Tonya Dowd 0:00
I'm Tonya Dowd, Executive Vice President of reimbursement, value generation and market access at PREA healthcare. PREA healthcare is a full service reimbursement and market access consulting firm based in Connecticut, and we assist med tech companies throughout the product life cycle, establish market adoption, reimbursement and market access for their technologies. We do early market assessments. So under helping clients understand who the stakeholder relevant stakeholders are, who are the end users, what their pricing model should be, where their technology fits in the care continuum that currently exists for the specific patient population that they're trying to treat or diagnose, we also help with strategic reimbursement planning. So again, understanding, does this technology need new coding methodologies? Do they need to establish their own payment pathway, and what are the coverage barriers in terms of how are the payers, third party payers, Blue Cross, Blue Shield, Medicare, Aetna, how are they going to view this technology from a medical necessity standpoint, is it going to be considered something that's medically necessary to treat or diagnose a specific patient population? So we assist with that. We assist with health economics, outcomes, research studies, evidence, generation planning beyond what the FDA requires. The FDA bar for evidence is very low in comparison to providers, the provider community and payer community. And then we also do a lot of work with payers, so working with payers throughout the country to ensure that they have the latest and most relevant clinical data to support the client's technology. And then lastly, we have a patient access platform solution service which really can assist with that kind of hand to hand combat, and helping with prior authorizations and appeals to to allow access. And we can also implement that plat those platform solutions which are very tailored to the strategy of that technology and even the clinical study stage as well. It's never too late to start and understand your market and your business plan, reimbursement is the underpinning of building a solid commercial commercialization plan. It really implicates what your regulatory strategy might be, how you're developing the product. So it's really a holistic approach. And I think the earlier, absolutely, the earlier you start thinking about, how are you going to really commercialize and gain market adoption is important, so the earlier the better. Yeah, I think that what sets us apart from other reimbursement and market access consulting firms is the fact that we can not only develop the strategy and a solid strategy with experts, we can also execute that strategy throughout the product life cycle. There's not a lot of consulting companies that really have the ability and the services and the expertise to take clients through that iterative process of establishing reimbursement and market access, which for new and novel technologies could take five to seven years. Yeah, I think again, there's a lot of consulting firms that claim to have the expertise, the experience, the knowledge on reimbursement, and reimbursement, from a fundamental standpoint, really is coding coverage and payments. So what codes exist, or what codes do you need? Do you need to get new codes for technology? Is it going to be well adopted by payers or considered to be medically necessary? And what's, what is the payment methodology, but we take it a step further and really take a step back and holistically look at all of those aspects, but also understand the value proposition for the technology, understanding who the stakeholders are. So are you really needing to pave that pathway for new coding, coverage and payment, or is this a value proposition play where you're developing the health economic, you know, value proposition, or clinical value proposition. What is your pricing strategy? What is the business model? Is this a subscription model, or is it a traditional buy and build model, where the provider purchases the device and submits a claim to the insurance? And I think we're very creative in the way that we really help clients and we really identify potential solutions for them without just looking at it through a very narrow scope of coding, coverage and payment. So I would say we are reimbursement and market access experts, but we also are value creation experts, helping, again, clients understand where does your technology fit, what's being used today? Why are you better? And let's develop the evidence to show that you're better. I.
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