We Can Solve Your Medtech Reimbursement Worries
While regulatory laws and the FDA used to be the No. 1 concern for medtech startups everywhere, the fact is that reimbursement is now the leading concern in this industry. The new rule of thumb is starting the reimbursement strategy as soon as possible during the lifespan of your medical device—even right from the research stage. The sooner you have a reimbursement plan in place, the more you can better your chances of getting funded by investors.
Investors are trying to eliminate risks from their investments, so the clearer reimbursement path you have, the better. What makes reimbursement a burgeoning challenge, however, is the payers’ tendency toward more efficient systems, standardized offerings and lower costs.
Get Reimbursement Help Fast with QuickConsult
Our process is simple, which makes getting the answers you need simple. When you need a supplemental employee to help you through specific processes and phases, you could be facing a lot of extra time and money to search for, interview, vet and train an employee who may only be around for a short duration of time. Save the hassle and expense. Check out how we can answer your medtech questions today:
- Ask Your Question
Your reimbursement strategy should be started as soon as possible, which means you don’t necessarily have the time to research the process, the best strategy for you, and find the answers to questions that come up along the way. With QuickConsult, you simply log in and ask your question. It’s that easy. What if you have more than one question or need consulting throughout the course of a long-term project? Well, we can accommodate that, too.
- Choose an Expert
Once you ask your question, experts in the respective field will let you know they’re qualified to answer your question (or questions). These experts range from ex-FDA to vice presidents of Fortune 500 companies. They’ve been in the medtech industry longer than some startup founders have been alive, and they’ve learned a thing or two along the way. Once all the interested experts have chimed in, it’s up to you to pick the right expert for you. Easily sift through the candidates, who have all already been vetted and chosen to be a part of QuickConsult due to extensive know-how and experience, and choose the one who best matches your end goals.
- Get Your Answer
Once you’ve selected your expert, you’ll start the conversation. They’ll provide an answer and any clarification you need to fully answer your question. Once you’re satisfied with your answer, you can end the conversation and leave a review of the entire process. Your rating and review will help other people just like you make decisions about which experts to choose in the future.
QuickConsult’s Areas of Expertise Include:
– Centers for Medicare and Medicaid Services (CMS)
Our reimbursement consultants will communicate with CMS to help generate documentation in support of obtaining the right codes for your medical devices. You won’t have to endure the hassles and headaches while trying to navigate what can be a confusing and complicated process. Instead, leave these questions or tasks to the experts who have already been in your shoes time and time again when it comes to medtech reimbursement.
– Current Procedural Terminology (CPT) Codes
CPT codes create a uniform process for coding medical services and procedures, which in turn makes reporting and accuracy more efficient. These codes help clarify communications between physicians, healthcare providers, patients and other third parties. Don’t get caught using incorrect CPT codes—ask QuickConsult experts for help now.
– Coding and Coverage Decisions
How is your medical device being coded? How is it being covered? Coding is the “mechanism by which a product, service or procedure is identified.” Coverage is “the criteria under which a product, service or procedure will be paid.” If your coding is incorrect, you won’t be reimbursed appropriately since your product is being identified incorrectly. Ensure you medtech is being coded and covered correctly in order to achieve the appropriate reimbursement and avoid future complications.
While you may already have an idea about payment—it’s the amount paid for a product, service or procedure—it can still be tricky. It’s a crucial and distinct step in the reimbursement process so shouldn’t be skipped over or flimsily done. Check with QuickConsult’s reimbursement experts today to make sure your I’s are dotted and T’s are crossed.
Get the Reimbursement Help You Need Today
There are growing challenges when it comes to medtech reimbursement. While you may be striving to make a medical device that could help thousands of patients and save them health-related costs, dwindling reimbursement funds could affect your product. Congress has cut reimbursement spending in an effort to control and minimize healthcare spending. In addition, investors want to minimize risk and are therefore demanding sound reimbursement strategies earlier in the process.
With all of these mounting provocations, it’s crucial to prove the value of your medical device early on. Governments are “paying more attention to the cost- and clinical effectiveness before granting reimbursement coverage,” which means your research and development phases need to be firmly and thoroughly established for your medical technology. Emphasizing your device’s effectiveness and the outcomes it would imply when out in the market could garner you more reimbursement, which means potentially more investors or funding for your product.
Just because the reimbursement process is a growing roadblock in the medtech industry doesn’t mean you should fear it. When you’re outfitted with the expertise and cohesive answers from our reimbursement experts, you’ll be armed and ready to establish reimbursement strategies. Proving the value of your technology means you can gain higher reimbursement, and QuickConsult can help you along every step of the way. Get your pressing reimbursement questions answered within hours. What are you waiting?
“QuickConsult is like having a really good friend who’s a really good expert, in your back pocket, that you can … ask a tough question! [QuickConsult] provides that network in a way that is easy access, vetted people in an environment that you can trust and be protected. I think that’s invaluable.”
– Susan Alpert, MD, PhD, former Medtronic SVP
Ask your Reimbursement question now