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.
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.
Connecting medical devices to healthcare provider networks can result in better patient experiences, increased data accuracy, better management of prescription administration, lower costs, and improved outcomes. There’s a significant challenge that comes along with all those benefits, however. An expanded network of MedTech, including Internet of Things (IoT) technology and patient monitoring devices both inside and outside the hospital, can create a risk to healthcare cybersecurity.
You have a great product and your customers are happy. Doctors, nurses, the hospital staff, and even your competitors are telling you that your product or service is making a difference. You already know that testimonials are integral to the healthcare sales process. You’ve asked your physicians and other stakeholders who have interacted with the product to write a review, but all you hear is crickets.
How do you actually get someone to sit down and write a solid review? You never get something for nothing as the saying goes. Follow these steps to get the review you want in the timeframe you need.
Amazon has long been diversifying its interests, so it’s not a big surprise they’ve stepped into the world of healthcare. In addition to their other initiatives, Amazon has made some new announcements about their partnership with Berkshire-Hathaway and JP Morgan -- we still don’t know much, except for a name, Haven, and that it will be focusing on their own employees first, and working with data, primary care, and insurance to reduce costs and innovate within the space.
After years of disrupting and transforming other industries, it’s now healthcare’s turn to be ambitiously re-envisioned. Thus far, Amazon has touched many aspects and elements of the trillion-dollar industry. So, what does this mean for medical technology and the ultimate future of healthcare and its data?
Let’s explore how Amazon is changing the way technology and medicine intersect.
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.
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.
Patient-centered care is more than a buzzword; it’s evolved from a theoretical strategy to an operational reality across medical practices, surgery centers and hospitals alike. For organizations to deliver on the promises of patient-centered care, there must be meaningful engagement. One tool to ensure this occurs is the Patient Engagement Framework, a model created as a guide for healthcare organizations. It allows them to develop and bolster patient engagement strategies by using e-health tools and resources.
The increasing focus on patient engagement is a result of the Affordable Care Act (ACA) and related programs to ensure the US healthcare system is focused on quality, not just quantity, of care. The ACA aligns Medicare payments to improved productivity, efficiency, and quality metrics, including patient engagement and care experience.
As a MedTech professional, it’s wise to familiarize yourself with all five stages and how you can contribute to your prospects success at every step.
The world of healthcare technology evolves rapidly, with new trends on the horizon. As technology becomes more innovative, healthcare professionals can expect these trends to enhance the patient experience, improve care, and deliver better workflows. Earlier this year, we looked at the Top Medical Technology Advances From the Last 100 Years. Now, as 2018 draws to a close, let’s examine the healthcare technology trends that will be most impactful in 2019.
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!
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.
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 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.
Big data is increasingly available and used by MedTech and other healthcare businesses in new market development and related marketing and sales strategies.
Data-driven marketing is not new, but is gaining rapidly in popular application. However, data application for use by sales teams, particularly in new market development, is adopted less frequently and at a slower rate, and that translates to missed opportunities.
Below are some guidelines for new market development strategies and tactics that incorporate a symbiotic approach involving both marketing and sales.
If you sell medical technology products to doctors you already know the importance of physician education goes much deeper than a simple presentation and discussion of product features and benefits.
Whether your medical technology is specifically sold to and used by primary care providers (PCPs), medical specialists, or both, the PCP should be the target audience for education about your technology.
Yet many MedTech companies whose products are intended for use by medical specialists put limited or no resources toward educating PCPs on their products. It may be understandable, but it’s also shortsighted.