Hospitals are paying about 8% less for knee implants as more healthcare providers push back against the high costs of physician preference items, the implantable medical devices that make up the largest chunk of a hospital's supply spend.
The most recent Modern Healthcare/ECRI Institute Technology Price Index found that the average price for the femoral component of knee implants is $2,354, which is 7.9% lower than it was a year ago.
The index looks at monthly and annual price data for about 30 supply and capital items purchased by hospitals and other providers, based on three-month rolling averages.
Increased pressure for hospitals to reduce overall costs has led more hospital supply-chain executives to partner with physicians and negotiate better prices on pricey devices such as knee implants and pacemakers.
“This is one of the reasons for the reductions in price over time in this particular category,” said Tim Browne, director of ECRI's PriceGuide Service.