Long-term care hospitals (LTCHs) work hard to differentiate themselves through the level of quality care they provide. Not sure what differentiates a LTCH from the more common general acute care hospital? While LTCHs are certified as general hospitals, these facilities focus on treating patients with more complicated conditions, requiring longer times to recovery.
Patients treated in LTCH typically no longer require the extensive diagnostic and intensive care delivered at general acute hospitals but require more care than can be delivered in a skilled nursing facility, assisted living facility or the home. Given the complexity and cost of treating these types of patients, administrators who run LTCHs are motivated to understand, measure and continuously improve the quality of care delivered to their patients.
Your MedTech system may deliver promising solutions that significantly impact a LTCH’s ability to maintain and improve the quality of patient care at their facility. Aligning that value proposition to each prospect’s unique situation should be part of your message during the sales process.
Including information about your technology in your email marketing to physicians can help build awareness and get the message across that they are market leaders in progressive, innovative, and quality patient care. However, before they can use your MedTech system to enhance care and convince physicians that they are the right choice for their long-term care facility, you have to convince both your administrative and clinical buyers that your MedTech system will deliver value to their organization. Here are four ways to communicate your value-add through your marketing and sales processes.
Your MedTech company’s success is directly tied to your clients’ success. The healthcare organizations benefiting most from your systems or services need to maintain an adequate patient volume — and adequate revenues — to operate and continue to use your products. Patient leakage (i.e., patients seeking care or receiving referrals outside of a healthcare organization or outside of an expected catchment area) can threaten your clients’ ability to maintain volumes which impacts their viability, and in turn, could create a negative impact on your bottom line.
According to a study by referral management platform Fibroblast, 87 percent of healthcare executives consider patient leakage extremely or very important, although about one in five healthcare organizations do not understand where and why leakage occurs. In addition, 43 percent of healthcare executives say they’re losing more than 10 percent of annual revenues due to patient leakage.
Understanding where patients come from — and where they go — will provide valuable insights that you and your clients can use to make business decisions that lead to greater patient volume and greater profitability.
Across the US, 39.8 percent of total healthcare spending is spent in hospitals (ranging as high as 49.4 percent of dollars in South Dakota to as low as 32.9 percent in New Jersey). Collectively, hospitals employ 42 percent of the physicians in the country.
Clearly, hospitals play a central and significant role in our $3 trillion healthcare system. Given those stakes, it should come as no surprise that hospitals are complex businesses.
There are multiple layers of leadership and decision makers; it can often be challenging to identify the right stakeholders to target. One of our recent posts focused on the C-Suite level of hospital leadership — who they are and what they care about — but there are more roles within a hospital that a MedTech business needs to understand. Clinical leadership encompasses some of those roles. In this piece, we’ll examine what clinical leadership is and who makes up a clinical leadership team.
Your MedTech system may add value to healthcare providers in a wide variety of settings, but successfully selling to different types of organizations takes different approaches. To illustrate this point, consider these five types of hospitals, what makes each unique, and how marketing and sales need to adapt their messaging and processes for each to move prospects through the sales funnel.
An Accountable Care Organization (ACO) plays an important role in reducing costs and re-aligning incentives across the healthcare system to encourage less focus on the volume of services delivered and emphasize the quality and outcomes of the services delivered. ACOs have the potential to revolutionize healthcare, but what exactly are ACOs, and why should they matter to you?
Selling to hospitals is complex. With multiple decision makers and stakeholders, it can be difficult to know which titles to target, as well as how to target effectively. Once you define who you want to go after, you have to understand that buyer intimately, including what they are responsible for and what matters to them.
When looking at the highest level of hospital leadership, some argue that “selling higher” is the best approach. However, according to a study published by Forester, executives consider less than 20 percent of their meetings with salespeople to be valuable.
So, how do you get to be part of that 20 percent? You have to know that persona completely with a 360-degree viewpoint. In breaking down the who’s who of leadership, you need to know what they do and what matters to them, so you remain relevant.
Whether you attend as an exhibitor, for education, or to advance your business, medical technology conferences offer great opportunities to network, stay current on industry trends, and inspire your team. Among the many MedTech conferences you could put on your 2019 calendar, these 10 stand out as the best investments of your time and resources. Make sure to register early – and don’t forget to book your hotel!
If a physician’s phone system and receptionist are good at their jobs, you probably aren’t getting through to that prospect with a cold call. And although you may be able to find physicians on social media, you may not be able to communicate effectively with them on those platforms. Email is the best option for reaching out to MedTech prospects and getting your message across.
A personalized email allows you to get straight to the point in your subject line and boil down information into an easy read, complete with clear ROI. When used correctly, email gives you the opportunity to capture a physician’s attention with the advantages of your MedTech product and sets the stage for continued engagement.
First, however, you need to actually find the doctor’s email address.
If you’re willing to spend the time doing some detective work, there are five ways MedTech sales reps and marketing departments can track down doctors’ email addresses.
Imagine your team has been iterating on an innovative idea for a new MedTech device. So how do you decide if commercializing that product will result in ROI for your business? Costs to develop MedTech products can be significantly higher than in other industries, which makes commercializing a new product a high-risk proposition. To ensure your team makes a smart, informed decision for your business, start by estimating the potential market opportunity.
“Market opportunity” is defined as a need or demand in a market that a company can capitalize on by introducing a new product or service. You should be able to express market opportunity in terms of numbers, not just by describing trends. For example, it’s not enough to say that a current product on the market doesn’t work well enough so surgeons will want to upgrade to the new device. Instead, you should be able to determine the size of the market in units and dollars and how much market growth (or decline) that market will experience in the next few years — which allows you to calculate the revenue you could expect to capture with your innovation.
To develop a clear picture of a new product’s potential market and calculate market opportunity, follow these four steps.
The world of healthcare was a very different place 100 years ago. Thanks to innovators who focused their talents on helping people live healthier lives and live with disabilities, the last century has seen revolutionary medical technology advances that have contributed to the quality of care and better outcomes of today.
Here’s a look back at the medical technology advances that have taken place since the early 1900s.
Remote patient monitoring (RPM) has been around since the 1970s in one form or another. In fact, RPM is one of the earliest applications of telehealth, used before that term had even been coined.
In today’s rapid shift to value-based care and reimbursement, remote patient monitoring and care management are expanding and evolving as integral elements of the fast-growing telehealth ecosystem; so rapidly, in fact, that it can be difficult to keep up with all of the new developments and innovations!
Importantly, this category of healthcare is a highly relevant illustration of how the healthcare industry in the U.S. is evolving overall.
Do I Need to Read This Article?
The question of who needs to understand and prepare for what the future of remote healthcare management will look like and how it will affect them might better be phrased as, who doesn’t? Those who definitely need to stay updated and informed on these possibilities include:
Have we left anybody out? Well, include them, too. That’s how important and pervasively these technological advances will impact our society — and sooner than you may realize.
Many hospitals, healthcare systems, and other healthcare providers use group purchasing organizations (GPOs) to control costs and improve efficiency in medical supply purchases. For MedTech companies and vendors on the other side of the deal, working with a GPO can provide advantages as well. To make an informed decision about whether or not to sell through a GPO, start by learning more about these organizations, how they work, and the benefits they can offer your business.
Where will you find your next MedTech sales opportunity? Healthcare datasets can be great tools for identifying prime prospects in your market. Leveraging healthcare datasets to market your MedTech systems, however, isn’t the same as using a list of marketing leads and email addresses that you collect on your website or at an industry event. Healthcare datasets aren’t usually compiled for the purpose of marketing. Rather, they include medical data, healthcare statistics, population demographics, or insurance data that professionals, organizations, and regulatory agencies use for other purposes.
For a MedTech company, these datasets can provide information that helps you improve target marketing and focus sales efforts on physicians whose patients would benefit from your systems. For example, healthcare datasets may include ICD-10 codes or CPT codes, which can identify physicians or healthcare facilities most likely to treat patients with certain diagnoses or to perform certain procedures.
When it comes to using healthcare datasets for sales and marketing, though, there is a definitely a right way and a wrong way to do it. Follow this list of dos and don’ts for the best outcomes.
MedTech isn’t a typical B2B industry. The systems you develop and the partnerships you form literally transform — and even save — lives. MedTech success has always required higher doses of trust, relationship building, and customer focus. Today, you have a somewhat-overlooked tool that can make achieving those objectives easier than ever before: social media.
If you need some convincing before you can believe that social media can be effective for raising awareness about your MedTech innovations, and for growing your business, here are eight compelling reasons to consider social media for your next marketing activity.
The MedTech solutions that your company delivers, no doubt, add significant value to the doctors and hospitals that adopt your innovations. Most medical technology or healthcare IT companies focus on enabling their clients to provide better patient care and clinical outcomes or allowing them to work with greater efficiency. Other healthcare technology companies may assist doctors, medical groups or facilities with compliance around clinical standards, security or other regulations. But has your team considered the value you could be adding by focusing on developing a broader market for your client?
If a hospital has invested millions in the latest technology or equipment, but isn’t effective in educating their community doctors and patient panels about the benefits, then will the technology reach its full potential? By raising awareness and educating patients and doctors about the benefits of your medical technology or system, you can help build and sustain your clients’ practices and, as a result, also strengthen your business and reputation as adding more value.
Consider how these three approaches to growing your physician referral network can help promote your MedTech solution.
If it seems strange to think about marketing and sales organizations in the same company as “frenemies,” you probably haven’t been a part of marketing or sales teams.
There are many understandable reasons why dysfunction exists between these teams that are so dependent on each other for shared success, most notably:
For scalable success at any company, including those within healthcare and MedTech, it’s important to keep harmony between marketing and sales teams. Here are six tips for fostering win-win relationships.
MedTech salespeople are understandably so focused on their day-to-day sales activities and quotas that they often miss opportunities to improve their knowledge, skills, and networking opportunities. The most proactive MedTech sales professionals tend not to wait until they are seeking a new job opportunity to connect with thought leaders and read up on trends in their profession, but it’s challenging to find the time to participate in, much less seek out associations and networking groups.
Not to worry. We’ve compiled a list of sales associations and networking groups that medical technology salespeople should know.
There’s no escaping the reality that MedTech sales are getting harder in the new era of value-based healthcare. Hospitals and their health system parents are getting squeezed financially. The same reality applies to larger medical groups, ACOs, and just about any other healthcare provider business model.
As the pressure is increasing for the healthcare industry to make more careful purchases, mergers and rollups that are increasing the size of IDNs are giving these larger organizations more negotiating leverage, and not just with payers.
This means that MedTech companies also feel the financial pressure. Price sensitivity (always an issue) is more acute than ever, and value-for-price considerations are a major focus for the customers of MedTech companies in their evaluation of medical technology purchases. Further, product life cycles in the MedTech market are longer, and differentiation between competitive products is more difficult and less driven by features of the technology. Decisions to purchase refurbished equipment are increasingly driven by price considerations and what is “good enough” rather than best in class.
In this challenging business environment, how can a medical technology company scale its sales model to help increase sales system efficiency and hit company sales targets?
Marketing teams at medical technology companies are under constant pressure and scrutiny from corporate executives and sales forces to create more demand for their company’s products. Though demand generation is hardly a new requirement for marketing departments, lead generation tactics must continually evolve to keep pace with rapidly changing market conditions and pressures felt by customers and targets of MedTech companies.
What worked even six months ago to increase demand and produce qualified leads may not be effective next quarter, much less next year. “Change is the only constant in life” is not a recent quote (check your Greek history from 2,500 years ago). At the same time, the pace of change has never been faster in human history, and that certainly applies to healthcare — and to marketing for demand generation.
Read on for an update on the most popular demand generation tactics for medical technology companies as they stand today. Each of these topics is worthy of an entire article or series unto itself, so consider this more a brief overview and impetus for further research and reading than anything complete unto itself.
Do you know how much data decay is costing your business? Data loses value over time; what was true and accurate last month is probably not completely true and accurate today. In fact, ZoomInfo compiled the results of research on B2B data quality and found that, each year, 30 percent of people change jobs, 43 percent of people’s phone numbers change, 34 percent of people’s titles and job functions change, and 37 percent of email addresses change.
It’s possible, with the rapid innovation and M&A activity in the MedTech space, that your customer and prospect database could experience even more data decay in a year’s time. So, it’s likely that the next time a member of your sales team logs into your customer relationship management (CRM) system, at least one piece of information that he or she needs will be inaccurate. And the next time your marketing team sends an email campaign, there will be more hard bounces than you’d like to see. Even worse when your field-based sales team is in market and didn’t realize a practice moved offices or became employed by the local hospital.
There’s no doubt that bad data is frustrating for your sales and marketing teams, but remember it can also be a source of frustration for clients. Data that causes a breakdown in communication may seem like unanswered emails or calls to your sales team, but it may come across to the client as a sign of poor service. And in the MedTech space, the inability to connect with suppliers is more than inconvenient; it can directly impact patient well-being, and it may be reason enough to start talking to your competitors.
The circumstances leading to people’s visits to hospitals and doctors’ offices are as unique as the people themselves. If you were to try to imagine all of the possible situations that could result in a visit — both commonplace and unusual — you might doubt that healthcare settings could rely on pre-created codes for diagnoses that weren’t so general as to be useless.
Before you get too far in that line of thought, I suggest you scroll through the list of ICD-10-CM codes.
The MedTech industry is having another active M&A year, fueled by new technologies and original equipment manufacturers (OEMs) broadening their portfolios to provide new products to the markets they serve. Mergers, however, can create uncertainty for your customers. They may have heard horror stories of how doing business with a company can change after a merger. Perhaps they’ve even experienced firsthand a decline in customer service or product quality — and in the MedTech space, neither of those is acceptable.
Your sales team is the strongest and probably the most influential connection you have with your customers. Here are five tips that can help sales reps retain current customers and, ideally, even close business with prospective customers during a merger.
In this era of value-based care, hospitals and the health systems to which they belong are intensely focused on metrics that directly impact their scores and related financial incentives and penalties affecting their reimbursement.
For marketers and salespeople who target hospitals and health systems as clients for their products and support services, performance metrics are equally important. Sales and marketing teams also benefit when they can look at these metrics across facilities and geographies to slice and dice the data to better understand their prospects and opportunities.
So which metrics are most important for MedTech marketers and sales teams, and how can those metrics be used to align the value of your company’s MedTech products to the needs of those hospitals and health systems?
Just about every marketer is familiar with the sales funnel, a graphic used to depict the buyer’s journey from first discovery to final sale. The funnel is wider at the top to represent all the people that you’ve introduced to your company through activities like brand awareness campaigns. In the middle, you are able to identify who of that initial population you could persuade to consider doing business with you. At the bottom of the funnel is the percentage that converts from prospects to clients.
What may not be familiar to you is how to match marketing activities with those different levels of the sales funnel — particularly which activities will get people into the funnel in the first place.
Healthcare analytics is robust and increasingly critical as a sub-industry and set of tools driving many critical decisions in the arena of healthcare, both in the U.S. and globally. All healthcare analytics are built on a foundation of data, but that data is only as useful and as powerful as it is effectively analyzed, and then applied, to improve clinical and business processes and outcomes.