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Describe the structure and function of taste buds.
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Selection of food based on metabolic needs
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Taste buds on the tongue
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Primary taste sensations: Sweet, Sour, Salty, Bitter, Umami
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Taste threshold values for Sweet (sucrose), Salty (NaCl), Sour (HCl), and Bitter (Quinine)
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Measuring the impact of femtosecond laser technology on procedure volume and pricing
1. Measuring the Impact of Femtosecond Laser
Technology on Procedure Volume and Pricing
! Shareef Mahdavi, SM2 Consulting, Pleasanton, California "
Abstract: Introduction
Objective: To understand the impact of the use of IntraLase™ Corp. (Irvine, CA) is an ophthalmic device
Femtosecond laser technology on the procedure vol- manufacturer that is commercializing a femtosecond
ume and pricing within refractive practices across the laser (INTRALASE® FS) for use in refractive surgery.
United States. The main application is for the purpose of creating a
lamellar flap as part of the LASIK procedure.
Methods: Formal interviews were conducted with IntraLase engaged SM2 Consulting to conduct an
the key surgeon and/or business manager of 32 independent formal survey of current U.S.-based cus-
practices nationwide using the INTRALASE® FS tomers to assess the financial impact of this technol-
Laser to create lamellar flaps as part of the LASIK ogy and its level of integration at the practice level.
procedure. Interviews covered both qualitative
impressions as well as historical financial data. Methods
Data were analyzed to compare procedure volumes A survey questionnaire and financial data form were
and pricing with IntraLase against earlier time peri- developed and telephone interviews were conducted
ods as well as against current industry averages. with the key refractive surgeon and/or business man-
ager at each of the practices. Questions asked by the
Results: Mean use of the IntraLase device among interviewers covered both qualitative issues (e.g., physi-
the practices has been 8 months (range 1 to 15 cian customer satisfaction, impact on patient interest in
months). Practices have performed an average of LASIK), as well as historical quantitative data (proce-
1,422 procedures each, with over 41,000 collectively dural volumes, average fees collected per eye treated,
performed by the interviewed group to date. and the percent of overall cases performed via
Comparing the IntraLase period (beginning Q1 2002 IntraLase vs. other microkeratomes). All data were
through Q1 2003) to the most recent time period analyzed using basic statistics to determine means and
prior to commercialization (Q1 2001 through Q4 ranges for the variables of interest. Of 32 practices
2001), average quarterly procedures have declined interviewed, data from 30 were sufficiently complete to
6%. Average selling prices during this same compari- be included in the survey. For some of the analyses,
son period have increased 17%, and resulting quar- inclusion was limited to those practices that provided
terly revenue has increased 11%. For the compara- complete historical data (23 to 25, depending on the
ble time period, industry averages have declined analysis).
13%, selling prices down 1% and quarterly revenue Quarterly procedure volumes, average selling
down 13%. On average, these practices are perform- prices (defined as actual collected revenue per eye,
ing 85% of their LASIK procedures (current Q1 not the price on the fee schedule), and percentage of
2003 data) using the IntraLase device. Approximately LASIK cases performed via IntraLase (vs. mechanical
half of the practices (48%) use the technology on an microkeratome) were analyzed from Q1 2001
exclusive basis. through the most recent completed quarter (Q1
2003). The fact that commercial use of the IntraLase
Conclusion: IntraLase users as a group are signif- device began in Q1 2002 facilitated comparison of
icantly outperforming the average practice on key data within each practice (IntraLase time period vs.
metrics of procedure growth, change in average sell- pre-IntraLase time period), among customers, and
ing price, and resultant quarterly revenue from LASIK against industry averages.
procedures. Additionally, the rapid growth in adoption Due to the exhaustive nature of the survey, presen-
within these practices provides proof of surgeon and tation in this paper will be limited to key findings of
patient satisfaction with the IntraLase procedure. interest.
2. Results average selling price across all IntraLase customers
has increased steadily from $1,555 per eye (Q4
Impact on Patient Interest in LASIK 2001) to $1,842 per eye (Q1 2003). Q4 2001 was
The value proposition to consumers considering selected as the starting point because it is the most
LASIK vs. IntraLase (the company has branded the recent quarter prior to the commercial use of
name IntraLASIK®) is the ability to avoid the mechani- IntraLase. This represents an 18% increase or $287
cal blade as part of the procedure. Practices reported per eye. Over a comparable time period, industry aver-
overwhelmingly that it is easier to convert patient inter- ages (as reported by Market Scope) show a 1%
est (25 of 30), while 1 reported that it is more difficult change ($15) from $1,616 per eye (Q4 2001) to
due to the increased cost of the procedure, and the $1,631 per eye (Q4 2002 used, as Q1 2003 data
other 4 said that it was the same (see Figure 1). A have not been published as of yet). This underesti-
query into the top reasons among providers (multiple mates the actual increase in fee collected for IntraLase
reasons allowed) reveals that their patients like the procedures, as the average is based on a blend of all
concept of “no blade” (40% mentioned this), under- fees collected, and IntraLase did not account for
stand the improved safety offered (52%), and that the 100% of each customer’s procedures (see section
IntraLase device provided sufficient perceived benefit below on integration).
for the patient to go forward with LASIK (44%).
Average Price Q4 2001 – Q1 2003
IntraLase Group vs. Industry Average
$1,900
Is it easier or more difficult to convert patients?
$1,850
IntraLase Customers Industry Average
$1,800
(N = 30) N %
Easier 25 83% $1,750
More Difficult 1 3% $1,700
Same 4 14% $1,650
$1,600
Key reasons (multiple mentions allowed):
$1,550
•Patients like “no blade” 10 40%
•Patients understand the safety 13 52% $1,500
•Became deciding factor in having LASIK 11 44%
$1,450
•Increased our marketing budget 5 17%
$1,400
Q4-2001 Q1-2002 Q2-2002 Q3-2002 Q4-2002 Q1-2003
Figure 1 Industry Source: Market Scope (through Q4 2002); SM2 estimate for Q1 2003
Figure 2
Nearly all (97%) practices use IntraLase in their
external marketing and then continue through the mar- Impact on Procedure Volumes
keting process (web sites, seminars, consultations). IntraLase practices experience seasonality in line
And while the majority of practices (67%) reported no with industry averages, which resembles a flattened
difference in their overall closure rates (the % of those sine wave or “roller coaster” appearance (see Figure 3).
patients who have an evaluation and then move on to Procedure volumes are generally flat, being either
schedule surgery), 7 practices reported that their clo- slightly up or down depending on the comparison
sure rates have improved on average from 64% (pre- period (e.g., Q1 2003 is 3% higher than Q1 2002).
IntraLase) to 75% currently. For these practices, the However, this effect is relatively benign when compared
higher conversion rate has a significant impact on pro- with industry data. As shown in figure 5, IntraLase pro-
cedure volume and revenue. cedures are down less than half the amount (6% vs.
13%) of the comparable period for the industry.
Impact on Average Selling Prices
For this study, average selling prices were defined as Impact on Retreatment Rates
the amount of total revenue collected divided by the Another important way of dimensionalizing financial
number of new eyes treated in the quarter. This defini- impact is the change in retreatment rates for LASIK
tion factors out promotional discounts and blends procedures. Reviews of available literature suggest
together the impact from those customers who use a overall retreatment rates for LASIK averaging from 9-
tiered-pricing model. Data was collected quarterly 11%, with ranges among surgeons as low as 1% and
going back to Q1 2001. As shown in figure 2, the as high as 35%. For 13 of 30 surveyed IntraLase cus-
3. IntraLase Procedures, Price and Integration: Integration into Practice
6 Consecutive Quarters
$1,900 900 Measurement of the percentage of total LASIK
$1,850
Average ASP
Average Procedures
800 cases performed with IntraLase has shown a mean
$1,800
700
use in 85% (range of 50% to 100%) of all cases per-
$1,750
600
formed in Q1 2003. A median value of 96% is indica-
$1,700 tive of many practices that are currently using the
500
$1,650 IntraLase device exclusively on 100% of cases (13 of
400
$1,600 27 that provided data), while another 9 practices use it
$1,550
300
from 90-99% of their total LASIK cases. A weighted
$1,500
200
average of cases performed (bottom of Figure 3)
$1,450 100 shows a trend towards high utilization of IntraLase
$1,400
Q4-2001 Q1-2002 Q2-2002 Q3-2002 Q4-2002 Q1-2003
0 across all customers. This started as 68% of cases
averaged over 4 customers in the first full quarter of
# of customers 4 8 19 24 27
commercialization (Q1 2002) and has grown to 85%
% Intralase 68% 67% 55% 73% 85%
of cases across 27 customers in the most recent quar-
Figure 3
ter (Q1 2003). The dip in the middle of 2002 is reflec-
tomers, it has simply been too early to determine the tive of a large influx of new customers, many of whom
impact on their retreatment rates (i.e., they wait at least reported that they “eased in” to the procedure gradu-
6 months before retreatment). Figure 4 is included, ally over several months. This allowed them to get
however, because 17/30 reported that they believe comfortable with the procedure both intra-operatively
that the retreatment rate is indeed lower with IntraLase and post-operatively and adjust surgical technique.
procedures. 7 of this subgroup of 17 practices have
tracked their retreatment rates both historically and Change in Procedures, Price, and Revenue
currently and report a change from an average of a IntraLase Group vs. Industry Averages
(FY2001 as a baseline)
10% retreatment rate (reflecting national averages) to
a current rate of 4%. The other 10/17 are awaiting Average Average Average
Quarterly Quarterly Quarterly
hard data to be able to report. Procedures ASP Revenue
20%
And while these data points were not collected with
the same level of scrutiny as the top-level financial 15%
data, they suggest that the femtosecond-created flap 10%
Percent Change
17%
is positively impacting surgical retreatment rates. The 5% 11%
financial implications are signficant: Reduced post- 0%
operative examination time, less surgical time devoted -1%
-5% -6%
to retreatment and, most importantly, higher overall -13%
patient satisfaction from getting it right the first time. -10% -19%
Each of these can be quantified as less cost, more -15%
profitability, and higher referral rates. -20%
IntraLase Customers Industry Average
Figure 4 Industry Data: MarketScope
Figure 5
Any Difference in Retreatment Rate? Several doctors reported that, as with other new
technologies, they experienced a learning curve that
• Too soon to tell: 13
mainly affected Post-op Day 1 (POD1) visual acuity
• Yes, it’s less: 17 and patient satisfaction. They reported that their early
cases were not as good visually on POD1 as they had
– Of these 17, 7 had tracked data: become accustomed to with LASIK. However, all
• Pre IL: 10% Re-Tx rate
• Post IL: 4% except one reported that adjustments in technique and
– The other 10/17 believe it is lower laser parameters have allowed them to achieve POD 1
but don’t yet have hard data acuity results similar to those obtained prior to
IntraLase.
4. Financial Feasibility Discussion
Analysis of change in quarterly revenue (procedures The introduction of new technology into the refractive
times average price) for customers since acquiring surgery arena is a tricky and difficult proposition for
IntraLase resolved an increase of 11% (vs. Pre- manufacturers as well as providers. While new technol-
IntraLase), 15% (Q1 2003 vs. same quarter one year ogy is appealing to surgeons, it has shown to often
earlier) and 20% (Q1 2003 vs. same quarter two years backfire when promoted to refractive surgery candi-
earlier). This compares to a 17% decrease for the dates. Patients exposed to IntraLase appear to be grav-
industry comparing quarterly averages for 2002 vs. itating to having the procedure. In those practices that
2001. Data for the industry for Q1 2003 are not yet offer IntraLase as an option or recommendation (vs. as
available; however, it is apparent that the IntraLase the only way LASIK is performed), 2 of 3 patients are
customer group is outperforming the market on com- selecting IntraLase. It is not yet clear if IntraLase is
parable financial metrics and even a very strong first growing overall demand and it is too early in the prod-
quarter of 2003 is unlikely to change the percentages uct’s life cycle to predict if or when this will happen.
due to weakness in refractive demand experienced Surgeons overall are quite satisfied with their invest-
through most of 2002. ment and integration of this new laser into their prac-
Regardless of the specific time period used for com- tice. While initially attracted because of the technology
parison, IntraLase users are commanding an average (18 of 30 mentioned), safety via less risk to the eye
premium of $264-$287 per procedure for all eyes (17/30) and ability to differentiate (12/30), with expe-
treated. For those practices that use IntraLase less rience they are reporting that this technology has
than 100% of the time, the actual premium collected made their professional life less stressful. “My surgical
for IntraLase procedures will be higher. heart rate is more relaxed” is how one surgeon put it.
Given the increased costs of doing the procedure of Many indicate they like having more control over the
$120 per eye ($150 cost for each patient interface LASIK procedure (10/30) and are seeing better out-
less $30 cost per eye for a typical blade) and amorti- comes (9/30). In spite of the high financial require-
zation of the capital expenditure for the laser, it ment, few surgeons reported being financially driven in
appears that the typical IntraLase customer is at least their decision either initially (only 4 of 30 were seeking
“break even” or better financially. additional revenue) or currently (only 2 of 30 reported
increased profitability as a new reason supporting pur-
Conclusions chase). Part of this is likely due to the “new”-ness of
IntraLase users as a group are significantly outper- the offering in their local market.
forming the average practice on key metrics of proce- The fact that it is being used on such a high percent-
dure growth, change in average selling price, and age of cases is not surprising given the level of commit-
resultant quarterly revenue from LASIK procedures. ment required to invest and integrate the device. The
Even given the significant investment required (time, adoption rate within the practice is reminiscent of
money, commitment), the technology appears to be LASIK’s early days when it was still a small percentage
“carrying its weight” as it becomes integrated into the of procedures relative to PRK. That quickly shifted as
practice. Secondary measurements that impact financial both patient and surgeon preference migrated over to
performance are evident and cannot be ignored: easier LASIK’s increased convenience and immediacy of effect
conversion of interest (i.e., more procedures sooner in post-operatively. Unlike several earlier technologies
time), lower retreatment rates, and equal to higher clo- which failed to achieve any meaningful market penetra-
sure rates among interested patients. These will posi- tion, IntraLase’s femtosecond laser shows “signs of life”
tively impact current business profitability and future that may allow further adoption beyond a core group of
prospects through higher patient satisfaction. innovative surgeons: the technology works and is
Qualitative findings confirm what the numbers show. demonstrating clinical benefit; patients and surgeons
Surgeons appreciate the technology and additional pre- alike are adopting it; financial analysis is showing a per-
cision afforded by IntraLase. This, along with increased eye premium that meets or exceeds per-eye costs (fully
safety and reduced risk of complication, have served to burdened). We look forward to being able to continue to
lessen the stress on the surgeon and reduce fear in the assess adoption of this new technology and its impact
patient considering refractive surgery. on both the practice and the market.