Centers for Medicare & Medicaid Services (CMS) is working along with other federal agencies and lawmakers in Congress to modernize its approach towards data-driven medical devices and other innovative technologies.
The industry is moving at a fast pace and imbibing technology. Digital tools, companion apps and analytics technologies are becoming common across the industry. CMS plans to speed up the process of determining the payment rates for breakthrough advances in patient care, as mentioned by CMS Administrator Seema Verma in a speech at the Medical Device Manufacturers Association Annual Meeting.
Verma said that the vision of CMS is to protect and secure Medicare and ensure beneficiaries have access to the latest medical technologies.
As new medical technologies are being used, CMS has to remove barriers to ensure that safe and effective treatments are readily accessible to beneficiaries without any delay in patient care. The focus is to keep new technologies and treatments moving from bench to bedside and into the hands of people who need them the most.
CMS anticipates the continued development of medical devices and other products that incorporate advanced analytics, data interoperability, and machine learning to offer actionable insights for patients and providers at the point of care.
Integrating new products and services into the Medicare fee schedule can be a lengthy and complex process.
Verma said that healthcare industry is entering the age of artificial intelligence and the pace of innovation is accelerating. So, this snail’s pace won’t work any longer. Especially as other agencies such as the FDA work to take proactive steps to modernize their processes.
She also mentioned that the goal is to get innovations to beneficiaries concurrent with FDA approval by removing government barriers to innovation and harmonizing CMS coverage, coding, and payment processes.