Written by Kate Shamsuddin Jensen
We’re excited to announce the launch of a brand-new feature within our PhysicianView product:
Claims-based specialty designations.
With this feature, companies looking to target healthcare providers based on specific areas of focus can do so with an even greater degree of accuracy and precision. Users can leverage claims-based specialty data to identify groups of physicians based on specialty category or primary specialty – or dig into detailed specialty designations for primary and secondary specialty at the individual level, which means companies can sharpen their sales strategies with a better picture of their audience.
The problems with traditional taxonomy
The idea behind creating this new feature began when our data science team saw an opportunity to move past traditional taxonomy-based designations and deliver more up-to-date and precise insights into a healthcare professional’s specialty based on their care practice patterns. We set out with the goal of seeing how our analytics capabilities could break through the challenges we face today.
While taxonomy-based designations are adequate, we knew a better option was out there. Companies need specialty insights that don’t rely on outdated and often inaccurate sources.
But first, a brief history.
Taxonomy codes accompanied the implementation of the National Provider Identifier back in 2005. These unique 10-digit codes were designed to specify a provider’s area of expertise within their discipline. This was done to improve the efficacy of health information in a newly digital world and the efficiency of submitting medical claims electronically.
Taxonomy codes, however, are self-reported by the provider, and may not accurately reflect the actual procedures performed or patients diagnosed. As a doctor continues to train, specialize, or even branch out into other areas of focus, their taxonomy code may not change to reflect this journey.
So, what does this mean for our customers? If you are a company trying to sell to healthcare providers and want to be extremely targeted, grounding your strategy on existing taxonomy codes makes that tricky…or murkier than it should be. These are the problems our data science team concluded:
Taxonomy data provides a good baseline but can be inaccurate because codes aren’t updated all that often or are out-of-date since it is self-reported.
Taxonomy classifications also lack the standardized naming conventions required to identify healthcare provider groups.
We’re sixteen years past the introduction of taxonomy codes and the healthcare world is more digitally integrated than ever before. That means accurate healthcare commercial intelligence is critical for companies trying to get a clear understanding of their audience and develop their sales strategy.
Claims-based specialty data is a new way to classify providers
Claims-based specialty data is a new path to categorizing healthcare providers and is intended to give companies precise insight into their audience by segment.
I liken it to using a microscope. Both claims-based specialty data and taxonomy-based designations are lenses that enable you to see a specimen. But microscopes have lenses of variable magnification, allowing you study the specimen in greater detail by using a more powerful lens.
Claims-based specialty data is that powerful lens, allowing companies to categorize physicians based on their expertise and see an up-to-date view of procedures they’re performing, resulting in far more accurate classifications.
It’s a solid comparison because we believe that biopharmaceutical and medical device companies will benefit the most from this new feature. These companies can use claims-based specialty data for up-to-date intelligence on physician activity and gain a more comprehensive understanding of their audience. Companies across the healthcare ecosystem can also take advantage of a more precise way to size and segment their markets.
How to get started
You can get started with claims-based specialty data right here from our PhysicianView product. From there, you can:
Use our Physician Search tool to narrow your search by specialty category or by primary specialty to focus in on the right audience for marketing and promotional effectiveness.
Export primary and secondary claims-based specialties using Report Builder to improve your segmentation strategies for go-to-market planning.
See primary and secondary claims-based specialties as new fields when viewing a Physician Profile as you engage with certain commercial targets for impactful conversations.
It’s important to note that this new feature is an additional way to search for providers in your market and will not be replacing any existing specialty information or saved searches you may have.
Give our new claims-based specialty insights a try and let us know what we can do to continually improve the accuracy, depth, and value of our data products. If you’re interested in giving it a try, book a demo and see how your business can make the most out of claims-based specialty data.