Charm Economics
An Innovative Approach to HEOR

With a rare blend of experience in government, private sector and academia, Charm Economics has become a model of what expert health economics and outcomes research (HEOR) can achieve.

Charm Economics is the brainchild of Dr. Adam E. Block, who has a Ph.D. from Harvard and has been operating at the intersection of hospitals, insurance, government and research for over two decades. A government health economist on Capitol Hill and a CMS regulator, he played a key role in drafting sections of the Affordable Care Act. In search of a fresh perspective, he transitioned to the private sector and gained firsthand experience in value-based care, working with a health plan and a hospital system with a large accountable care organization.

While Dr. Block evaluated digital health and medical technologies, he recognized that CFOs constantly questioned the products’ ability to reduce cost or increase revenue. This was when he realized that most providers failed to adeptly prove the economic benefits they claimed. Charm Economics was established to fill this critical gap in HEOR.

Many medtech organizations, especially smaller ones, struggle to prove the financial viability of their products. Unlike their larger counterparts who can afford dedicated HEOR departments, these smaller firms lack the resources to provide the concrete ROI analysis needed to secure contracts with premium clients. With Dr. Block’s rare blend of experience in government, the private sector and academia, Charm Economics is opening new doors of opportunities for these companies.

“We are an evidence generation company, designed for everyone who wants to demonstrate the financial benefits of their healthcare innovations and resonate with decision-makers,” says Dr. Block.

Its core specialization is in building customized, theoretical ROI models that articulate the economic results of a client’s product and compelling, data-driven narratives that enable them to pitch their offerings with confidence. These are typically user-friendly, locality-specific, Excel-based models that can be seamlessly incorporated into sales pitches, allowing clients to quantify key metrics like reduction in emergency department (ED) visits or readmissions. Detailed product analysis helps customers effectively communicate with CFOs seeking clear financial justifications. This support is often crucial in bridging the gap between having a great idea and securing high-value contracts with larger clients.

But, understanding that data alone cannot convince a CFO to pay for a digital health technology, Charm Economics also provides these models in an interactive slide format designed to be integrated directly into their pitch decks. This ensures that both the clinical and financial teams are convinced, whether by the product features or its economic viability.

In one instance, a company focusing on reducing avoidable ED visits needed to demonstrate the value of their product to attract new clients. Charm Economics developed a financial model that effectively illustrated the reduction in unnecessary emergency visits achievable through the client’s product. This model highlighted how minimizing these visits would lead to substantial cost savings over time. By incorporating the slides into their demo, they were able to clearly communicate the long-term financial benefits to potential clients, allowing them to secure new contracts and expand their client base.

To stay ahead of the curve, it has adapted to the increasing complexity of the healthcare market by developing web-enabled calculators. These calculators provide larger sales teams with firm-specific saving estimates, allowing teams to access their data on its website from anywhere and swiftly integrate it into their presentations.

Before founding Charm Economics, Dr. Block experienced the frustrations of traditional academic timelines. He saw instances such as a promising analysis taking three years to complete, with the hope of a publication five years later. This inefficiency didn’t sell well with leadership and proved foundational for Charm’s Economics’ philosophy of speed without sacrificing quality.

It is renowned for quick turnaround times, with projects typically taking about three months from start to finish and some even completed within six weeks. This efficiency sets the company apart from its competitors. Senior-level experts oversee every deliverable to ensure clients receive top-tier analysis without delays. The combination of speed, professionalism and personalized attention is the difference-maker.

Drawing from a rich wealth of experience, Charm Economics continues to set new benchmarks in the HEOR space, enabling clients to articulate the value of their healthcare solutions with precision and impact.