TractManager, Inc., the healthcare industry’s largest supplier of strategic sourcing and contract lifecycle management (CLM) solutions, has issued a white paper on how healthcare providers and their patients can benefit from introducing clinical evidence into the capital budgeting and planning process.
Co-written by Bill Donato, General Manager of MD Buyline, and Winifred Hayes, Founder of Hayes, Inc., the white paper illustrates how a rigorous approach to analyzing clinical data can help healthcare capital planning committees:
- Understand the impact of planned purchases upon CMS and private payer reimbursement.
- Consider indications for use, patient demographics, and comparative clinical effectiveness.
- Anticipate any associated environmental factors needed to support the adoption of new devices and technologies.
- Evaluate features, functions, benefits, and total cost of ownership.
- Measure and improve on patient outcomes.
The Best Decisions Consider All of the Evidence: The Strategic Role of Clinical Evidence in Value-Based Healthcare Capital Planning is the first paper in a series intended to help healthcare providers foster a more collaborative, informed, and strategic decision-making culture.
“Now more than ever, hospitals are under increased pressure to improve decision-making,” said Donato, “and introducing evidence-based research into capital planning does just that. At the same time, it offers measurable benefits to everyone involved in the acquisition of healthcare technology—including the patient population eventually being served.”
“When CMS and private insurance plans reimburse for a procedure, they’re paying for exactly that — the procedure, not the device,” said Hayes. “By introducing unbiased evidence-based research into the decision whether to acquire a particular technology, healthcare providers can maximize clinical, financial, and patient outcomes all at once.”
Healthcare providers can download the complimentary white paper from the TractManager website at www.tractmanager.com. In addition, providers are urged to attend the first webinar in the new Executive Speaker Series from TractManager. Scheduled for Feb. 26, 2019, at 2:00 pm ET/1:00 pm CT, the webinar will feature Bill Donato and Winifred Hayes. They will discuss the recommendations found in the white paper and answer questions about how to incorporate clinical data into the budgeting process.