Your Hospital Says No to Innovation: Here's How to Change That

Area of Science:

• Health economics
• Medical innovation adoption
• Healthcare management

Background:

• Hospital technology approval is a significant hurdle for adopting new surgical innovations.
• Current economic models often reject innovations based on incumbent pricing and OR time savings, neglecting true value creation.

Purpose of the Study:

• To provide a strategic framework for securing hospital approval for new technologies.
• To apply Economic Value to the Customer (EVC) principles to address managerial agency problems in technology evaluation.

Main Methods:

• Implementing Economic Value to the Customer (EVC) principles.
• Developing strategies to address managerial agency problems.
• Shifting technology evaluation from cost-focus to value-centricity.

Main Results:

• A framework to overcome barriers in hospital technology approval.
• Transformation of technology evaluation from cost-focused rejection to value-centric approval.
• Facilitation of market penetration for innovative vendors and access for surgeons and patients.

Conclusions:

• Adopting EVC principles can revolutionize hospital technology approval processes.
• This approach ensures that genuine value creation, not just cost, drives decisions.
• Benefits include improved patient care, enhanced surgical practice, and successful market entry for innovations.