Health Economic Modeling
WHY IS THIS IMPORTANT?
FDA approval allows you to sell your product, but it doesn’t give payers a single reason to pay for it, and with rising costs and reduced reimbursement of technologies, facilities are faced with difficult decisions when it comes to adoption.
FDA approval, reimbursement, and value must come together in symphony to support market access, and health economics can provide a significant segue into each.
Early health economic models can help to identify key value drivers, map out key segments of the population that will benefit most from your technology or program, and bring focus to your strategic plan.
DID YOU KNOW?
Health economic modeling can be performed from various perspectives and involve several different analyses.
Predictive modeling can be used to explore pricing strategies.
The way that you present the results of your health economic analysis (the robustness of your model) is equally as important as the validity of your findings; interactive health economic models can improve communication of your technology’s value story.
HOW WE CAN HELP
Following a three-phased approach, our experts can perform health economic modeling – from basic decision tree and Markov models through the most complex discrete event simulations, and analyses including budgetary impact and/or revenue generation, cost-effectiveness and cost-benefit models – built around the triple aim of healthcare (to improve patient outcomes, improve the patient experience of care, improve the health and experience of providers, and reduce costs) to convey value from the facility- and payer-perspective.
Our models are validated and parameterized through in-depth review of literature, consultation with expert panels, and derivation of data from supplemental sources.
With our advanced modeling capabilities and software, we can transform complex health economic models into interactive sales tools allowing your stakeholders to view details on costs and benefits, as well as graphical summaries of benefits, and perform live, interactive statistical calculations to fully understand the potential value of your technology and make data-driven decisions.
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