Biotechnology company demonstrates economic and clinical value with custom healthcare budget impact model
Explore how a biotechnology company demonstrated its value proposition and economic impact in thoracic surgery, enhancing clinical outcomes and financial strategies through a healthcare budget impact model.
Client background
The organization is an early commercial stage biotechnology company focused on developing targeted fluorescent imaging agents that illuminate cancerous tissues during surgery. Their lead product enhances intraoperative visualization, improving surgical precision and potentially leading to better patient outcomes by helping surgeons better identify and remove malignant cells.
The business challenge
The biotechnology organization was preparing to expand the use of its imaging agent into the thoracic surgery market. To support this expansion, they needed to demonstrate the clinical and economic value of the product to thoracic surgeons and hospital decision makers. The organization sought insights on potential clinical impact, cost savings and market adoption to inform pricing and market access strategies. They engaged Baker Tilly for a comprehensive analysis and value proposition development.
Strategy and solution
The Baker Tilly team conducted a hospital-level claims analysis to compare the costs of the new technology to existing products. Additionally, a customizable, provider-facing healthcare budget impact model (BIM) was developed to assess financial impacts based on unique hospital variables. The model was informed by internal claims data and supported by scientific research, ensuring accuracy and relevance. It enables hospitals to evaluate the financial impact based on their specific procedure volumes and payer mix, providing actionable insights for decision-makers.
The BIM developed by Baker Tilly has become a key asset for the client’s sales team, driving business growth. The model is now being used as a powerful marketing tool to demonstrate the financial benefits to prospective facilities.
The organization has expressed strong satisfaction with the model’s effectiveness and has requested additional work, including quarterly updates and the integration of New Technology Add-on Payment (NTAP) reimbursement metrics into the BIM.