healthcare by the people I know professionally and personally. So, why is its definition and meaning so diverse? To explore this question, let’s look at how value has flourished in another industry that’s evolved before our very eyes.
So how is the smart phones journey relevant?
Fifteen years ago, the mobile phone in our pocket primarily offered what its name claimed: phone calls while mobile, available at a modest cost coupled with usage fees. Today, the mobile phone has grown smart to the point that it is unrecognizable. In fact, and quite ironically, the action of phoning someone is arguably an endangered form of communication. Around the world today, 2.5 Billion of us pay a premium for smart phones because we understand the VALUE they bring to our lives.
We had no idea that the mobile phone would transform into a device with infinite opportunities and a world of information. Many of us now can’t imagine life without it.
Endless data resulting from worldwide adoption show us how this technology makes our lives more efficient, informed, safer, healthier, and the list goes on. In addition to the smart phone in our pocket, our home, car, watch, toothbrush, and almost anything can now be ‘smart’. This scope would not have been possible without the evolution of our society’s mindset to both see and define value by what can be gained from solutions that cost more because they offer so much more.
So, what happens when we apply this same mindset to MedTech? The broad introduction of bespoke services, solutions and systems – designed collaboratively with providers – have a similarly infinite scope of possibilities in healthcare. Ultimately, the value they bring to people and processes is designed to keep clinicians optimally equipped to do their best job on their best day for the patients and communities they serve.
Data are revealing an exciting picture of the difference value-based solutions can make.
Measured impact of value-based healthcare over time tells us that healthcare services introducing these efficiencies are better equipped to improve patient outcomes, including by taking steps to standardize care. Standardization of patient care means their recovery can be more accurately predicted. Data have also shown enhancements in patient and clinician satisfaction. Efficiencies that reduce clinician workload release more time to care for more patients within working hours.
With an aging and growing population with ever more complex conditions, removing cost waste and optimizing hospital capacity utilization aims to reduce the total care cost per patient. This can translate to a greater number of patients that a hospital has the capacity to treat. Contributing to sustainability and expanded access for communities of all age groups and across all demographics is an important objective – an objective we in fact share with the smart phone industry.
So, what can the smart phone teach us about value-based healthcare?
Rather than what the smart phone offers, it is the cost-value journey that this device has taken society on that I find most interesting. What is particularly thought-provoking is that – throughout the mobile phone’s transformation to become an entirely reimagined premise – the purpose of the solution it was created to address remains central today: maintaining human connection.
Likewise, in healthcare the patient has, is and always will be front and center of our industry’s purpose. Thus, to expand the reach of healthcare solutions that are deeply valued by everyone, everywhere, MedTech must always define and measure our contribution by the VALUE we can help bring to patients. This is where care and value meet and where it will realize its greatest potential.
To find out more about how Johnson & Johnson Medical Devices is partnering with healthcare providers to co-create value-based solutions visit: www.jnjmedicaldevices.com.