The Importance of Effective Claims Management
In the dynamic landscape of medtech, effective claims management plays a pivotal role in commercial success. Often overlooked, claims are instrumental in determining product pricing, market access, and overall competitiveness. Philips and Fresenius Medical Care recognized the need for a centralized claims library to mitigate compliance risks, streamline processes, and enhance marketing strategies.
Modernizing Claims Management Processes
Both companies acknowledged the necessity of modernizing their claims management processes. Daniel Milliken of Philips emphasized the critical role of claims in establishing product value and pricing strategies. Similarly, Fresenius Medical Care, led by Jessica Pavic, aimed to align its claims management system with industry standards and enhance product credibility through substantiated claims backed by robust clinical evidence.
Incentivizing Organizational Change for Enhanced Compliance
Organizational buy-in for claims management transformation can be challenging. Milliken and Pavic employed different approaches to drive change within their companies. While Milliken highlighted compliance risks to emphasize the need for a centralized claims library, Pavic focused on showcasing the additional benefits of efficiency and speed to engage marketing teams. Both approaches underscored the importance of aligning internal stakeholders towards a common goal of compliance and operational efficiency.
The Claim-to-Clinical Connection: A Strategic Imperative
Connecting claims management with clinical evidence early in the product development lifecycle emerged as a strategic imperative for both companies. By integrating cross-functional teams to align R&D, marketing, and clinical efforts, medtech companies can generate evidence, substantiate claims, and craft a cohesive value proposition. Pavic and Milliken emphasized the need for proactive claims management from the clinical trial stage, highlighting the significant time investment required to substantiate claims effectively.
Future Trends in Claims Management
While Philips and Fresenius Medical Care are at different stages of claims management optimization, both are exploring avenues for further enhancement. From automating processes to fostering system connectivity, the focus remains on improving efficiency and effectiveness in claims management. Pavic highlighted the benefits of a centralized claims library in enabling omnichannel content creation, while Milliken reiterated the importance of establishing efficient processes pre-launch to ensure product success.