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.
In part study, Medi-Vantage helped 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.
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?
Performed extensive research into current anesthesiology clinical practice related to billing and coding. Interviewed KOL anesthesiologists that were expert on practice management to identify trends and unmet needs to support the client product strategy.
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 and external Electronic Health Record integrators already established in the field, and identified 3 prospective partners in this space for the client.