Simplified Pricing Increases Transparency and Improves Hospital Margins
RENO, NV / ACCESSWIRE / July 29, 2020 / The Orthopaedic Implant Company (OIC) today announced the launch of the One Procedure, One Price™ initiative designed to reduce the expense of orthopaedic procedures and create a new standard cost of care that benefits patients, physicians, and hospitals.
The cost of healthcare has created financial burdens that often cannot be overcome. Hospitals are accumulating massive financial deficits. Surgeons are forced to fit more procedures into less time. Patients are plagued with healthcare costs that are ruining lives after life-improving procedures. The One Procedure, One Price initiative is changing this dynamic and creating a more equitable landscape.
"In orthopaedic procedures, commoditized implants are typically the most significant expense. Medical devices companies have put exorbitant price tags on implants and tools differentiated by sales and marketing expenses, not innovative technology. At OIC, we will not justify this approach," said Itai Nemovicher, President and CEO of OIC. "That's why we launched our One Procedure, One Price initiative creating a single price for the construct of parts used during an orthopaedic surgical procedure. We're removing the guesswork of pricing and cost, and creating an opportunity for transparency, margin improvement, and lower cost of care."
One Procedure, One Price packages all of the elements needed to complete a procedure at one price - plates, screws, drill bits, and fixation pins. OIC implants are made with medical-grade materials, FDA-approved processes, quality systems, ASTM, and ISO standards, and often in the same facilities as higher-priced competitive devices. Additionally, OIC implant systems are designed to be comprehensive, yet incredibly intuitive. The result is implant solutions designed to work with all the other product hardware, helping streamline operating room processes and further reducing costs.
"We're shining the light on the gluttonous financial practices long considered normal in the orthopaedic industry," added Nemovicher. "We are committed to disrupting the norm, driving accountability among orthopaedic device manufacturers and helping minimize the financial burden of healthcare that is devastating the United States."
A study published in the Journal of Orthopaedic Trauma found over the course of a year, the use of OIC implants with a construct pricing structure resulted in a 56 percent savings compared to the average cost of competitive device offerings. A similar study by the University of Nevada - Reno showed a 51 percent reduction in operative time compared to conventional implants, resulting from the self-contained product line.
About The Orthopaedic Implant Company
The Orthopaedic Implant Company (OIC) is changing the way orthopaedic implants are delivered and priced. OIC creates better value for the implants known and used every day. The company's dynamic, human-focused strategy begins and ends with prioritizing people, not numbers. The team is comprised of industry experts who bring together decades of combined experience to create change in a healthcare system that must evolve.
SOURCE: The Orthopaedic Implant Company