Common Challenges Associated With Medical Reimbursement
The sheer volume and complexity in the issue of reimbursement makes it imperative that companies of all sizes use whatever means they can to help navigate the many challenges. iData’s medical reimbursement policy consulting tool helps them cut through the confusion and quickly obtain the information they need. If you are developing and marketing a device, our tool can help you determine a reimbursement strategy that will help your device succeed in the market.
If a company does not have a full understanding of the reimbursement landscape, that can make it extremely difficult to not only obtain coverage, but also to attract investors who are averse to risk. Determining whether or not a device is reimbursable — as well as determining the cost of reimbursement — could even play a major role in a product’s commercial success or failure.
It can be incredibly frustrating, trying to make sense of such a complex system. With a variety of health insurance payers and a variety of reimbursement plans, as well as carrying different contracts with health systems and individual practices, keeping track can be overwhelming for even the largest companies.
For example, the varying types of reimbursement plans can sometimes result in one healthcare system charging a certain price for services within that system, and another price for services provided outside of that system. And these prices are often adjusted in extremely confusing ways. Payers have a maximum payment allowed for each and every CPT code, but that’s only a beginning point for determining how much they will ultimately pay.
Claim edits are often used to adjust this maximum payment, and these edits are often used as the reason why payment will be disqualified in some instances.
These complexities can make it extremely difficult to understand the rules of the reimbursement environment, let alone keeping up with seemingly ever-changing rules. In order to stay ahead in this fast-moving environment, efficiency will be the key to success. iData helps increase that efficiency through our Reimbursement Tracker tool, providing a tremendous advantage to our clients.
Why You Need iData Research for Medical Reimbursement Trend Information
There are hundreds of insurance companies, all with hundreds or thousands of policies. The time it takes to even just filter through and find related policies is enormous, let alone staying on top of these medical reimbursement changes over time. Reimbursement Tracker™ will save your team time and ensure you know exactly when policy changes related to your devices affect you.
What is the maximum payment each payer allows for each CPT code? What is the reimbursement for a given device from a given insurer within different healthcare systems? It’s too easy for critical information to slip through the cracks.
Fortunately, thanks to iData Research and Reimbursement Tracker™, you don’t have to keep track of it all. We do it for you. Our medical reimbursement tracking tool allows you to search for insurance information about your device and receive needed notifications over hundreds of insurance companies and tens of thousands of policies over all segments of medical device markets.
You can even check Medicare reimbursement rates and view changes using CPT codes. This tool is integral to medical device manufacturers, reimbursement teams, and reimbursement consultants. Once you use start using it you will wonder how you ever managed without it.
See the iData Research Reimbursement Tracker™ in Action Today
To truly see the benefits of the iData Research Reimbursement Tracker™ in action, you will want to view it for yourself. We’re more than happy to show it to you. To get started, simply contact us to see a demonstration of our Reimbursement Tracker™ today.