Understanding payer dynamics has become a critical part of a good MedTech go-to-market strategy. MedTech companies without visibility into payer details can struggle with longer sales cycles, more frequent rejection from providers who aren’t reimbursed by certain payers, or lengthy uphill battles with getting payers to review their products for approval.
Insights into how payers are reimbursing certain procedures and providers - and at what rate - enables MedTech companies to focus on opportunities with the highest potential for product adoption and revenue growth.
AcuityMD is thrilled to introduce our new Payer Targeting feature that provides detailed payer-level data, allowing sales teams to visualize the payer mix at both healthcare provider and site of care levels. This enables precise targeting and prioritization, as well as informed decision-making, ultimately improving sales performance.
A payer mix is the distribution of insurance companies and polices reimbursing a provider's services. By examining these details in Payer Targeting, all MedTech stakeholders - from chief commercial officers to sales reps themselves - can quickly and easily identify how providers and sites of care are reimbursed by various payers for certain procedures.
The ability to analyze reimbursements is a significant strategic advantage for MedTech companies. For instance, if one provider’s patient base is predominantly covered by commercial insurance plans, and your medical device is favorably reimbursed by these plans, that removes one barrier to product adoption. Additionally, if your device is reimbursed at a higher rate when used in an outpatient setting like an ASC, this can incentivize adoption among providers who perform a high volume of procedures in those settings.
Conversely, knowing that a provider has a high patient population reimbursed by Medicare or Medicaid can lead to a different value proposition, one that emphasizes cost-effectiveness or compliance with reimbursement criteria such as improved patient outcomes.
While payer mix insights on their own have significant strategic value, combining them with solutions like AcuityMD Targeting and AcuityMD Territories will allow MedTech companies to develop a holistic go-to-market strategy that reduces barriers to adoption, shortens sales cycles, and increases revenue.
Having a complete picture of a physician’s practice - including procedure trends, affiliated sites of care, total available market, industry relationships and more - allows a MedTech company to take a more consultative sales approach. This strategy, going beyond simply selling a device and then moving on, creates a long-term, mutually beneficial relationship with providers with long-term benefits.
As the healthcare industry faces increasing complexity around reimbursement, value-based care, and market access, the strategic use of payer insights represents a significant opportunity for MedTech companies to optimize performance in a competitive market.
By aligning your efforts with the financial realities of healthcare providers and developing informed provider relationships, you can enhance the effectiveness of your engagements, position your products for success, and increase your contribution to improving patient care.
