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Medical devices are notoriously expensive, and as prices continue to ascend, so do barriers to market entry. As a result, the medical device community has developed a more symbiotic system called "Pay-Per-Use." Pay-per-use, a financial model based on leasing, has transformed the medical device space so that manufacturers can financially meet the needs of a broader audience while securing a surge in revenue. It 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, giving manufacturers the advantage of selling more devices in the field.
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, as well as greater insights about device usage, providing their customers with valuable information and again providing manufacturers an edge on the market.
For example, one of our clients wanted to enter the physical therapist market where capital was limited. Our CypherMed Cloud technology allowed their therapist clients 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 CypherMed Cloud and using our pre-made frameworks to implement a pay-per-use support system. Another client in the ophthalmology space utilized our CypherMed Cloud for their image collection and pay-per-use strategy, allowing their ophthalmologist customers to 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 CypherMed Cloud for information on these types of usage tracking capabilities and more.
