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Lumere Upgrades Product Introduction Management Platform with Spend Analytics

1055 Days ago

Platform surpasses 30,000 medical devices analyzed in Q1 2019

CHICAGO, June 25, 2019 (GLOBE NEWSWIRE) -- Lumere, Inc., a leading provider of evidence-based analytics and services to reduce costly and unwarranted clinical variation, today announced its Product Introduction Management solution has achieved a number of milestones in the past year. Coupling a health system’s current purchasing data with industry benchmarking metrics, Product Introduction Management is the first product to combine clinical research, value analysis workflow management and clinical spend analytics.

According to the Association of Healthcare Value Analysis Professionals (AHVAP), the average healthcare system utilizes anywhere from 5,000 to 17,000 products, services and technologies in any given year. “Over the past decade, Healthcare Value Analysis programs have been increasing their effectiveness by reducing variation in products, care and outcomes,” said AHVAP’s current President, Susan G. Miller, RN, MN, CMRP, CVAHP. “Enhancing physician participation and leadership as well as a stronger reliance on objective evidence have been key to this transformation as healthcare organizations pursue optimal financial and patient outcomes.”

Product Introduction Management supplements these ongoing efforts by improving medical device decision-making through an unbiased, rigorous review of all available peer-reviewed literature, clinical trial data and safety information. In the past year, the platform, which was first launched in 2012, has hit several key milestones including:

  • More than 700 facilities across the U.S. representing $8 billion in spend leverage Product Introduction Management to guide value analysis decisions including Oregon Health & Science University, Jefferson Health, Inova Health System, University of Texas System, Spectrum Health, Allspire Health Partners, and Hoag Health System
  • 30,000+ products including 600,000+ product SKUs, 1,400+ product groups and 175+ product categories profiled to date
  • 200,000 hours in manual product research time saved
  • 85,000 pieces of clinical literature and guidelines added to date
  • 250 literature evaluations that translate evidence into practice by comparing critical device attributes and uses published to date

"Physicians are more willing to make cost-conscious decisions because we are able to present them with evidence supporting the Value Based Selection (VBS) committee’s recommendations,” said James Wall, MD, Assistant Professor of Surgery (Pediatric Surgery) and Chairman, Value Based Selection Committee, Lucile Salter Packard Children's Hospital, Stanford University. “The integration of clinical evidence into our product decision-making process has allowed us to significantly increase high-quality requests and approvals.” 

“A staggering amount of medical device manufacturers cannot supply useful clinical evidence to support products and value analysis teams simply do not have the bandwidth to wade through volumes of data,” said Hani Elias, co-founder and CEO, Lumere. “As value analysis committees have absorbed greater responsibility, it’s imperative to supply them with actionable data that can improve patient outcomes, standardize product and care protocols, and reduce overall spend.”

To learn more about optimizing the impact of value analysis with evidence and data, read our blog post here.

About Lumere
Lumere is at the forefront of clinical decision making for drugs and medical devices, offering evidence-based solutions and services that empower physicians and health systems to reduce costly, unwarranted variation in drugs and medical devices. For more information, visit lumere.com, find us on LinkedIn, follow @LumereHQ on Twitter and like us on Facebook.

Media Contact:
Giana Gaughan
PR & Event Manager

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