Reimbursement Services
Without reimbursement coverage for your product - you won't reach sales in the US market!
Through our partner company in the USA, Princeton Reimbursement Group (PRG), LSA provides Reimbursement strategy and implementation consultancy services to Israeli life-science companies.
REIMBURSEMENT STRATEGIC PLANNING
In today’s dynamic health care environment, reimbursement strategic planning is critical. The Medicare Modernization Act (MMA), the Health Insurance Portability and Accountability Act (HIPAA), cost containment pressures, and Fraud and Abuse initiatives all impact the success of a new product and, ultimately, the success of the company. Understanding and reacting to the reimbursement environment in the earliest stages of product development is vital. PRG is positioned to help you understand and aggressively react to these changes.
Princeton Reimbursement Group has over 15 years experience working exclusively with medical products companies in developing and implementing strategies that produce results. Through constant monitoring of changes in health care policy, our knowledge of the health care marketplace, and our relationships with public and private payers, PRG is able to provide optimal assistance to our clients with issues pertaining to all aspects of reimbursement from pre-clinical through post-launch.
Directing and managing reimbursement issues is critical to achieving product success. PRG can help strategically position products to maximize market impact. Our strategies work because they balance the needs of the client with the requirements of the payer community.
Reimbursement Assessments
PRG assists clients in understanding all aspects of the reimbursement environment for their products through the reimbursement assessment. Included in the assessment is:
- Analysis of the various coding systems to determine if new codes need to be established for procedures involving their products
- Coverage research and analysis to understand the obstacles that may exist to appropriate coverage for the product and procedure
- Payment analysis to determine if payment is place in all sites of service
- Evaluation of health policy initiatives that may impact the product’s success
Strategic Planning
PRG assists clients in developing and implementing comprehensive reimbursement strategies for their new medical products. The reimbursement strategic plan provides the insight necessary for optimal long-term positioning of a product in order to withstand the issues created by the ever-changing health care reimbursement environment. Included in the strategic planning services are:
- Strategic Reimbursement Plans to facilitate greater product acceptance
- Investor Presentations to facilitate capital funding
Health Care Policy Analysis
PRG helps clients understand the nuances of health care policy and changes in the health care marketplace. We constantly monitor public policy as it relates to health care and analyze the impact of these policies on our clients’ products and services. We assist our clients in understanding the issues and managing them.
HEALTH CARE INFORMATION AND REIMBURSEMENT SUPPORT SERVICES
Monitoring the numerous changes in reimbursement policy and responding to them is essential for continued product and corporate growth. Princeton Reimbursement Group provides a range of customized services in health care information reporting, reimbursement support, and education to assist you in achieving reimbursement success.
Health Care Information
Comprehensive data for optimal marketing and sales planning
- Market-specific Reimbursement Data
- Cost and Charge Modeling
- Financial Sales Tools
Reimbursement Support Services
Ensure favorable coverage, coding and payment decisions and assist providers in overcoming reimbursement hurdles
- Payer Advocacy Programs
- Reimbursement Guidelines for Providers
- Sales Training
- Coding and Coverage Research
- Coding Applications/Advocacy
- Marketing and Sales Support
- “Hot Line” Information Services
HEALTH ECONOMICS
Payers are taking an ever more active role in the decision making process for which medical technology gets adopted and which is rejected. PRG’s experienced staff helps you determine what data demonstrate the most significant benefits of your technology from a cost-effectiveness standpoint, for example, how it reduces future costly healthcare.
PRG can design outcomes studies or acquire appropriate existing data, and analyze the results to demonstrate where the optimal value of a product is found.
Then we can tell your technology’s value story in a number of formats targeted to payers, physicians, hospital administrators, etc.
Services include:
- Economic analyses: cost-effectiveness, cost-utility, cost-minimization, return-on-investment, and budget-impact analyses show the value of the product from the appropriate perspective – the payer, provider, purchaser, or, in the case of direct-to-consumer sales, the patient.
- Economic models that utilize data from a variety of sources (claims databases, the literature, clinical trials, etc.), so that an economic analysis can be performed without the time and expense of an outcomes study.
- Outcomes studies that generate clinical, economic, and quality-of-life data for economic analyses (if other sources of data are inadequate).
For further information, please visit www.prgweb.com
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