Medical claims are an incredibly valuable asset in the healthcare industry, as they provide insights on performed procedures, diagnoses, locations of care, and costs for specific procedures and diagnoses.
For sales and marketing executives, claims contain a wealth of valuable healthcare commercial intelligence you can leverage to guide your commercialization decisions and bring your treatment, solution or services to market as quickly as possible
Here are three ways sales and marketing professionals can leverage claims data to optimize their commercial strategy:
1. Find the total addressable market to guide go-to-market strategies
Claims on the number of diagnoses and procedures, area of patient prevalence and providers help show the total addressable market for products or services, enabling sales and marketing executives to expand their go-to-market strategy.
If your company has a particular product or service tied to a specific diagnosis or procedure, you can leverage CPT or ICD-10 codes to find out how big the potential patient population is and identify the specific providers seeing those patients.
For example, if you’re looking to bring a product to market that aids with knee replacements, claims data can identify the regions and providers performing the most of these procedures. From these data, you can gain a sense of the size of your potential market, and even drill down further to examine market segments based on the providers performing the most knee replacement procedures—the providers most likely to need your product.
By mapping the connections between patients, their diagnoses, providers and locations of care, your sales and marketing teams can better understand their total addressable market. Additionally, this information can help your team segment and prioritize their audience to target their sales and outreach more accurately to the highest value prospects.
2. Drive informed sales conversations with healthcare organizations and providers
Claims data provides you with the necessary market context to have informed conversations with your prospects. Not only can you drill down to find the decision makers, but you can use these data to understand the specific trends within their organization.
For example, if your pharma company develops a drug for diabetes, you can leverage medical claims to conduct a population risk analysis. You can then use the resulting real-world data to show a key decision-maker how their business is tracking against quality metrics and make the case for why they need your treatment.
The one-size-fits-all approach toward sales and marketing outreach no longer works. Leveraging claims data helps you to personalize the conversation based on the individual situation at each organization, which may, in turn, shorten the sales cycle.
3. Conduct a competitive market analysis
To execute a successful sales or marketing strategy, you need to understand where you stand against your competitors. Claims data can be particularly valuable in conducting a competitive market analysis.
By looking at specific CPT codes and coupling them with the information contained in your CRM, you can improve your understanding of the competitive landscape and identify target accounts worth pursuing.
Additionally, claims data can shed light on companies or providers who might leverage both your treatment and a competitor’s treatment. Knowing how you stack up against competitors can help you develop a strategy designed to strengthen your existing relationships with customers to gain more market share.
Claims data are incredibly valuable to have in your sales and market arsenal as you prepare to bring a treatment or solution to market.
Book a free trial to learn how claims data can help you improve your go-to-market strategy.