When medical devices are introduced to the market, their clinical and health economic benefits must be apparent early on. This is to ensure that government and private insurers can reimburse the costs; otherwise, providers will not use them. Like regulatory approval, sound reimbursement strategies are crucial to the commercialization of healthcare equipment, and the inability to obtain both may lead to product launch failure and waste of R&D funding. Successful marketing of medical devices starts with the nearly simultaneous accomplishment of both processes, and doing so can take much precious time and be fraught with difficulties.
Having medical device reimbursement specialists to advocate for you has several advantages. First, they can collaborate with you in formulating an effective plan even in the early stages of the product life cycle, thus, securing investor confidence. Second, they can help maximize your product's reimbursement potential by guiding you through market analysis, payer landscape assessment, and other tools. Third, they can help ensure that the use of your medical device is clear of and free from legal and ethical issues, which may diminish customer trust in both the equipment and your company. VZG consultants can help you navigate the reimbursement environment for your medical device and its rivals to keep you ahead of the competition.
The VZG reimbursement consultancy package includes the following services:
VZG's professionals will investigate vital reimbursement factors for your medical device, such as technological advantages, coding status, coverage and payment schemes, and its rivals' reimbursement strategies. Details like these aid in appraising market forces and in the creation of sound business approaches.
Determination of clinical applications
VZG's consultants shall assess disease demographics to help you establish the best medical uses for your product.
Evaluation of economic advantages
A medical device's cost-effectiveness is crucial in determining insurance coverage. VZG specialists can assist you in analyzing your product’s economic advantages as against those of the competition.
Exploration of the payer market
VZG consultants shall aid in the identification of the most receptive payers for your equipment, which will allow you to efficiently tailor your subsequent marketing strategies, such as information campaigns and advocacy methods, to such payers.
Pricing and value analysis
Our team of experts shall assist you in analyzing clinical outcomes and current commercial conditions relevant to your product to help you decide the most suitable price for selling it.
Assessment of the reimbursement milieu and formulation of the reimbursement plan
The VZG team can help identify potential reimbursement impediments and characterize existing repayment practices. Such information is essential to creating the most suitable reimbursement strategies for your medical device.
Clinical trial reimbursement
Trust our specialists to assist you in optimizing the current clinical trial reimbursement pathways for your equipment.
Review of health coverage policies
Our highly skilled consultants shall update you on prevailing health insurance policies that can impact your products’ future sales.
Preparation of billing guides and coding sheets
Healthcare providers appreciate information about billing and coding procedures that apply to medical devices. VZG experts can help you supply updated print and electronic instructional materials about these subjects to your clients.
Consultancy for medical device marketing
VZG consultants can analyze your equipment’s comparative benefit and cost-effectiveness, which are important in securing payer coverage.
Evaluation of clinical trial outcomes
Clinical studies are often part of the regulatory process. VZG specialists can help identify evidentiary gaps that you need to fill to secure product approval and payer reimbursement.
Publication of research results
Our team of experts can help you publish peer-reviewed articles for your medical device’s safety and efficacy.
Accurate code applications
VZG’s professionals can assist you in identifying the proper diagnostic and procedural codes for your equipment. Using the right codes assures you and your customers that you get the appropriate payment for your product. It also prevents billing fraud.
Sales personnel training
VZG shall train your sales representatives in medical device reimbursement to make them more effective in communicating the right information to your customers.
VZG specialists will help your customers obtain pre-authorization for your products to gain the payers’ attention as early as the pre-marketing phase.
Securing medical reviews
Appealing a medical claim helps secure medical reviews, which can increase the likelihood of getting adequate payment for new technology. VZG professionals can assist you in this process so that your appeal can be completed efficiently.
Training in clinical practice guidelines
VZG’s expertise can help you stay updated with the current clinical practice guidelines relevant to your equipment.
For manufacturers seeking to market their medical devices in China, requirements from various agencies other than the NMPA need to be satisfied before they can get approval for reimbursement. Hence, we offer the following additional services:
Patient-price application approval
VZG experts work closely with clients to determine the optimum patient-price factors for their products, such as COGs and CIF. VZG also helps expedite the approval process before commencing national and provincial bidding.
Provincial tendering, bidding and approval
VZG consultants shall help you successfully accomplish the bidding process province by province. At the same time, VZG will help negotiate and promote special procurements to prepare for hospital listing.
VZG aids clients in entering their products in hospital listings for procurement, use and reimbursement.
Why Choose VZG?
Vast Knowledge of Clinical Products and Reimbursement Processes
Modern healthcare financing systems are filled with challenges, limiting R&D and business options for medical device manufacturers. Trust that VZG's consultants can uncover any potential reimbursement issues and optimize payment for your product.
Time-Tested Strategies and Solutions
Our proactive approach guarantees that you gain the providers' trust early on and that payers place a high value on your new technology.
VZG is a reliable product development partner in the medical device consulting industry, providing design analysis, preclinical services, clinical trial capabilities, regulatory expertise, and post-marketing strategies to our clients.