New Novation CV Watch Shows Recent Technology Innovations Could Drive Cardiovascular Product Costs Up by as Much as 35 Percent
IRVING, Texas, July 24, 2014 /PRNewswire/ -- To help health care organizations better understand trends in the cardiovascular market that could impact patient care and the bottom line, Novation released its Spring 2014 CV Watch, "Innovations in Cardiovascular Devices."
The semi-annual Novation report provides hospitals with guidance and details on promising new technologies that can help them better serve patient needs and understand how these options impact the supply chain. According to the latest report, projected price increases for cardiovascular products are being driven by new devices such as percutaneous aortic valves, magnetic resonance imaging conditional pacemakers, leadless pacemakers and left atrial appendage closure systems. While average selling prices for cardiac implants are anticipated to drop 2 to 6 percent this year, it appears hospital cardiovascular departments may see their overall costs increase by as much as 35 percent in the next several years due to product innovations.
"Our latest CV Watch provides the valued hospital members that we serve with vital insights to help them care for their patients and thrive in an increasingly competitive, cost-centric health care environment," said David Richman, Vice President, Sourcing Operations, Physician Preference, Novation.
The Novation CV Watch compiles the potential economic impact, reimbursement guidelines and clinical studies for each procedure and device to help hospitals make informed purchasing decisions. In the latest issue, Novation focuses on several categories:
- Transcatheter heart valves
- Left atrial appendage closure
- Cardiac assist devices
- Other emerging cardiovascular products and systems
Novation regularly attends cardiovascular industry meetings to gain insight to help hospitals better understand new techniques and devices, most of which are not yet approved for use in the U.S.
According to the CDC, heart disease is the leading cause of death for both men and women. In addition, coronary heart disease alone costs the United States $108.9 billion each year which includes the cost of health care services, medications, and lost productivity.
Members of VHA, Inc., UHC, Children's Hospital Association and Provista purchased about $3 billion through the Novation cardiovascular contract portfolio in 2013.
For more information about Novation's Physician Preference Item Program, please visit https://www.novationco.com/programs/physician_preferred.asp.
About Novation, Winner of the Ethics Inside® Certification
Founded in 1998, Novation is the leading health care supply chain expertise, analytics and contracting company for the more than 100,000 members and affiliates of VHA Inc. and UHC, two national health care alliances, Children's Hospital Association, an alliance of the nation's leading pediatric facilities, and Provista, LLC. Novation provides alliance members with sourcing services, as well as information and data services. Based in Irving, Texas, Novation develops and manages competitive contracts with more than 800 suppliers. Members of VHA, UHC, Children's Hospital Association and Provista used Novation contracts to purchase approximately $49 billion in 2013. Novation has earned the coveted Ethics Inside® Certification from Ethisphere Institute, a leading international think tank dedicated to the research and promotion of best practices in corporate ethics and compliance. Novation was also named on Ethisphere's World's Most Ethical Companies list and is the only company in the health care industry to earn both distinctions for three consecutive years. To learn more about Novation, please visit http://www.novationco.com and follow @NovationNews.