To begin, could you please comment on what appears to be a seemingly never-ending call to define value in healthcare?
Bill: To answer your question about the definition of value in healthcare, you know I really do continue to be amazed at the calls that come out of national committee meetings and publications, etc. to say that we continue to have to define and develop a national standard for what value is in the healthcare system. To me, it seems really simple. I mean, I’ve been around the healthcare system for almost 30 years now. The value is the clinical benefit derived by patients, specifically, for the expenditure of a specified amount of healthcare dollars. That’s pretty simple. Sometimes when people try to develop these long equations to which I’ve seen, it’s a gust of bodies when they have their conferences. I mean, I saw one once years ago and I just commented to the moderator of the session that one, the long equations for the definition of cost effectiveness was mind-numbing and two, it would never see the light of day. I was right on both accounts.
So, I think my simple definition is pervasive in terms of this is what value is. It’s really, again, the clinical patient benefit that’s obtained for a specified expenditure of healthcare dollars.
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