In this episode of the award-winning hospital finance podcast, Catherine MacLean, MD, PhD, Chief Value Medical Officer at HSS brings new depth and clarity to the meaning and importance of advancing value in healthcare – especially musculoskeletal care. Dr. MacLean details the urgency and opportunity of overcoming the legacy fee-for-service model, and the World Economic Forum’s recent designation of HSS as a Global Healthcare Value Innovation Hub (the only hospital in North America).

Dr. MacLean explained, “Costs are growing exponentially, and this puts severe strains on budgets. And those budgets may be different in different countries. And in the US these strains are both on the government and private employers who shoulder a huge part of the cost in our system, but it’s an issue everywhere. So, the World Economic Forum put together this coalition, which is a collaboration between the World Economic Forum– and the World Economic Forum is really the international organization for public-private cooperation.”

“So as part of this, they wanted to designate Value Innovation Hubs. It’s a group of mature early adopters of value-based healthcare. And those early adopters, through this initiative, can showcase and be proof of concept about creating improvements in both patient outcomes and cost savings. We just recently got this designation. We’re excited to work with the World Economic Forum and other partners to try to advance value-based healthcare both in the U.S. and internationally. For us, we see it as a really good opportunity to share what we’ve done but also for us to learn what others have done in the value space, what we can learn from them to apply to the care that we deliver,” continued Dr. MacLean. 

Listen to the episode at besler.com.