Revenue-Boosting Outcomes of Connected Business Models for Medical Device Manufacturers
Medical device manufacturers were already exploring different ways of doing business pre-pandemic. Then, the “new normal” of COVID-19 created an urgency to support customers through a connected value chain. As we enter the “next normal,” leveraging Internet of Medical Things (IoMT)- and AR-driven solutions to increase revenue and optimize business transactions between medical device manufacturers and end users is no longer just a nice-to-have; it’s a necessity.
With the right infrastructure and insights, these manufacturers can realize three revenue-boosting outcomes of connected business models—through the “next normal” and beyond.
Medical device makers are facing market disruption as a result of financial pressure on the end user, such as:
Average loss per COVID-19 case for 97% of health systems
Up to 70% reduction in the use of healthcare services at primary care practices
Source: How Will Covid-19 Affect the Health Care Economy? JA MA Network
Increased Profits through a Digital Services Program
IoMT-enabled remote connectivity provides visibility into customer usage patterns, direct from the medical devices at customer sites. From there, product innovation solutions drive valuable performance insights that empower medical device manufacturers to sell their expertise about the product.
A digital services program that helps your customers improve device performance and maximize business value—while boosting your profits.
Predictable Revenue through Outcomes-Based Transactions
Product innovation solutions help manufacturers track medical device use, analyze patient outcomes, and build a business model around those outcomes.
Maximized equipment insights for outcomes-based transactions, such as product as a service (PAAS) innovations, that lead to recurring, predictable revenue.
Automated Customer Transactions through a Consumables Sales Program
With product innovation solutions, medical device manufacturers can monitor the rate at which customers use consumables, such as reagents. Meanwhile, product intelligence solutions integrate business systems for automated billing.
These combined insights and infrastructure enable medical device manufacturers to automate consumables sales and add value for your customers. An automated consumables sales program helps your customers avoid operational disruptions—and creates recurring revenue for you.
Realize These Revenue-Boosting Outcomes and More
Experts in product innovation and product intelligence solutions can help you build an outcomes-based approach to connected business models that drive revenue and support your customers. Learn how you can leverage life sciences industry solutions to drive digital transformation for increased profits, predictable revenue, automated customer transactions, and more.
Source: Hospitals Losing Thousands Per COVID-19 Case, Analysis Reveals, Healthcare Innovation