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Read our 3-part series where we explore how smart, coordinated data technology can help patients and providers and how Medtronic is developing data solutions. These efforts are helping to create a more efficient system and improve patient outcomes.
With sensor technology rising in popularity, inpatient hospital care on the decline, and a staggering 30% of healthcare spend attributed to administrative costs, Medtronic is working with healthcare providers to identify new ways to meet patient needs outside of traditional care settings. Using technology, data, and improved care coordination, we can build efficient systems that significantly reduce costs while improving outcomes.
From measuring clinical outcomes to spotting population trends, data is an essential tool in highlighting ways in which healthcare can become more efficient and cost-effective. However, the key to building data-driven healthcare systems is not necessarily generating more data, but improving accessibility to smarter data. Medtronic partners with hospital systems and industry leaders to integrate our technologies into the patient care pathway.
The transition from a fee-for-service to a value-based model of healthcare is a necessary, but difficult transition, requiring coordinated efforts of all healthcare stakeholders. Medtronic is addressing issues that are slowing the transition, and unlocking the full potential of our data-driven technology is a key step in the process. Working with our partners across the care continuum, we are broadening our innovation horizon based on their needs.
Chronic diseases like diabetes and obesity are leading contributors to the growing crisis of healthcare costs. Knowing this, Medtronic collaborated with the global healthcare community to use our technology, services, and insight to better manage care for those living with chronic disease. Value-based healthcare solutions can help improve individual outcomes and reduce the cost burden of chronic disease system-wide.