How to demonstrate value through physician-targeted ads

Value-based care models have changed how physicians interact with patients. Pharmaceutical marketers who can demonstrate how their products provide additional value to patients have an opportunity to appeal to more providers.

Developing an understanding of value-based care models

Over the past decade, healthcare regulations have changed how the industry values physician services. For example, the Medicare Access and CHIP Reauthorization Act (MACRA) changed how the Centers for Medicare and Medicaid Services (CMS) reimburse physicians practices. Rather than charging a specific fee for a specific service, MACRA requires practices to submit reporting data showing how each organization provides value to patients, among other categories.

Pharma marketers that want to appeal to physicians should demonstrate how their products and services contribute to a reimbursement model that focuses on value above quantity of services. However, in order to do that, it's imperative that marketers understand the value-based care model.

Essentially, a value-based model places more emphasis on the quality of care over the quantity of services. The goal of this model is not only to advance care on an individual basis, but also for the health of the community. One way CMS tracks the value of care is by analyzing the rate of unplanned hospital readmissions. A high rate of unintentional readmissions is a potential indication that the initial care was not up to par. Of course, many factors contribute to hospital admissions, such as patient medication adherence.

Importantly, value-based care models view patients through a holistic lens, which means an individual's entire care history is taken into account at every visit. This paradigm requires physicians to utilize new technology solutions to better track patients throughout the healthcare continuum.

Value-based care models place more emphasis on the quality of services provided.

Helping doctors to help patients

Shifting from a fee-for-service model to a value-based model can create considerable strain on a practice. Physicians' offices and hospitals need to devote more resources to adopting new technologies, developing more efficient workflows and engaging patients before, during and after the visit. Pharmaceutical companies and device manufacturers that are able to assist care organizations in providing additional value to patients have a clear advantage over those who cannot do so.

Let's return to the example of medication adherence. Doctors want their Medicare patients to observe their medicine schedules because doing so lowers the risk of readmission. In this case, the doctors' incentive is twofold: help patients and receive an optimal reimbursement from CMS. But how do they improve adherence rates? How do they ensure patients take their prescriptions on time? Many physicians have to rely on verbal imperatives and hope their patients follow through.

But what if the drug manufacturer offered a solution? For instance, a drug maker could develop a custom smartphone app that reminds patients to take their hypertension medication, thus improving adherence rates. Ultimately, these types of solutions help everyone: the patient gets more value from their care, physicians lower their financial risk factors, and drug makers develop brand loyalty.

Marketing a product's value proposition

Drug makers that market to physicians can benefit from a value-based care model if they are able to show providers that their products actually generate additional value. The ultimate message is a simple one: "Here's how our product generates value for patients, which will, in turn, lower your organization's financial risk."

Getting this message to physicians can be a challenge, however. Leveraging a multi-channel approach targets physicians where they are most likely to read professional content. Placing ads in print and online-based peer-reviewed journals, for example, is a useful way to reach a physician readership because the majority of providers subscribe to professional periodicals or regularly visit the journal's corresponding site.

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