Three Considerations for Successful Reimbursement

Reimbursement for your bionic device is a huge consideration and rarely is it understood at the front end of design and development.

Understanding the ‘three-sided customer’ (the patient / end user, the provider, and the payer) from the outset saves time and money for early-stage ventures in medical bionics. You don’t want to be scrambling to get the insights you need on health economics and reimbursement during your product’s clinical trial phase.

This handy article from global research agency, Avania steps through three key considerations during early trial planning.

From device “coverage” (the T&Cs under which payment will be provided), to payment coding, to payment associated with the device’s relevant procedure/s, authors Mary Kay Kessinger Sobcinski and Jennifer Varela unpack why this information is a ‘must-have’ right up front.

If a reimbursement strategy is not included in your device development strategy and design of your clinical trial, vital data that is needed to demonstrate value to agencies who govern reimbursement will not be available. As the authors of the article say, in the long term, this leads to a loss of revenue and a shrinking market share.

Learning about reimbursement options for your bionic device or treatment early on is the key to success.

Stories of triumph are based on “… proactive planning that considers coverage, coding, and payment means not only will you have approval to sell your MedTech innovation, but someone will be ready to pay for it.”

Read the full article via Avania.