MedTech companies have opportunity to gain new customers within the $2.47 billion value-based market
Brookfield, WI – A new report released today by Cultivate Communications details the exponential growth opportunities for MedTech companies looking to carve out a larger share of the $2.47 billion value-based medical market as the industry shifts from fee-for service to patient-centric health care models.
The report, Beyond the Device: How Value-Based Care is Transforming Medical Device Marketing and Sales, reveals key strategies MedTech companies should take in order to gain access to the market and obtain value-based care contracts, like transitioning from traditional market access models to value-based strategies.
Read the report here.
“Our research indicates that stakeholders now require medical device manufacturers to clearly show evidence that their products achieve better health outcomes at reduced or reasonable costs,” said MaryAnn Long, Agency Director at Cultivate Communications. “This transition requires both a mindset and a business model shift to how your products and services are pitched and marketed.”
Traditional market access models are typically focused on commercial or sales and marketing functions, but companies now must shift that focus to value-based strategies. To do so, Cultivate’s report details six elements that are fundamental in a value-based system:
- Organize care around medical conditions. Care delivery is centered around the medical conditions of a patient or population.
- Measure outcomes and costs for every patient. Every patient’s outcome and total costs are measured.
- Aligning reimbursement with value. Bundled payments, global capitation, shared risk, and shared savings are the four main reimbursement models that reward improved outcomes and efficient care./li>
- Systems Integration. Interoperability between multiple systems and organizations is essential to addressing fragmentation and improving the efficiency of care.
- Geography of care. Strategic expansion and integration with industry providers can widen access to care, improve treatments, drive innovation, and reduce gaps in services.
- Information Technology. Healthcare systems can leverage information technology to measure results and restructure care delivery.
Cultivate’s six elements within a value-based system will ensure MedTech companies are set up to successfully navigate this new landscape, but investments in marketing and sales teams will need to be another consideration for companies looking to increase market share.
“Hiring or investing in a skilled marketing team should be a priority when operating in the value-based healthcare industry,” said Long. “Marketers are skilled at conveying value in messaging and content because they translate technical data and information into insights that resonate with different perspectives.”
About Cultivate Communications: In today’s overly competitive selling environment, you must think differently to stand out from your competition. At Cultivate Communications, we help your marketing and sales teams with a science-and-art approach to reaching your revenue objectives. By leveraging a growth marketing strategy, we work to understand your customer’s mindset, speak their language, and, ultimately, optimize your sales and marketing efforts to win more deals.