Device features to value: Tying it all together
Medical device manufacturers must effectively connect device features and functions to the value they deliver to patients, payers and providers. This alignment is crucial for presenting a compelling value proposition to stakeholders, enabling you to justify the price or incentives offered for the device in relation to its value. While various strategies can be employed, achieving accurate and transparent results necessitates an end-to-end, single source of truth solution. Integrating clinical data with real-world utilization and outcomes is essential for defining value-based pricing strategies.
Ongoing data collection and analysis are vital to meet multiple objectives. This evidence, whether directly obtained from the device or through provider/patient feedback, is essential for validating payer prices or incentives, updating the value proposition, identifying areas where providers or patients may need additional support, and even making adjustments to the device. Furthermore, if your financials for outcome-based agreements are managed manually or are siloed from your ERP system, the data may not be reliable, leading to the need for constant validation, reconciliation and auditing.