An Economic and Actuarial Model Demonstrates Substantial Cost Benefit to Health Insurers and Patients
BETHESDA, MD. June 28, 2018 – BrainScope announced today the release of a white paper which demonstrates a significant positive impact on the costs to the healthcare system from integrating BrainScope One into the assessment of mild traumatic brain injury / concussion. Escalating awareness of the consequences of traumatic brain injury, even when mild, has resulted in an increasing burden to the healthcare system of $76.5 billion annually. Overall findings of the white paper, authored by a well-respected team comprised of an economist and actuaries, demonstrated that the use of BrainScope One in the Emergency Department and Community settings (including Urgent Care Centers) could result in a significant reduction of costs of up to 32.2%. This is accomplished by a combination of diversion from hospital emergency departments to less expensive care settings, as well as a significant reduction in the number of unnecessary CT scans with the implementation of BrainScope One in the patient care pathway. These results, derived from an economic and actuarial impact model (the BrainScope One Economic Analyzer Model, or "BEAM"?), demonstrate the potential savings to healthcare payers and patients that can be realized through the adoption of BrainScope One during the assessment of head-injured patients.
Lead author Judith Bentkover, a Professor of the Practice at Brown University’s School of Public Health and Tufts University’s Economics Department, stated, "As a health economist teaching healthcare policy, I am personally very excited about the potential for BrainScope One to greatly improve the cost-effective diagnosis and treatment of patients with mild head injuries. By offering a safer, effective treatment option that also improves provider efficiency and saves healthcare dollars, BrainScope One is an example of a medical device that is much needed in today’s challenging healthcare environment."?
Co-Author Ian Duncan, a health actuary with over 40 years of experience and an Adjunct Professor of Actuarial Statistics at the University of California, Santa Barbara, stated, "Our economic model shows that the FDA-cleared BrainScope device has the potential to save significant resources and costs for patients with mild Traumatic Brain Injury."?
BEAM was specifically developed to compare costs between patient care pathways, one including BrainScope One and the other without, associated with the initial triage of mild traumatic brain injury / concussion patients for a commercially-insured population using data from an IBM Watson database. The model shows the net economic impact, as well as a more detailed cost savings breakdown for payers and patients, which represent just one piece of the overall benefits to the healthcare system.
The authors also noted that beyond the financial impact, there are multiple additional benefits from BrainScope One that positively impact the collective stakeholders of the healthcare system, including payers, patients, and providers, as follows: "These broader benefits to the healthcare system associated with BrainScope One’s integration include decreased ED overcrowding by diverting patients and reducing ED referrals; reduced radiation exposure by avoiding unnecessary CT Scans; increased care access points by integrating device in various patient care settings including rural settings where CT may not be available; decreased processing time for non-critical patients by lowering the number of touchpoints during triage, thereby freeing capacity for higher acuity patients; early intervention through objective functional injury data; reduced patient wait times, increasing productivity and improving patient satisfaction; and provision of objective data to aid clinicians in making a more informed and confident decisions to hold patients for observation."?
The white paper entitled "Economic Impact on the Healthcare System using an FDA-Cleared Mild Brain Injury/Concussion Assessment Device"? can be found here: http://brainscope.com/media/2018/6/27/economic-impact-on-the-healthcare-system-white-paper
For more information about BrainScope technology, visit www.brainscope.com/products.
BrainScope is a neurotechnology company using Artificial Intelligence (AI) and multi-modal capabilities on handheld devices to aid rapid and objective assessment of neurological conditions, beginning with concussion and mild traumatic brain injury (mTBI). The company’s first product introduced in 2017, BrainScope One, incorporates a multi-modal panel of capabilities including EEG-based technology that is non-invasive for mildly presenting head-injured patients, 18-85 years old, within 3 days after injury, and is not a replacement to CT scan. BrainScope’s technology platform integrates databases of thousands of brainwave recordings with AI technology and miniaturized hardware and disposable headset sensors, all of which are covered by an extensive intellectual property portfolio of over 100 issued and pending patents globally. BrainScope has received five FDA clearances and ISO 13485:2003 Certification. BrainScope has partnered with the U.S. Department of Defense for the development of its TBI assessment technology, and BrainScope One is currently being fielded by the U.S. military, both stateside and internationally. BrainScope One is also being utilized in a cross-section of market segments including: urgent care and occupational health clinics; concussion clinics; hospital emergency rooms; university sports and student health centers; professional sports; and pharmaceutical clinical trials. BrainScope has been the recipient of several prestigious awards, including the Frost & Sullivan 2017 Best Practices Award for New Product Innovation in the Traumatic Brain Injury Assessment Solutions Market, was a two-time winner of the GE-NFL Head Health Challenge, and received a nomination for the Prix Galien Best Medical Technology, regarded as the equivalent of the Nobel Prize for medical devices. For more information, please visit www.brainscope.com.