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Modern Healthcare and ECRI Institute Launch New Technology Price Index
Date:3/28/2012

ce for each item and the change in that price from the previous month and over the past 12 months. The interactive trending graph enables web visitors to visualize the fluctuation in pricing over a 12-month time frame from a high-level vantage point to help them see whether prices are generally going up or down or staying even.

"We hope this new index will contribute to a more robust ability to address the unusually large asymmetry in knowledge about prices between sellers and buyers of technology," says Jeffrey C. Lerner, PhD, ECRI Institute president and chief executive officer. "The index is provided by us, together with Modern Healthcare, at no cost as a public service," adds Lerner.

The pricing in the Modern Healthcare/ECRI Institute Technology Price Index is based on data submitted to ECRI Institute by hospitals and health systems through membership in PriceGuide™ and SELECTplus™ supply and capital procurement advisory services. The monthly average prices are calculated using a three-month rolling average. The indices list the common name for each technology, plus the category name as defined by ECRI Institute's Universal Medical Device Nomenclature System™, a standard international nomenclature and computer coding system for medical devices. 

"By rolling up our proprietary model-specific pricing data into high-level categories, we're providing a view of technology pricing that few executives have had access to before," says ECRI Institute's Jennifer L. Myers, vice president of SELECT Advisory Services. "It's a good starting point for understanding what hospitals around the country are spending on average."

The Modern Healthcare/ECRI Institute Technology Price Index is free to all registered users of ModernHea
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SOURCE ECRI Institute
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