This blog discusses ways that ChatGPT 4 can provide initial overviews of customer problems in technology industries (example: genomic tests), and lay out a starting-point road map to solutions.
I enjoy consulting with cutting-edge technologies, close to the "bleeding edge" - their "XYZ" has not been done before.
The deal is, for better and for worse, my mindset often works like it did for Zoom and video: Back when we were thrown into COVID world, I got intrigued with how video conference worked. And pulling on that thread, I gradually got involved in lighting and cameras and mic's and green screens, and then video editing.
Continuing my exploration phase with Chat GPT, which began a few weeks ago, I just saw an example of using ChatGPT to think about business design problems. This led me to try a genomic testing example. Find both below.
The Input: Peter Sena's Use-Case Article about Chat and Design
I ran across a new article by Peter Sena, a design expert. He showed how he used ChatGPT queries, correctly constructed, to lay out roadmaps of customer insights - in his words, "85% correct." Peter Sena's article is here:
Sena figured out how to use ChatGPT input like this:
Act like a marketing manager and create a customer avatar of an operations manager. Describe the customer avatar of an operations manager and what are their key pain points pertaining to shipping manifests, logistics, and jobs to be done. Format in a table.
The result looks like this. (See full article above for more details and examples).
I could end this blog here, and say, "A person could probaby figure out some way to map this onto biotech or genomic testing." But with a few minutes thought, I came up with an approach.
The Output: Playing with AI
Biotech CEO Example:
I am a strategic advisor to CEO's of biotechnology companies that develop genomic tests. I have been asked to provide strategic advice to the CEO of a genomic test company that has just raised Series A funding of $10M. The CEO is a new hire and is new to the genomic test industry, although he has worked in the life sciences medtech area for 15 years. Provide me a table of the pain points the CEO is most likely to be worried about, and a brief description of how I may help him with each pain point. I expect the table to have about 7 to 10 pain points and briefly describe ways to help that pain point using my years of experience working with many startup genomic test laboratories.
|Pain Point||Description||How I Can Help|
|1. Regulatory Compliance||Navigating complex regulations and certification requirements for genomic tests||Share my experience in managing regulatory processes and suggest best practices|
|2. Market Penetration||Establishing a foothold in the competitive genomic testing market||Leverage my network and knowledge of the industry to identify potential partnerships|
|3. Technology Development||Ensuring the development of cutting-edge genomic tests that are both accurate and cost-effective||Offer guidance on R&D investments and keeping up with emerging technologies|
|4. Reimbursement Strategies||Securing favorable reimbursement rates from payers, such as insurance companies||Advise on strategies to demonstrate the value of genomic tests to payers and providers|
|5. Sales & Marketing||Creating and executing effective sales and marketing strategies for the company's products||Provide insights on targeting the right customer segments and crafting compelling messages|
|6. Intellectual Property Protection||Safeguarding the company's proprietary technologies and know-how||Help develop a robust IP strategy to protect and maximize the value of the company's assets|
|7. Talent Acquisition & Retention||Attracting and retaining top talent in the competitive biotech space||Share best practices for creating a positive company culture and competitive compensation|
|8. Supply Chain Management||Ensuring a reliable and cost-effective supply chain for the company's products and services||Offer advice on selecting and managing suppliers and optimizing inventory management|
|9. Quality Management||Maintaining high quality standards in genomic testing processes||Suggest quality management systems and processes based on my experience with other startups|
|10. Financial Planning||Managing the company's financial resources to ensure long-term success||Provide guidance on budget allocation, fundraising strategies, and risk management|
Let's try one more example, push it a little further.
Please expand on Topic 4, Reimbursement Strategies.
Please provide 5 to 10 aspects of this problem area, and examples of ways I can help with each. Assume that both you and I are highly experienced consultants in the field of genomic test reimbursement strategies.
|Aspect||Description||How I Can Help|
|1. Payer Negotiation||Building relationships with payers and negotiating favorable reimbursement rates||Share my experience in successful payer negotiations, helping the CEO understand their priorities and decision-making process|
|2. Clinical Utility||Demonstrating the clinical utility of the genomic test to justify reimbursement||Advise on the design and execution of clinical studies to generate strong evidence supporting the test's utility|
|3. Cost-Effectiveness||Showcasing the cost-effectiveness of the genomic test in comparison to alternative diagnostic methods||Help the CEO develop and present a solid cost-effectiveness analysis to payers and other stakeholders|
|4. Coding and Billing||Ensuring accurate coding and billing practices for the genomic test to avoid reimbursement denials||Offer guidance on best practices for coding, billing, and documentation, leveraging my knowledge of payer requirements|
|5. Health Economics and Outcomes Research (HEOR)||Conducting HEOR studies to support the value of the genomic test in real-world settings||Provide insights on the design of HEOR studies, including appropriate endpoints and methodologies for data collection|
|6. Market Access Strategy||Developing a comprehensive market access strategy to optimize reimbursement and adoption||Collaborate with the CEO to create a tailored market access plan, accounting for the unique challenges and opportunities|
|7. Value Proposition||Crafting a compelling value proposition for payers, healthcare providers, and patients||Assist in refining the company's messaging to clearly communicate the benefits and value of the genomic test|
|8. Reimbursement Landscape Monitoring||Keeping abreast of the ever-changing reimbursement landscape and adapting strategies accordingly||Leverage my industry knowledge and connections to keep the CEO informed of relevant policy changes and market trends|
|9. Patient Access Programs||Implementing patient access programs to provide the genomic test to patients with limited or no insurance coverage||Advise on the design and implementation of patient access programs that align with the company's goals and resources|
|10. Stakeholder Engagement||Engaging key stakeholders, including healthcare providers, patient advocacy groups, and policymakers, to support reimbursement efforts||Share my experience in building strong stakeholder relationships and coalitions to advocate for the genomic test's value|
I appreciate your feedback and understand the need for more creative and "out of the box" ideas. Here are five additional reimbursement considerations that may not be as familiar to experts in the field:
|Aspect||Description||How I Can Help|
|11. Data Monetization||Exploring alternative revenue streams by monetizing the genomic data generated through testing||Advise on potential partnerships, data sharing agreements, or data marketplace opportunities to create additional revenue|
|12. Risk-Sharing Agreements||Implementing risk-sharing agreements with payers to align incentives and share the financial risk associated with genomic testing||Help the CEO develop and negotiate creative risk-sharing agreements that provide mutual benefits to both the company and payers|
|13. Personalized Reimbursement Approaches||Developing tailored reimbursement strategies that take into account patients' financial situations and insurance coverage||Explore innovative pricing models, such as income-based pricing or tiered pricing, to ensure broader access to genomic tests|
|14. Direct-to-Consumer Models||Considering a direct-to-consumer (DTC) model that bypasses traditional healthcare providers and engages patients directly||Assess the feasibility of a DTC model and help the CEO navigate regulatory, marketing, and operational challenges|
|15. Collaborative Research Initiatives||Engaging in collaborative research initiatives with academic institutions, healthcare providers, or other industry stakeholders||Identify potential research collaborations that could yield additional evidence for reimbursement and foster strategic alliances|
These creative approaches to reimbursement can help the CEO differentiate their genomic testing company and tap into novel opportunities within the industry. Combining these ideas with the initial ten reimbursement considerations will provide a comprehensive and innovative strategy for securing insurance coverage for the genomic tests.
- "Navigating the genomic testing landscape can be challenging. Let our expert guidance help you overcome regulatory hurdles and secure favorable reimbursement rates. Connect with us today!" #GenomicTesting #ReimbursementStrategy
- "Are you a genomic test CEO looking to accelerate market access for your cutting-edge products? Our specialized consulting services can help! Reach out to discuss how we can elevate your company." #GenomicTestCEO #MarketAccess
- "Unlock the potential of your genomic testing startup with expert advice from seasoned industry consultants. We're here to help with reimbursement strategies, market access, and more. Get in touch!" #GenomicStartup #Reimbursement
The CEO reimbursement advice translated into "Pirate" and "German." Here.
For a similar article in which ChatGPT 4 plays a Medicare lobbyist with a challenge, here.