Technology manufacturers are increasingly expected to justify the cost of their new technologies, but most efforts to do this are dismissed by health plans, hospitals and doctors as biased, irrelevant or incomprehensible.
THE EVIDENCE OF VALUE® MODEL
Strategic Health Resources® (SHR) has developed a powerful yet credible way of illustrating a new technology's value. Moving beyond traditional cost-benefit calculations, the Evidence of Value® Model (EVM) is an innovative approach to "value analysis" that incorporates peer-reviewed clinical data, cost and service usage information from millions of patient records and variable assumptions of patient demand and physician behavior into a powerful decision-support tool.
COMPARISONS TO CONVENTIONAL "GOLD STANDARDS" AND COMPETITIVE APPROACHES
We examine the way a new technology is likely to change conventional treatment or diagnostic pathways and we calculate the economic and clinical outcomes associated with the changes. The results of our analyses are placed in the fully interactive Evidence of Value® Model (EVM). The EVM can run unlimited scenarios of costs, reimbursement, utilization, and clinical outcomes, to give manufacturers and their customers' real insight into the value of new technologies. And the EVM is updated annually to incorporate new clinical and economic information as soon as it is available.
SHR has worked with some of the world's largest technology and biotechnology companies, as well as dozens of early-to-mid stage companies. We work with each client individually, assessing needs, proposing solutions and executing deliverables in a timely and cost-effective manner. Our goal is to produce independent and credible analyses that can be presented with confidence in settings ranging from VC road-shows to board rooms to customer sales meetings.
Early product development: Support product go/no-go decisions based on potential for clinical and economic value.
Clinical trials: Identify and compare the cost drivers that are most sensitive to the new technology versus conventional or competitive approaches. Recommend the inclusion of simple economic endpoints in clinical trials to maximize favorable reimbursement decisions upon product approval.
Value-based pricing: Develop product pricing based on the documented therapeutic or diagnostic value the technology brings to the clinical process and/or the clinical outcome.
Pre-launch: Target market segments with the most promise for sales given known cost and reimbursement concerns.
Reimbursement positioning: Illustrate the product's value under different reimbursement approaches and payer mix.
Post-launch: A powerful updateable sales tool that speaks the language of purchasers and users and provides compelling and independent evidence of a technology's value.
Let the Evidence of Value® Model illustrate the value of your technology where it counts the most within the patient populations and budgets of your customers.
For more information, contact Strategic Health Resources® at (818) 952-5130.