With path-breaking growth in innovative technologies, the medical device industry is here to stay. In terms of key products, this industry consists of medical devices like orthopedic instruments, surgical instruments, diagnostic apparatuses, stents and catheters, syringes and hypodermic needles and intravenous equipment. Hospitals and physicians use a wide array of medical devices, but it must be noted that it’s the public and private payers who reimburse and set the rules. Having the right medical device reimbursement strategy in place will help your business stay ahead of competitors by understanding the profitability of products. Not just that, it will also ensure that companies have a great revenue stream and profitability for new technologies.
In the wound care industry, getting insights into the right medical device reimbursement pathway is important for ameliorating sales growth in the future. Whether you’re venturing into the medical device industry or a medical device company, you can count on us to help you make the right decision. At Infiniti, we give you insights into the 5 top ways on how to work on your medical device’s reimbursement.
- Plan right from the design phase – Your medical device reimbursement assessment starts right when you design the type of wound care dressing. This is where our medical device reimbursement consultants will thoroughly analyze the impact on product design and its sales.
- Be prepared for the shortfalls – Fee-for-Service (FFS) medical reimbursement model and value-based purchasing (VBP) medical reimbursement are some of the limitations faced by the professionals in the industry.
- Think from a medical director’s perspective – If you’re having a tough time getting the right coverage for your wound care dressings, it’s time to feel their pain. Market your product to a payer. Anticipate their objections.
- Analyze country-specific reimbursement pathways – Though the reimbursement pathways are easier to navigate because they are often single-payer, government-based systems, coverage decisions are made by the local Medicare Administrative Contractors (MACs). Get your personalized analysis of location-specific reimbursement pathways here.
- Broaden your spectrum – When you develop a new wound care dressing product, try not to focus on the clearance only from the U.S. Food and Drug Administration (FDA). But, also try and meet requirements from Current Procedural Terminology (CPT, a registered trademark of the American Medical Association) and/or Healthcare Procedure Coding System (HCPCS) codes.
If you’re a medical equipment company, we understand how crucial it is to obtain coverage and funding for your healthcare products. At Infiniti, our medical device reimbursement consultants are here to assist you effectively. With the help of our market assessment plan, innovation tracking and stakeholder intelligence, you’re sure to get your medical device reimbursement plan in place and gain strategic insights into the wound care dressings industry.
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