Analytics Software for Evidence based Healthcare
The Need - Health Economics
HecoAnalytics provides health economic tools and solutions, within a business context, to enable companies to engage early and affordably with health economics enabling them to develop better, more effective products designed to meet commissioners’ and healthcare systems’ needs. The output of HecoAnalytics tools are aligned with the requirements of the National Institute of Care and Health Excellence (NICE) technology assessment (HTA) programmes such as, the Medical Technologies Evaluation Programme (MTEP) to demonstrate the value of a company’s product to NICE but also other HTA bodies and payers. Our mission is to provide companies with appropiate, understandable and actionable health economic support that will assist the company in marketing its products and interacting with HTA agencies in a number of geographies. HecoAnalytics facilitation sessions offer extensive interaction with experienced staff to ensure that clients gain maximum value from the process, delivering actionable, user friendly output rather than simply providing academic reports. Furthermore, the integrated nature of HecoAnalytics deliverables means that previous work can informed future work and models and ideas can be easily and efficiently updated as new information is generated.
HecoAnalytics uses the accepted practice of evaluating the cost-effectiveness of a new technology in comparison to an existing gold standard technology, similar to that used by NICE. Read our Whitepaper here.
What is HecoAnalytics?
Cloud based health economic decision-making tools, supported by our team of health economists, able to identify innovations that have the potential to be a good investment for you as medical device manufacturers.
Why is HecoAnalytics valuable?
Helping you to develop the right product, for the right market, for the right price and focus limited resources to devices that will be cost effective and adopted in the market.
When should HecoAnalytics be used?
From 'the concept stage' to the design of new devices, supporting development decisions, justification of investment and ultimately supporting market acceptance.
We provide developers and manufacturers of near-patient products and services with a simple to use economic pricing and scenario analysis tool that utilises state of the art cloud, big data and semantic technologies. HecoAnalytics builds on over a decade of academic research in Health Economics and Computer Science. HecoAnalytics uses the latest computing technology such as machine learning (ML), artificial Intelligence (AI) and other data science techniques to streamline health economic processes and models. In addition to owr own staff, the company leverages a network of world-leading academic health economists so that appropriate domain expertise can be brought to bear on clients’ projects in a cost-effective manner. In addition, HecoAnalytics is a licensed facilitator for the NICE META Tool, an online evidence gap analysis tool.
HecoAnalytics is able to provide all services associated with health economic evidence generation and support of market access and HTA activities. The typical process of projects that HecoAnalytics undertakes for companies includes:
1) NICE Medtech Early Technical Assessment (META) Tool - an affordable, online, platform developed by NICE to help product developers understand what evidence is needed to make a convincing case to payers and commissioners for their technology. It is delivered by HecoAnalytics under licence to NICE as a Facilitating Organisation.
2) Value Proposition (VP) Development – a clear argument to support commissioning of the product backed by measurable data and a robust evidence base. A principal objective to understand where the product will fall within the cost-effectiveness plane compared to the current Standard of Care (SoC).
3) Early Health Economic Modelling (EEM) - an exercise to gain an appreciation of the possible cost-effectiveness of proposed interventions. EEM is employed to evaluate the potential cost-effectiveness related to different product performance characteristics, potential pricing of the product or results of clinical trials. Often this can be the first supporting evidence that a product, or intervention, has clinical and commercial potential.
4) Budget Impact (BI) Model development - A budget impact analysis is an economic assessment that estimates the financial consequences of adopting a new intervention for a specific budget holder resulting from a decision to reimburse a new healthcare intervention. A budget impact analysis evaluates whether the intervention is affordable for a budget holder.
5) Cost Effectiveness (CE) Model development - A cost-effectiveness analysis evaluates whether an intervention offers value relative to an existing intervention, usually the Standard of Care (SoC), the outcomes are defined as cost relative to specified health outcomes. A cost effectiveness analysis evaluates whether an intervention represents value for money compared to comparable interventions.
6) Development of real time data collection and economic analysis – HecoNect. HecoAnalytics can assist in data integration from a Digital Health Technology (DHT) or app into health economic models (including real time). Consequently, facilitating significant improvements in the quality and quantity of data that are collected and the speed at which economic models can be produced that can be updated with new data as they become available.
7) Development of AI and machine learning for analysing trial, public and private health data. Findings are able to target products or services to specific patient groups in order to improve health economic models.
Building Generic HE Models
HecoAnalytics offers access to its proprietary generic health economic models in areas such as sepsis, cancer diagnostics and cardiology, facilitating:
Data-Driven Clinical Trial Design
HecoAnalytics platform and Evidence Maps can facilitate a more effective clinical trial process by:
Constructing Evidence Maps
Evidence Maps are central to the HecoAnalytics platform, underpinning:
Modelling and Analysis
Extracting the data form the PicTags and the Evidence Map enable numerous generic, bespoke or proprietary HE models to be run - Cost utility, Budget impact, Markov – supporting a range of scenario analysis.
Market entry and payer analysis reporting is able to extract data form our Cloud data server providing payer analysis, clinical trends in markets of interest and competitive intelligence.
Companies access all or some of these services but there is no requirement to have undertaken previous work with HecoAnalytics. Typical projects are performed in a phased manner to allow the learnings from each phase to inform the next, and for the course of the project to be adjusted to the company’s needs as necessary and leverage our platform.
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