During different stages of their business and product lifecycles, growing life sciences companies are faced with the challenge of market access. These companies have a well-researched and effective medical device or medicine that can incrementally add to patients’ quality of life – if it can be brought to market.
Whether your challenge is developing a value proposition for healthcare providers and payers to utilize and reimburse your technology or for government agencies to do the same, Baker Tilly can help. Our background working with life sciences companies to develop strategies that generate a comprehensive body of evidence showing the value of new technologies means you will work with team members who have years of experience helping life sciences companies achieve market access – and improve patients’ lives.
Facilitating market access through health plan coverage
Payer access and coverage is critical to the success and growth of your technology’s market share. Clinical data is often king in building your case and telling your story, but economic evidence is becoming more and more crucial to persuade payers to cover medical technologies and pharmaceuticals. In addition to clinical study assistance and optimization, Baker Tilly has developed many budget impact models (BIM) to help clients facilitate key conversations with health plans. This case study shows how a BIM helped one of our clients demonstrate how their technology would reduce major adverse events, including death, along with reduced resource consumption (LOS and variable costs per episode). This led to the technology being covered by all major national and regional health plans throughout the U.S.
Securing and growing provider adoption rates
Securing provider adoption is done by showing the benefits your technology, device or drug can provide –usually demonstrated through increased quality or a reduction in cost to the hospital or organization. Baker Tilly can assist in developing your value proposition by tracking patients longitudinally to develop and tailor stories specific to your product. We’ve worked with many life sciences companies to show their product’s performance related to quality by tracking patient outcomes, including reducing readmissions, LOS and reliance on post-acute facilities. Cost reductions often are shown by optimizing workflows or patient progressions, reducing supply costs or preventing complications. Baker Tilly’s team of consultants and health economists works with you to find the data providers want to see and to tell a story that will be received well.
Our team works with you to develop your value proposition. This is done through a combination of effective methods such as clinical studies, meta-analyses, budget impact models, micro-costing analyses, whitepapers, peer-reviewed publications and clinical and economic dossiers.
Working with the government
Baker Tilly works with life sciences companies to help them access state and federal managed markets to include Medicaid, Veterans Administration, Department of Defense and various state programs. Within these markets, we help companies make smart decisions related to favorable formulary positioning, contract strategy and negotiation, strategic pricing, contract compliance, reporting requirements and risk mitigation. We provide advice unique to the federal segment that facilitates revenue generation and profit maximization.