Where are you in this journey?
You may not realize it, but you may not be READY to demonstrate the value of your device or medtech solution, even if you think you are.
It helps to know where you are in this journey and what to do to move forward toward a goal of communicating credible and compelling value narratives.
As the figure below illustrates, before you are ready to Quantify or Communicate Value, there are some specific steps you need to complete. See which of these best reflects your situation, and below there are some suggestions for how to move forward:
How to move forward
If you are Considering Value, you would be best served to explore possible sources of value for different stakeholders involved in the care you wish to improve. These stakeholders will typically include patients, clinicians, administrators, and/or payers, among others. Think about where value comes from for these stakeholders (e.g., outcomes, payments, experiences, efficiency, etc.), and see if you can align a monetization strategy with those value sources. For example, if a provider would experience value in the form of lower costs or greater reimbursement, perhaps monetizing through provider investment would be appropriate. This can often be done on your own, but if you want to chat about it, set up a free call to discuss.
If you are in the process of Understanding Value, you may want to assess your current situation to identify specific gaps and difficiencies. This free assessment provides a readiness score, which can be improved by walking through a 4-step framework the addresses the components that affect value. This will set you up to be able to quantify value. This, too, can often be done on your own, but reach out to request the materials that can help in this process.
If you are ready to Quantify Value, then you will need to collect information or data in order to calculate metrics like ROI or cost-savings. This is a considerable lift, and involves investments of time and resources to do it well. However, as stated elsewhere, such an investment is typically rewarded. Many firms want help with this step, which is our bread-and-butter. We can create a Solid ROI Report™ that has all of the results you will need to develop your messaging.
If you reach the stage where you will Communicate Value, then you will need to design and develop specific materials to disseminate the value messages you have chosen. These may be white papers, value briefs, economic analyses, or a combination of things. Consider the audience for whom they are intended and how they will be used. Also realize that you may need to equip external champtions with materials that they can easily leverage when they are relaying the value message to key decision-makers. This, too, is where many of our clients appreciate our experience and guidance. Let’s discuss what might be appropriate for you.
Again, knowing where you are in this journey allows you to determine how best to move forward. We’re here to help, and have guided others in your situation toward the end goal of demonstrating value.