Medical devices are notoriously expensive and as prices continue to ascend, device manufactures will miss out on a fruitful market opportunity. Such high costs have constructed barriers to entry that are vastly too high to hurdle and it has become increasingly apparent that the medical device industry has required a more symbiotic system. A financial model based on leasing known as pay-per-use has transformed the medical device space and manufacturers are now capable of meeting the needs of a broader audience while securing a surge in revenue. The pay-per-use model has refined the entrance of devices in the market, catering to both device manufacturers and users.
The pay-per-use model is a payment method connected to the cloud that tracks the usage of the device and integrates to a billing management system. Pay-per-use systems ensure that no resources are wasted and they reduce the upfront cost of the device. Users gain access to the necessary devices without having to endure the massive expense that accompanies acquisition. Manufacturers have the advantage of selling more devices in the field, exposing themselves to previously unreachable markets, and generating a new source of revenue.
Manufacturers who equip their devices with the pay-per-use model expose themselves to the benefits of increased turnover, greater service revenue, and improved insights into how the device is used. Potential customers can make the decision to take devices sooner now that they no longer have to worry about upfront costs. Typically, device services and maintenance are also included in the pay-per-use pricing, which translates into service revenue gain for the device manufacturer. Overall, device manufacturers will receive greater insights about device usage, which will provide their customers with valuable information. These advantages will give any manufacturer a competitive edge in the market.
One of our clients wanted to enter the physical therapist market where capital was limited. Our CyberMed∙Cloud technology allowed their clients/therapists to gain risk-free access to the device and only pay for the treatments they delivered to their patients. The client was able to successfully expand their market for their device by integrating it with CyberMed∙Cloud and using our pre-made frameworks to implement a pay-per-use support system. Another client in the ophthalmology space utilized our CyberMed∙Cloud for their image collection and pay-per-use strategy. Their ophthalmologist customers can now afford this technology through the pay-per-use model.
If you are looking to expand your market and introduce your device into a pay-per-use system via device usage tracking capabilities, our team at Promenade Software has the right expertise to enhance your product. Check out CyberMed∙Cloud for information on these types of usage tracking capabilities and more.