Glossary terms related to Medical Device in Sales.
A calculation that determines how many procedures need to be performed before a hospital recoups the cost of a medical device.
High-cost, long-term medical devices that require large hospital investments, such as MRI machines or robotic surgery systems.
The process of ensuring that hospitals properly bill for medical devices used in procedures.
The rate at which physicians and healthcare providers integrate a new medical device into their practice.
Ongoing revenue generated from disposable or limited-use components of medical devices, such as catheters or electrodes.
A measure of how often a medical device is used in clinical procedures after purchase.
The profit percentage medical device distributors earn when selling products to hospitals or clinics.
The process of getting a medical device included in a hospital's approved product list for purchasing.
A Group Purchasing Organization (GPO) contract allows hospitals to negotiate bulk pricing for medical devices and equipment.
The process of securing stakeholder approval within a hospital for purchasing a medical device.
The financial planning hospitals use to allocate funds for high-cost medical equipment.
An effort by hospitals to limit device options and lower costs by purchasing from a select group of vendors.
Hands-on training provided to hospital staff and surgeons on how to use new medical devices.
A pricing model where hospitals pay for medical devices based on usage in individual procedures.
The timeline hospitals or clinics follow when evaluating, approving, and purchasing medical devices.
The use of CPT and HCPCS codes to ensure medical devices are eligible for insurance reimbursement.
A sales process heavily reliant on a sales rep's relationship with surgeons or hospital decision-makers.
A contract defining maintenance and support commitments for medical devices sold to hospitals.
A medical device specifically chosen by a surgeon based on personal preference rather than hospital standardization.
A hospital committee responsible for assessing medical devices based on cost, clinical need, and outcomes.
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