Top 5 tips for Budget Impact models
An effective budget impact model (BIM) is a powerful tool to inform healthcare decision-making in both the public and private sectors. Being able to quantify the economic implications of a new product means a BIM can play a key role in supporting reimbursement decisions and formulary listings.
A previous blog outlined the ‘what and why’ of BIMs, but what makes a BIM an effective tool, and how does DRG develop BIMs that best serve the needs of our clients in a complex and evolving landscape? Here are DRG’s ‘top 5 tips’ for developing an effective BIM.
- Flexibility: Ensuring your BIM captures all possible variations of economic interest will avoid difficult situations in which potential value is missed. If you only require a simple BIM, then be sure to develop it with the functionality to be easily modified and adapted.
- Validity: Payers and decision-makers want to be sure that the results of a BIM are robust. Ensure that data and inputs are referenced and assumptions are highlighted. Enable users to run alternative scenarios to test key inputs in the model. Conduct a detailed series of technical validations on the model to ensure calculations are correct.
- Clarity: Great design and branding will ensure your BIM tells a clear and persuasive story. Our BIMs can be developed into field force tools for use on iPads or laptops. These are interactive and fully functional, and are supported by user guides and training.
- Complexity: Efficient coding and skilled mathematical analyses enable a range of scenarios and budget implications to be evaluated. Whether you want to consider national coverage or budgetary implications for one payer or provider, the results can instantly be scaled and adjusted.
- Appropriateness: A BIM will only be effective if it addresses the needs of clients and decision-makers. Each BIM should be a standalone tool that has been scoped, designed and implemented as a bespoke solution. Involve the client throughout the design and development process, so that expectations are understood and to guarantee that the final BIM is fit for purpose.
If you would like to know more about how to build an effective BIM then please talk to us. We know what works when developing economic models and payer communication tools. We focus on the flow of information within the tools, and make sure we tell a valid story that decision-makers can follow from beginning to end. For further information or to request a demonstration of our budget impact tools, please click on the link below.