When deciding whether to invest in a new technology or program, facilities, health systems, and healthcare payers will be focused on the financial return your product will yield.
You can engage your potential buyers, helping them make more informed decisions and influence decision making in your favor with return on investment (ROI) models, which differ from cost-effectiveness models.
ROI = Financial gains / Investment costs for the technology or program designed to improve the quality or safety of care
CEA = Investment costs for the technology or program designed to improve the quality or safety of care / Effectiveness
While cost effectiveness analyses (CEA) can demonstrate facility, health system, or healthcare payer costs for each unit of effectiveness achieved (e.g., adverse event averted), ROI models can demonstrate the financial gain a facility, health system, or healthcare payer can expect from the purchase of your product.
Our team can develop interactive ROI models from various perspectives (and customizable by site and health plan) to help your customers gain an understanding of the value proposition of your product in time savings, increased referrals, decreased adverse events, and more.
Supporting Pre-Clinical Scanner Sales Through Use of ROI Model
Our client, a growth-stage medtech company, required a business case / return on investment (ROI) model to demonstrate their value proposition in interactions with sales prospects, to bolster and accelerate sales of their preclinical scanner.
As part of a multifaceted project, TTi assessed key factors associated with the use of currently available, competing technologies by prospective customers. In-depth interviews with current and prospective customers identified by the client were conducted, and usage metrics as well as perceived advantages and disadvantages of using existing preclinical scanners in research endeavors were examined. Findings from these interviews allowed the client to gain a deeper understanding of advantages, challenges, and barriers to the adoption of their preclinical scanner technology; key cost drivers essential to promoting adoption; variability in current protocols related to the use of competing preclinical scanners; and unique insights from prospective customers regarding additional factors that will influence adoption of the client’s technology by their institutions. These findings, as well as pricing, features, benefits, usage metrics and other information provided by the client were used to develop two-interactive models (one for each of their customer segments: pharmaceutical manufacturers and research institutions) conveying customer-perspective costs associated with use of existing preclinical scanners vs. anticipated costs of utilizing the client’s technology in research endeavors.
As a result of TTi’s efforts, the client gained insights to inform future marketing efforts and strategic goals and was able to leverage data-driven ROI models to provide key customers with comparative annual costs and ROI metrics associated with the acquisition of their preclinical scanner to influence decision-making in their favor.
We are really impressed with the level of experience and knowledge that… April and the rest of the team have, and it is certainly helpful to me as a CEO. When I walk into a board room or sit down with staff or investors they expect me to know all of these things [about market access and reimbursement] … so it’s helpful to have you behind us. It’s critical to our success as a company to have access to the service and expertise you offer. I would highly recommend [TTi] to other folks.