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.
When you market solutions and services to the healthcare industry, it’s easy to pick up a lot of terminology that you may even use in your marketing content, but have you ever wondered what those acronyms your healthcare clients use in their everyday conversations really mean?
CPT code is a prime example. You may have seen “CPT” if your solution involves a part of the medical billing procedure — or you may have noticed it on your own medical bills, or Explanation of Benefits statement.
If you’re like most busy healthcare marketers, it can be a challenge to stay on top of news and trends that help keep your campaigns and messaging perfectly on point. Fortunately, you don’t have to go it alone.
Here are nine healthcare marketing blogs to follow, whether you’re looking for how-to’s, tips, industry insights, or just inspiration to help you move past writer’s block.
After you have had a chance to review our list of best content, be sure to leave a comment with your favorite healthcare or marketing blog that didn't make our list.
It seems like almost every large MedTech company has climbed on the big data bandwagon in an effort to drive more effective and targeted marketing to physicians and sales activities.
Big data for precise targeting is, in fact, one of the most powerful tools in the arsenal of both marketing and sales teams when they have access to it and know how to mine, analyze, and use it.
However, there are a number of challenges and inequities that separate the organizations that can track a direct, positive correlation between use of data and increased sales from the ones that can’t or don’t leverage this kind of data and analytics for more accurate targeting, such as: