Value-Based Healthcare Summit looks at a new health paradigm

The Medical Technology Association of Australia (MTAA) today will hold its Value-Based Healthcare Summit bringing together policy makers, patient advocates, providers, payers, and medical device companies to discuss this new health paradigm.

The concept of value-based healthcare promises to be a more effective and more sustainable approach for limiting healthcare expenditure than traditional approaches, while improving quality of care.

Australia’s healthcare expenditure is $170 billion, representing 10.3% of GDP, meaning one in every $10 in the economy is being spent in the health sector.

The World Economic Forum has calculated despite advancements in medical knowledge and innovation, society is not getting the full value of the annual AUS $8 trillion spent worldwide on healthcare.

The current service delivery system in Australia provides fragmented care, differences in outcomes and clinical practices. If Australia seeks to become the “healthiest nation on earth” it will need to transform its healthcare system to be fit for the 21st century.

Key speakers include:

  • Mark Cormack, Deputy Secretary, Department of Health
  • Dr. Nigel Lyons, Deputy Secretary, NSW Ministry of Health
  • Dr. Rachel David, CEO of Private Healthcare Australia
  • Dr. Neil Soderlund, CEO of Quantium Health Outcomes
  • Tessa Kowaliw, Women‘s Healthcare Australasia, Patient advocate,
  • Prof Stephen Graves, Director of the Australian Orthopedic Association National Joint Replacement Registry

Key sessions include:

  • What Value means in Health Care: A Patient Perspective
  • PROMs & ICHOM
  • Clinical Registries: National Joint Replacement Registry
  • Value-Based Health Care in the Private Hospital Sector
  • Capturing Real-World Data to Assess Value
  • Shifting from Volume to Value

Ian Burgess, Chief Executive Officer of the Medical Technology Association of Australia said:

“Value-based healthcare is certainly the health buzzword of 2018.

“Today’s Summit is about bringing all those healthcare stakeholders together to start a conversation as we transition away from volume to value, and refocus our healthcare system on value for patients.

“The concept of value-based healthcare promises to be a more effective and more sustainable approach, while improving the quality of care delivered for each dollar spent.

“All stakeholders need to ask themselves “what will this change mean?” or “when will it happen?” but also “how do we get there?”

“The medical technology industry makes a highly significant contribution to the quality of healthcare in Australia in helping people live longer, healthier and more productive lives.

“To prepare for this changing environment, it will be important for medical technology companies to understand, demonstrate, and clearly articulate how their offerings can not only improve patient outcomes but also create value for healthcare stakeholders.”