Charge capture is critical for success for every healthcare organization that seeks reimbursement for their services from insurance companies. If the services are captured on the reimbursement form, then the clinician or facility simply won’t get paid for those services, which results in lost revenue. If the services are captured in a way that doesn’t fully codify the variety or complexity then the reimbursement may result in an underpayment for services delivered. Finally, if the medical coder overstates the types of services delivered, the organization could be at a risk for overpayment which can cause significant issues downstream if and when the insurance company requests an audit.
Charge capture often feels like a never-ending exercise of whack-a-mole given how hard it is to do it consistently. However, its importance seems to be downgraded when it comes to improving or evolving it. A new study from Ingenious Med found that 78 percent of healthcare leaders identify charge capture as essential to success but that 40 percent of organizations were found to talk about the process once a month or less. This suggests that communication within healthcare organizations is lacking in regards to charge capture, with the result that hospital charge capture best practices may not be regularly employed.
Medical technology companies should pay attention to the challenges and opportunities that their hospital clients face related to charge capture. After all, if the hospital’s medical billers and coders can’t appropriately capture charges related to the service or procedure you are selling, then the realization of your technologies Return on Investment (ROI) is at risk.
MedTech sales is usually a long, involved process. To add even more complexity, one of your prospect’s key employees could resign mid-negotiation. Becker’s Hospital Review reports that healthcare organizations experience a higher-than-average executive turnover rate — 18 percent in 2017 — and tracks about 100 healthcare executive moves per month. Additionally, although healthcare executives usually give more than the two week notice that’s standard in many other industries, a significant increase in “effective immediately” healthcare executive resignations occurred in 2018.
If not prepared for this situation, your MedTech sales team could be left wondering what to do when a point of contact resigns and how to salvage the time and effort invested in their client relationships.
The days of the community hospital seem to be numbered, as more and more healthcare organizations continue to merge into mega health systems. The decline of the local independent hospital has been driven by a number of factors including evolving reimbursement models, requiring greater operational efficiency, and changing demographics leading to volume pressures on community hospitals.
With greater competition from larger facilities, financial problems have plagued community hospitals, further fueling the trend toward consolidation. But is bigger better? And, what does the new mega health system mean for medical sales representatives that sell their products and services into these larger, more complex entities?
It can be a real challenge to keep up with the fast-paced and ever-changing healthcare and MedTech industries. To help you stay current on new technologies, emerging trends, research, and other news that will impact your MedTech business in 2019, here’s a list of the best healthcare news sites.
If you run a sales team then you are all too familiar with the pressures of ensuring each sales executive is well-trained and equipped with the tools needed to their job.
Selling medical technology, healthcare service, or clinical equipment to doctors and hospitals requires a unique set of skills given the complex subject matter and the life-and-death situations many products and services can impact. As the healthcare industry faces pressures on cost and quality, clinical salespeople are in the line of fire. No longer can you hire based solely on a sales rep’s Rolodex and personal relationships with a network of physicians who have bought from him or her before. Today, healthcare sales processes involve a complex path involving clinical and business stakeholders carrying equal influence.
Given this reality, you may be looking for ways to build new skills within your sales team or up-level existing pockets of potential within the team. Medical sales training programs may be one avenue you are exploring. A quick Google search for “medical sales training” will bring up hundreds of programs, all promising to give you the secrets to identifying top prospects in your target market, executing a successful outreach, conducting persuasive follow-ups, and closing sales. In addition to sales basics, an effective medical sales training program should also be product or practice specific, equipping the sales rep with knowledge about the MedTech systems that they’re selling, how physicians use them, and the value they provide to the patient and clinician.
It’s vital that you do research and plan out the specific goals and outcomes you seek before investing your time and your team’s time into one of these programs, not to mention the direct financial expense to your budget. Carefully consider these options before you decide on a course of action.
The world of healthcare is always evolving and changing. Like any industry, healthcare sees its fair share of mergers and acquisitions every year. Consolidation of smaller hospitals and the growth of mega healthcare organizations has been a sustained trend in the last few years. Mergers and acquisition (M&A) activity is also the prime ingredient for growth in healthcare. Is the mega-hospital the future of healthcare? Or, will M&A cool off a bit in 2019? Let’s explore the opportunities for 2019 M&A.