Situation
An innovation lab of a Fortune 500 healthcare company approached Maia for assistance with a monetization strategy for a groundbreaking, smart-connected patient adherence solution. The company was interested in understanding whether major payer segments (health insurance companies, hospitals, IDNs, ACOs) were interested in reimbursing the cost of the solution, as part of their overall objectives of reducing patient hospital readmission risk, improving patient outcomes and reducing the overall cost of care.
Methodology
Maia engaged in in-depth interviews with stakeholders at payer organizations to test the solution concept and perceived value. Maia sought to measure the level of interest in the solution, understand each payer segments' desire/willingness to pay for the solution, and identify the features and functionality that each payer segment found most valuable.
Analysis
Maia found that all payer segments had significant interest in the solution, but required additional data supporting the solution’s ability to reduce readmissions and errors, and increase adherence. Additionally, payers were interested in receiving a concrete translation of the health care savings that could be achieved by meeting these specific performance metrics. Finally, Maia discovered that while respondents clearly saw the value of the solution at a conceptual level, there was some operational uncertainty with device implementation that could be addressed using pilot programs/trials, in-person demonstrations, and educational content.
Impact
Maia helped the client formulate a roadmap to bring the solution to market by providing a better understanding of each payer segments’ desire to pay for the solution, and which features were the most important to highlight when marketing the product. By validating the client’s hypotheses with key market stakeholders on a blinded basis, Maia helped the client protect its first to market advantage, while providing the intelligence needed to allow the client to confidently move forward with its product plan.