July 29, 2020

OIC Launches One Procedure, One Price Initiative

OIC Launches One Procedure, One Price Initiative

Historically, determining the cost of care for a patient prior to surgery has been next to impossible. Not anymore.....

By Julie A. Vetalice

The Orthopaedic Implant Company (OIC) introduced the One Procedure, One Price™ initiative, intended to reduce the expense of orthopedic procedures and create a new standard cost of care for the benefit of patients, physicians and hospitals.

OIC manufactures devices for trauma and sports medicine applications: PEEK anchors, plates/screws, intramedullary nails, external fixators, etc.

"In orthopaedic procedures, commoditized implants are typically the most significant expense. Medical device companies have put exorbitant price tags on implants and tools differentiated by sales and marketing expenses, not innovative technology. At OIC, we will not justify this approach," said Itai Nemovicher, President and CEO. "That's why we launched our One Procedure, One Price initiative creating a single price for the construct of parts used during an orthopaedic surgical procedure. We're removing the guesswork of pricing and cost, and creating an opportunity for transparency, margin improvement, and lower cost of care."

One Procedure, One Price packages all of the elements needed to complete a procedure at one price. OIC implants are made with medical-grade materials, FDA-approved processes, quality systems, ASTM and ISO standards, and are often manufactured in the same facilities as higher-priced competitive devices.

A study published in the Journal of Orthopaedic Trauma found over one year, the use of OIC implants with a construct pricing structure resulted in a 56% savings vs. the average cost of competitive device offerings. A similar study by the University of Nevada - Reno showed a 51% reduction in operative time compared to conventional implants, resulting from the self-contained product line.

In 2019, OIC participated in a pilot program led by Intermountain Healthcare, which led to a $3.6 million reduction on supply expenses for the Integrated Delivery Network.

Orthopaedic Implant Co.