Strategy Research – Practice Management Software
Medi-Vantage helped a client adapt its product strategy for practice management software for the changing needs of the marketplace and investigate adjacent and new markets.
The Medi-Vantage team helped our client adapt its product strategy in the face of a complex, rapidly evolving, highly competitive market. We quantified the impact of the changes and the ROI the company could expect in its current market and adjacent and new markets.
Situation
Medi-Vantage was approached by a client with a proprietary practice management software designed to assist anesthesiologists with the complex process of billing for inpatient procedures.
Critical Questions to Address
- Are anesthesiologist incomes at risk?
- What is the impact of the hospital trend of hiring anesthesiologists as salaried employees?
- What is the expected impact in the market with continued reimbursement reductions, increased use of nurse anesthetists, health care reform, ACOs and large federal incentives?
- Will the trend towards anesthesiology practice consolidation continue?
- As anesthesiologist practices integrate with Electronic Health Records, what are the best strategies and practices for our client to maintain market relevancy and share?
- What actions are the client’s competitors taking?
- What adjacent or new medical specialties can benefit from a modified version of the client’s practice management software, and what modifications are required?
Medi-Vantage Methodology
Our team performed extensive research into current anesthesiology clinical practices related to billing and coding. We interviewed KOL anesthesiologists that were experts in practice management to identify trends and unmet needs to support the client product strategy.
Results
Medi-Vantage identified the emerging standards needed by the client to provide a seamless transfer of data from EHR to billing company/service to payer. We recommended that the client consider merging/partnering with an external Electronic Health Record integrator already established in the field, and identified 3 prospective partners in this space for the client.