April 4, 2016 Morayea Pindziak

Did You Miss Out?

Author: Robert Blank, Senior Consultant, Alliance Life Sciences

Model N’s Rainmaker 2016 “MedTech 2020” panel explored a number of industry challenges. Check out the highlights.

What complexities are being introduced when it comes to managing customer master data management? Class of trade changes are becoming more commonplace as businesses grow and incorporate new services under a single provider umbrella. The master data management system has to be flexible enough to handle changes as they occur in the market place. As a business shifts from one categorization to another, like acute care to surgery center, it’s important to manage these transitions quickly and effectively.

What pressures are being placed on manufacturers to be transparent with their pricing? Ultimately, transparency allows prices to be better, and communication to occur more effectively. As reimbursement rates change, buyers have more insight and scrutiny occurs down to the penny now.

Price per unit has become a bigger factor instead of efficacy, and physicians are incentivized to go along with these goals. A surgeon, for example, may accurately quote the pricing of a certain product with a sales rep; there are no secrets anymore.

Furthermore, the “Priceline” idea of healthcare is not going away. Consumers can, and will, use the pricing information available to them.

What drives the development of new/novel contracting strategies? New classes of trade and value-based purchasing, such as reducing the length of stay and readmissions, are key factors in driving the creation of new contracting strategies.

Determining the right balance between novelty and complexity is also important, as is making sur  that consistent communication is maintained between the contract negotiation and contract rebate operation groups. Otherwise, it could lead to time/resources getting chewed up.

How do organizations manage the distribution of analytics and key data points to the field, as well as internally, for decision making? Data needs to be in the hands of the individuals out in the field. The pace and complexity of contracting is great enough to warrant fast-acting analytics. Exploiting the data within your system is critical, as much of the information needed for this type of analysis is already present there; the key is leveraging it.  Finally,, it’s important to interpret the data proactively and feed the pertinent insights to the customer for the greatest impact.

How are you able to monitor performance and strategy effectiveness? The more that people can pull data in real time and understand the consequences, the more decisions can be made in sync with this analysis.

Medical devices generate a ton of data, but complexities around HIPAA and liability concerns have many shying away this potentially valuable asset. What trends/strategies do medical device companies see in terms of putting Big Data to work? More customers are looking for ways to monitor their own results, but it’s a bit of catch-22. Customers don’t know what they need until they see it, but it’s too late at that point to provide a solution built in to the tool.

 

Thanks to the panelists for a great session!

Ray Almeida, Vice President, Global Reporting & Analytics, Boston Scientific
Daniel Watts, Director, Systems Operations, Contract Strategy & Management, Johnson & Johnson
Scott McCallum, Vice President, Enterprise Solutions, Zimmer
Lois Byra, Vice President, Alliance Life Sciences

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Did You Miss Out?

Model N’s Rainmaker 2016 “MedTech 2020” panel explored a number of industry challenges. Check out the highlights.

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