Value Apps: Shifting the discussion from price to value

Value demonstration is essential to healthcare providers. It helps them make informed decisions about which products and services to use for their patients. It can help them improve patient outcomes and manage costs.

Medical companies can demonstrate the value of their technologies by providing evidence that shows their products or services generate clinical, economic and organizational benefits. By applying evidence to support their value claims, medical companies can improve their chances of connecting with decision-makers and selling their products or services.

However, demonstrating these value claims has proven to be extremely difficult for medtech companies. It not only requires plenty of resources, but also redefines the role of the commercial teams. More structured companies rely on spreadsheet tables to convey these messages. Unfortunately these are not user-friendly or intuitive, even for the best-in- class sales teams.

That is when the Value App comes into play.

What are Value Apps and what can they do for you?

Value Apps are commercial tools that help decision-makers understand certain factors. These tend to be the combination of clinical benefits (positive effects a medical technology has on a patient’s health), economic benefits (financial advantages of using a particular medical technology) and organizational benefits (efficiency gains generated using a medical technology), which builds the entire value proposition of a medical technology.

These tools combine the best available evidence and detailed economic modeling on a minimalistic, easy to navigate user interface. They show buyers the advantages of purchasing medical products. Companies can the use the interactive Value Apps to quantify, not only demonstrate, how their medical technologies will impact generate value for payers, providers and other healthcare stakeholders.