Claims data is available to medical device and diagnostic companies from a variety of sources, such as the CMS in the US. It is a highly valuable resource as it can be used to demonstrate the impact of a product in the real world. This has led to claims data being particularly useful in the field as hospital decision makers continue to require extensive evidence that proves a product’s value.
Field teams have been able to utilize claims data when communicating the value of products as it can facilitate highly tailored analyses of the most up-to-date and relevant evidence, such as concomitant diagnostic services, procedures, and prescriptions. However, as databases can stretch tens of thousands of rows, they need to be integrated into a format that allows field teams to use them effectively. Mobile apps, such as value communication tools, have proven useful as they allow reps to quickly extract relevant data and tailor presentations to audience needs.
There are a variety of claims data-backed value communication tools currently being utilized by medical device and diagnostic field teams, three of which include:
- Outcomes guarantee calculators. With these tools, reimbursement for a device can be directly linked to achieving certain real world outcomes thresholds—allowing field teams to clearly demonstrate the potential value of a product.
- Payer term arrangements. Field teams can use these tools to show how potential budget impact and cost savings could result from differing payment frequencies, and the length and type of contract. For example, purchasing versus leasing or other financing options.
- Hospital benchmarking tools. Using these tools, field teams can display and compare data from different hospitals to clearly communicate the potential impact, and return on investment for a particular product.
Even though claims data has proven useful when communicating the value of products to decision makers, integrating it into effective value communication tools for use in the field is associated with numerous difficulties.
Download our latest guide, Successfully integrating claims data into effective mobile value communication tools, to learn how you can overcome common difficulties and utilize claims data in the field.