Medtronic and Lehigh Valley Health Network (LVHN) have partnered to create a blueprint for a value-based health care system.
The five-year effort seeks to combine Medtronic’s medical device services with LVHN’s clinical services to create processes to treat more than 70 conditions in patients in LVHN’s Pennsylvania hospitals. LVHN will compare results with existing patient data to measure outcomes and quantify cost savings. Medtronic will be compensated based on the result of some of those treatments.
The goal is to reach 500,000 patients across northeast Pennsylvania and cut $100 million in expenses. Medtronic hopes to detect respiratory compromise sooner and reduce subsequent ailments as a result by about 20 percent. The team will use technology to predict and measure improvements in a relatively short matter of time.
Medtronic CEO Omar Ishrak, himself a long-time proponent of value-based care, said the initiative could prove critical in creating a realistic business model in the industry.
