Four Ways Proactive Physician Profiling Is Better For CMS Submissions—Part II
We now continue the dialogue on the many benefits proactive physician profiling offers pharmaceutical companies. In today’s post, we describe them from the perspective of physicians and the drug manufacturing companies.
For Your Physicians: Could your sales teams be missing diamonds-in-the-rough? It’s possible, especially if your competition hasn’t caught on yet, or is just beginning to. Proactive pre-submission analytics help you make decisions relevant to your competitive environment.
You can, for example:
- Discover your physicians’ spend relationship relative to your competitors, by way of spend category (R&D versus General Payments), length and depth of the spend relationship, activity and quality of engagement.
- Sales performance as a function of spend activity
- Medicare Part D fraud, if any, or potential for the same.
It also helps to take note of whether high R&D spend in a physician helps evolve that relationship. We can safely assume that the quality of service will improve as R&D centric findings surface. But is that service of any benefit to the pharmaceutical company, other than in the terms specified? Has it helped increase demand for that physician as an accredited speaker etc?
For Your Drugs
Not every insight about your drugs’ performance in the market will surface as a result of R&D efforts. And while sales teams may correctly report actual performance, they may not be the best source to report underlying factors explaining why prescription rates are fluctuating for one physician or more. As an example, ask yourself how many of the following questions you expect honest, accurate answers to:
- Which high-prescription HCP can spend be effectively reduced?
- Is there a drug whose performance is suffering because of low sales effort?
- Where has competition outperformed the drug vis-à-vis F2F meetings and other fieldwork?
In a bid to manage expectations, or to smoothen their pipeline, sales teams might under or over represent the challenges associated with a certain physician. Anticipating the challenges of promoting a new drug, or simply giving in to a cognitive bias, the sales rep may present a picture which is not in sync with reality.
That’s where hard, objective numbers come in. Pre-submission physician profiling reduces error rates by over 50%. It’s something no compliance/transparency professional has ever regretted doing. The question is: How ready are the rest in starting now?