Digital health is booming. Many medical device startups companies are making huge strides with modern technology. These medical startups are finding creative and unique ways to solve challenges relating to better patient care. As healthcare becomes more complex, new medical devices will be instrumental in curing diseases and helping many people live better lives with chronic diseases.
To understand what the market of medical devices looks like in 2019, it’s a good idea to check out medical device startups and how they are evolving healthcare.
Here are nine medical device startups to watch.
Healthcare is beginning to explore machine learning’s vast potential. Technology that uses algorithms to identify behaviors or make predictions can benefit virtually every part of the industry. Machine learning models can use unstructured data, including images, text, or the spoken word, to perform tasks that previously only humans could do, like recognizing an anomaly in an image or transcribing speech. Also, although a machine learning model also bases its decision-making on known parameters, the system can “learn” as new data is collected and new outcomes occur.
Prospecting has dramatically evolved in the 21st century, and a big part of that has to do with social media. LinkedIn prospecting has become a way of life for many savvy sales professionals, embracing social selling. If that’s you, then you know how important it is to be active on LinkedIn.
LinkedIn has a user base of over 500 million professionals, including over 60 million senior-level influencers and 40 million decision-makers. With this large number of users, your ideal healthcare buyers are there, too. It’s a perfect opportunity to connect, educate, and build relationships.
While you’ve probably been prospecting on LinkedIn through traditional methods, how are you leveraging LinkedIn healthcare groups?
Medical conferences often bring together a variety of stakeholders with the unique opportunity to share insights and discuss what’s happening in the industry. As a sales or marketing professional, you’ve probably attended events over the years, but maybe you’ve felt you didn’t get out of them what you thought you would.
Networking is likely one of the best ways for you to develop relationships, and as you know these relationships are critical to gaining new customers. Of course, your product or service and how it fits their needs is important, but you’re in a competitive market. Networking is key to standing out from the rest. You may still feel a little stumped, or even awkward, when it comes to networking at medical conferences. We’ve got some easy and proven networking tips that you’ll want to put into action at your next event.
Millions of meaningful physician-patient interactions occur each day — and some don’t even require doctors and patients to be in the same city. According to the American Hospital Association (AHA), 76 percent of hospitals in the United States use telehealth services to connect with their patients via a variety of technologies including remote monitoring, video conferencing, and mobile communications. Moreover, telehealth services have grown 41 percent since 2010, and nearly all state Medicaid programs and many private insurers support telehealth services with some form of coverage.
Patient retention is critical to any healthcare organization, yet it’s often overlooked. Many practices and facilities have no idea how many patients they are losing and rarely have robust strategies to measure it, let alone prevent it. Much of their efforts is placed on attracting new patients. However, like any industry, acquiring a new customer is much more costly than retaining current ones.
How important are face-to-face sales interactions in healthcare? Extremely important. In fact, there are probably very few highly successful healthcare sales reps that ever do business other than face-to-face. Why? Healthcare sales are all about relationships and typically relationships are developed, nurtured, and protected at a greater rate when they are done in person.
Top healthcare sales reps understand the difference between selling and relationship selling. Relationship building adds value to the sales process. Simply having a conversation with a new physician or purchasing department can reveal areas that need solutions and improvement. (Providers tend to seek solutions for patient care while healthcare organizations often seek means to ease the bottom line and maintain a standard of excellence in patient care.) Relationship sales also focus on eliminating concerns before a big purchase.
Shiela Kloefkorn from the Phoenix Business Journal sums it up like this:
Relationship selling is imperative if your product or service has a higher average selling price. Your prospects want to know that you’ll still be there for them after the sale if something goes wrong. To create that level of trust and faith, you need to build a solid relationship with prospects before you ever try to close a deal. These days, without a relationship, prospects are unwilling to risk buying an expensive product.
Now that we understand the value of face-to-face interactions in healthcare sales, let’s discuss what else you gain from these personal interactions.
After a slow start, cloud computing in the medical field is seeing a higher rate of adoption. MarketsandMarkets projects the global healthcare cloud computing market, with North America leading the way, will grow from $19.46 billion in 2018 to $44.932 billion by 2023, a CAGR of 18.2 percent. Big data, innovation in clinical documentation, healthcare Internet of Things (IoT) technology, wearable devices, as well as growing demand for data storage and backup are driving growth.