Ep 175 – The Innovative Convergence of Health Economics, Patient-Centricity, and Value Assessment, with Dr. Jason Spangler

The Race to Value Podcast

25-07-2023 • 1 hora 14 min

There is a dynamic interplay between health economics, patient-centricity, and value assessment—an intersection that holds the key to unlocking better health outcomes, improved access to care, and sustainable healthcare systems.  With the principles of health economics guiding our decision-making processes in healthcare, we can allocate resources effectively and maximize the value delivered to patients. Patient-centricity lies at the heart of this convergence, emphasizing the importance of putting patients and their unique needs at the forefront of healthcare delivery. Despite decades of investment in patient-centered health care, decisions about access and value are typically made in the context of financial risk management, and often without the input of those who should benefit from care. In addition to a myriad of payment reform strategies, rising interest in cost-effectiveness evaluation commands a central place in the debate about how to measure and pay for high-quality, efficient, and equitable health care. This week on the Race to Value we are joined by Dr. Jason Spangler, the Chief Executive Officer for The Innovation and Value Initiative (IVI).  The IVI is a collaboration of scientists, patient organizations, payers, life sciences companies, providers and delivery systems dedicated to finding scientifically credible approaches to measuring value in healthcare.  The IVI provides the technical knowledge, resources, and collaborative learning platform that facilitate exploration and application of value-based care. In this podcast episode, you learn how partnership with patients, researchers, and industry and purchaser stakeholders can build consensus on the scope and inputs  needed for value assessment models.  Only by assessing true value in health care will we win the Race to Value!   Episode Bookmarks: 01:30 Podcast Introduction with background on Dr. Jason Spangler, the Chief Executive Officer for The Innovation and Value Initiative (IVI). 03:00 Support Race to Value by subscribing to our weekly newsletter and leaving a review/rating on Apple Podcasts. 04:30 Creating open-source models that allow researchers and decision-makers to explore, apply, and test scientifically credible approaches to measuring value in health care. 05:30 “The IVI is a nonprofit research organization that focuses on the science and the methodology for determining value, new medical technologies, and innovations.” 06:00 Health technology assessments (HTA) typically have only included payer perspectives (not the patient perspective!) 07:30 Going beyond the academic research understanding of value assessment to reflect real world patient experience. 08:00 How is patient-informed value assessment and comparative effectiveness research used to impact health policy at a national level? 11:00 Defining “value” from a health economist perspective provides the standard equation. 11:45 What is important to patients beyond the clinical outcomes – these must be measured too! 12:30 The costs of healthcare beyond the financial domain (e.g. time, future prospects, family) forces us to deviate from the simple value equation. 12:45 The “Value Flower” – the elements of value that are important to all stakeholders (e.g. QALYs Gained, Net Cost, Productivity, Equity, Hope, Knowing, etc.) 14:00 Asking patients what is important to them in the formation of specific patient-reported outcome measures. 15:00 “We typically look at cost effectiveness in terms of patient populations and averages. This must be balanced with individual patients or smaller patient communities.” 15:45 How good are we…really…in actually listening to patients?  Fee-for-service care complexity gets in the way of meaningful connection. 17:00 Using both qualitative and quantitative data to advance patient-centered innovation. 17:30 The IVI is driving innovation in value assessment through the Open-Source Value Projectwhich is a laboratory for advancing the science and im...

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