This will be interesting to see how this works. All are in the pursuit to see what works best and to save money at the same time and thus this company has created a website to where Hospitals and doctors can both contribute and benefit from the information provided by others, maybe like an extended version of a “Yelp” type platform if you will. With contributing information one hospital might be able to see that they are paying more or less than another. When it comes to knees and hips, Kaiser with their registry program earned it own merits a couple years ago as the information did in fact lead to better functioning devices purchased as well as some savings along the line.
In addition since Kaiser has their own PHR with contributions from both patients and doctors there were follow up notes that could add content as well to see longer periods of time down the road as to how the devices were functioning.
It is subscription based so that’s how the site makes their money. This is much different than Castlight that just had their IPO as their service is is dependent upon the feeds from insurance companies where this service is not. We all know medical devices can be expensive, depending upon what they are for one so with doctors leaving feedback about devices, the hospitals can research and use it for decision making. This is getting interesting as this business opens up and then we have this one over here (link below) wanting to do extensive analytics and “sell” the information derived from mining patient medical records with hospitals as part owners being able to participate in some of the revenue, so what will take off, will it be selling the data or a lesser expensive contributing site like this one to be of value to hospitals? BD
More Data For Sale Soon With Shared Clarity With United Healthcare Labs and Dignity Health–Crunching Numbers on Medical Devices With Shared Clarity
The medical device market is so obtuse that most doctors are completely in the dark about how much it costs to buy a blood pressure monitor or a spinal screw.
A tiny startup called Procured Health just secured $4 million in series A funding from health care-focused firm FCA Venture Partners. Procured is working with U.S. hospital systems like Hoag Hospital, Asante Health, St. Charles Health, and about two dozen others to bring some much-needed transparency to medical-device pricing.
Gross margins are so high, according to Procured’s chief executive Hani Elias, due to the “really high price points” that regularly go unchecked. It’s a common practice for medical-device manufacturers to require that purchasing departments keep prices confidential.
This means that manufacturers can charge some hospitals more than others for the same product. A 2012 Government Accountability Office (GAO) report found that the average cost hospitals paid for knee implants ranged from $3,408 to $10,830, and the average price paid for implantable cardioverter-defibrillators ranged from $19,578 to $35,916.
Procured isn’t the only startup bringing transparency to insurance providers and health care systems. HealthSparq is building an online shopping site for health care services, and WellPoint recently announced it will work more closely with health providers to avoid costly problems.