Improving healthcare in our world today means having our cake and eating it too. It means simultaneously improving outcomes and reducing cost. The bedrock of actualizing this new paradigm is a reduction in the opacity of our healthcare system.
Despite our tremendous clinical advancements, the operational machinations of our industry are woefully obsolete. The biggest challenges are the most basic: operations, logistics, resource allocation, customers, and management. Information and technology are the undeniable salvation and solution.
Healthcare claims data are an excellent resource to deeply understand how facilities and physicians deliver care. Healthcare codes allow you to better understand your market, target new opportunities, and segment your campaigns with precision.
To fully leverage this invaluable resource, it’s helpful to know how the underlying mechanics of healthcare billing and reimbursement work.
Many medical technology companies purchase data annually, only to use it in some perfunctory way, and then dismiss the data before the next purchasing cycle. Historical claims data can have a profound impact on your sales, marketing, operations and reimbursement - so long as this data contains the right level of detail and is licensed to be used across your entire organization. Beyond change-over-time metrics, there are myriad of ways to leverage your data purchase to extract business value.
Part of an ongoing series of practical tips for evolving beyond the "milkman" commercial model in medtech*
Medical device companies face significant headwinds with increased competition resulting in heightened scrutiny over price, preference and availability.
One way medical device commercial teams stand out from the competition is to prove to your healthcare providers that you are a valued business partner who understands and cares about their business… you aren't just there to drop off more inventory and provide a free lunch!