Medical Reimbursement Challenges and Their Impact on Medical Device Companies| Infiniti Research
LONDON--(BUSINESS WIRE)-- Infiniti Research, a world-renowned market intelligence solutions provider, has announced the completion of their latest article on the top medical reimbursement challenges and their impact on medical device manufacturers.
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Top Medical Reimbursement Challenges for Medical Device Manufacturers and their Impact (Graphic: Business Wire)
Medical device reimbursements are the payments paid by the private insurers or a third-party insurer to a health care provider, usually in return for the cost incurred by healthcare service providers for using a medical device. If the coverage under reimbursement has no certainties, it becomes difficult to analyze the ROI, thereby, creating obstacles by limiting innovation.
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However, there are several other challenges for medical device manufacturers that are associated with medical reimbursements. Though these factors vary depending on the geographic region and the demographics, there are a few common factors that pose major challenges for players in the medical device industry. This gives rise to questions such as, what are the major medical reimbursement challenges and its impact on the medical device industry? In an effort to help medical device industry players, Infiniti Research has curated a list of the top challenges and the impact associated with medical reimbursements.
“Medical device companies will have to invest significantly in moving beyond products and devise effective business models to tackle the challenges and evolve in a value-driven healthcare ecosystem,” says an industry expert from Infiniti.
Major medical reimbursement challenges:
- Opacity and complexity of the reimbursement process: Medical reimbursements are a complex process that prevents medical device manufacturers from leveraging technologies to devise innovative product offerings. However, in several parts of the world, a few industry stakeholders are themselves involved in the reimbursement process and interact with the medical device companies on a regular basis. At times, the reimbursement decisions may be time-consuming and uncertain, necessitating the need for medical device manufacturers to invest in technology upgrades. To know more about our solutions, get in touch
- Cuts in government medical reimbursement spending: Owing to the burgeoning nature of health care costs, several government bodies across the globe including those of countries such as China, Japan, U.S, and E.U are focusing on devising ways to cut down their expenditures. As a result, leading medical device manufacturers are now looking at reducing the medical reimbursement amount to prevent healthcare costs from crossing their limits. However, several governments have already taken initiatives to help medical device manufacturers to reduce their spending on the reimbursement of medical devices; thereby, playing a key role in minimizing the overall the overall healthcare cost. To know more about our solutions for the medical device companies, request a proposal
Impact of medical reimbursement challenges:
- Difficulty in improving ROI: Bridging the gap between technology and reimbursement rates is a huge task which makes investment risky for medical device manufacturers. The inability to experiment and leverage technology makes it difficult to improve ROI in the medical devices space. To know more about how we help medical device companies, request a proposal
- Quality concerns: The fact that medical reimbursement processes are lengthy and opaque, creates obstacles for manufacturers looking at devising effective strategies to improve the quality of medical devices and the services offered. To know more about our solutions, get in touch
Infiniti Research is a global market intelligence company offering strategic insights to help look beyond market disruptions, study competitive activity, and develop intelligent business strategies.
View the complete list of medical reimbursement challenges and their impact on medical device companies:
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Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
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Source: Infiniti Research