Data-driven decisions

WATERLOO, Iowa - VGM in November launched Market Data 2.0, a new tool for tapping into its claims database that Ryan Ball says “brings data to life.” 

The new tool, accessible by desktop computer, mobile phone or tablet, is a feature-rich map—a more efficient and strategic way to view data on key referral sources and provider market share, he says.

“Based on feedback of what would be helpful, we've provided 1.) better visibility into the data, and 2.) made it more actionable,” said Ball, director of VGM Market Data, which leverages Lexis Nexis to access 2.5 billion medical claims annually. “We had one client tell us, 'I want to go fishing where the fish are.'”

Here's what Ball had to say on the importance of data-driven decisions.

Marrying data

“It's not just that so and so is the biggest scripter in a particular area; it's also what does the market share look like in that area. So what's the best way to plan your strategic efforts? You want to answer: How much business is really there; who is the competition; and when we get in there, who do we have to convert if we're going to build our business there in the first quarter? It's more tangible, quantifiable analysis.”

Following the money

“A new area that we've gotten into this year and that is growing in importance is reimbursement intelligence. This gives you some interesting insights into what commercial payers are paying for DME. There are public fee schedules available for Medicare and bid amounts, but commercial reimbursement rates are hard to find. It takes someone with the scale of LexisNexis to source that kind of information. There's a lot of buzz around private payers and this is more intelligence for providers to access.”

Breathing life into HME

“Respiratory has been and continues to be where most folks are building their business, partly because it tends to be a more competitive, higher-profit area, particularly with vents. We're also seeing interest in other diversification and niche products, like lymphedema pumps, catheters and orthotic bracing. But it's all client-specific. We just help them define where the best opportunities are within the product categories they're interested in.”