Reimbursement TrackerTM is a revolutionary medical reimbursement policy consulting tool for reimbursement consultants and medical device product teams to view, search, receive notifications and compare insurance policies in the United States. We track hundreds of insurance companies with over 60,000+ policies across all therapeutic areas to save you time and help you make intelligent business decisions. We’ve also included the ability to view changes and browse Medicare reimbursement rates by CPT code.
Common Challenges Associated With Medical Reimbursement
The sheer volume and complexity in the issue of reimbursement makes it imperative that companies of all sizes use whatever means they can to help navigate the many challenges. iData’s medical reimbursement policy consulting tool helps them cut through the confusion and quickly obtain the information they need. If you are developing and marketing a device, our tool can help you determine a reimbursement strategy that will help your device succeed in the market.
If a company does not have a full understanding of the reimbursement landscape, that can make it extremely difficult to not only obtain coverage, but also to attract investors who are averse to risk. Determining whether or not a device is reimbursable — as well as determining the cost of reimbursement — could even play a major role in a product’s commercial success or failure.
It can be incredibly frustrating, trying to make sense of such a complex system. With a variety of health insurance payers and a variety of reimbursement plans, as well as carrying different contracts with health systems and individual practices, keeping track can be overwhelming for even the largest companies.
For example, the varying types of reimbursement plans can sometimes result in one healthcare system charging a certain price for services within that system, and another price for services provided outside of that system. And these prices are often adjusted in extremely confusing ways. Payers have a maximum payment allowed for each and every CPT code, but that’s only a beginning point for determining how much they will ultimately pay.
Claim edits are often used to adjust this maximum payment, and these edits are often used as the reason why payment will be disqualified in some instances.
These complexities can make it extremely difficult to understand the rules of the reimbursement environment, let alone keeping up with seemingly ever-changing rules. In order to stay ahead in this fast-moving environment, efficiency will be the key to success. iData helps increase that efficiency through our Reimbursement Tracker tool, providing a tremendous advantage to our clients.