SAN FRANCISCO, July 08, 2021 -- iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care solutions company focused on the advancement of cardiac care, and the Value Based Care Council (VBCC) of the National Association of Managed Care Physicians (NAMCP) today announced a one-of-a-kind partnership to help payers and managed care organizations (MCOs) effectively assess the value of long-term continuous cardiac monitoring.
With an increasing shift towards value-based medicine, managed care professionals (MCPs) find themselves tasked not only with improving patient outcomes, but also managing the costs of health care resource utilization. Nowhere is this challenge more present than in the field of cardiology, where health care providers find themselves adapting to a peri-COVID-19 world in which staff resources are depleted and patient backlogs are high. Innovative technologies, especially those that facilitate the timely and accurate diagnosis of patients, can be critical support tools for health care providers. AI-based technologies in particular have the power to help health care providers scale their health care delivery without the need to add incremental staff resources. Without a standard way to objectively evaluate these solutions; however, many health care providers lack a clear path forward in adopting and implementing new solutions to help them meet their practice goals.
To help address this problem, iRhythm and the NAMCP are working together to identify an objective assessment mechanism for long-term continuous cardiac monitoring solutions. The partnership aims to define the characteristics of value across solutions in the category, and how they impact endpoints in the Quadruple Aim – patient outcomes, patient experience, clinician experience, and cost of care.
As a disruptor in the cardiac monitoring space and a leader in medical AI innovation, iRhythm is excited to have the opportunity to partner with the NAMCP. iRhythm has an FDA-cleared deep-learned algorithm for classifying diverse heart rhythms, and has collected over 750 million hours of curated heartbeat data – creating the largest repository of labelled ECG patient data in the world1. iRhythm’s commitment to evidence-based medicine (as supported in over 40 peer-reviewed clinical studies) demonstrates its long and deep history of partnering with health care providers to advance the standards of cardiac care.
“Our commitment as an organization is to support health care providers in delivering quality outcomes while managing costs,” said Douglas Devine, iRhythm’s Interim Chief Executive Officer and Chief Financial Officer. “As an innovator in the cardiac monitoring space, we believe it is our responsibility to collaborate with health care providers to build evaluation standards for new technologies, based on the everyday needs of delivering patient care.”
The NAMCP is accredited by the Accreditation Council for Continuing Medical Education to provide continuing medical education to physicians. In order to assist payers and MCOs in achieving the Quadruple Aim, the decision was made to create a focus group (the VBCC) whereby recommendations, tools, and resources will be developed that have practical utility in maximizing the extraction of value from pharmaceuticals, medical devices, and diagnostics. The VBCC is composed of medical directors and chief medical officers from around the country who have experience and knowledge with regard to value-based care, along with corporate members from the industry who have shared interest in this vital area of focus.
“Our Value Based Care Council recently surveyed its members with one question asking, ‘What is your biggest need?’ An overwhelming majority pointed to better understanding value and optimizing the value proposition of products and solutions,” said Michael A. Ford, Executive Director of the VBCC of NAMCP. “We are committed to collaborating with iRhythm to address this need while helping to create more effective relationships between health technology solutions companies and health care providers.”
About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company redefining the way cardiac arrhythmias are clinically diagnosed. The company combines wearable biosensor devices worn for up to 14 days and cloud-based data analytics with powerful proprietary algorithms that distill data from millions of heartbeats into clinically actionable information. The company believes improvements in arrhythmia detection and characterization have the potential to change clinical management of patients.
About National Association of Managed Care Physicians
The NAMCP provides educational material, evidence-based tools, and resources to help Medical Directors from purchasers, plans, and provider systems to make effective and informed decisions. It is accredited by the Accreditation Council for Continuing Medical Education to provide continuing medical education to physicians. The NAMCP created the focus group VBCC to support payers and MCOs in achieving the Quadruple Aim. VBCC recommendations, tools, and resources will be developed that have practical utility in maximizing the extraction of value from pharmaceuticals, medical devices, and diagnostics.
1 Data on file. iRhythm Technologies, 2021.