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Welcome back to Conversations With Carevoyance, a series dedicated to highlighting healthcare and MedTech vendors, thought leaders, and innovators across the healthcare industry. Today, we’re chatting with Lisa Bichsel, owner of Bichsel Medical Marketing Group.
Founded in 2014, Bichsel Medical Marketing Group or BMMG builds and executes marketing strategies for medical device and biotech companies. Most of their clients are startups, so Bichsel and her team help them with scalable marketing, advertising, PR, and other critical aspects of commercialization as they work toward their exit strategy.
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Territory Manager is Carevoyance’s newest product offering, a recently launched tool designed specifically for MedTech sales teams, explicitly focused on improving workflows and addressing the needs of representatives that sell to doctors and hospitals.
Territory Manager complements Carevoyance’s Omniscience, an existing platform that enables precise user-driven analyses into healthcare markets. This new tool harnesses a host of healthcare data and makes it functional, simple, and accessible, delivering substantial value to the entire sales team at all stages of the process.
Time waits for no one and the American healthcare system does not seem to be making it a priority. Despite the fact that the United States spends more per capita on healthcare than any other nation, it can still be difficult to see a doctor in a timely manner, especially if you are trying to get an appointment with a specialist or live outside of a major metro area.
Healthcare systems around the world (including universal healthcare systems) don’t have all the answers, but some countries have figured it out better than others.
According to HIPPA, 2018 was an especially bad year for healthcare data breaches. In fact, as of the end of December, the Department of Health and Human Services Office for Civil Rights received over 350 notifications relating to incidents involving 500 or more healthcare records, equating to over thirteen million exposures of personal health information.
So what do you do in the event of a data breach? What is the best way to respond? How can you protect yourself from a data incident in the first place?
Having a top five health system rating in the United States is a big deal—so big that it is broken down into several categories in the IBM Watson list of top health systems. This study isolates the 15 top hospitals in the United States based on revenue-generating metrics, and their geographical locations may surprise you. These systems produce revenue of over $1.85B annually. Medium top-rated health systems generate between $800M and $1.85B per year. The smallest top five health systems produce under $800M in revenue annually.
This article will discuss the top five large health systems of 2019 and why they were nominated (sometimes year after year).
Though “doctor on call” may conjure images of a black medical bag and a knock on your door, today’s on-call doctor can mean something entirely different. Provider services are shifting from waiting for patients to arrive for care within a clinic and expanding to serve people beyond medical facilities. In an age of advancing technology, more and more patients are demanding personalized services from the comfort of their own home or on their own schedule. Choosing a provider is also more selective and personal as patient access expands. In an attempt to address a healthcare system that doesn't always serve everyone equally well, some providers are trying to bridge the gaps by offering their services via traditional house-calls and telehealth communications.
This article will focus on two on-call home services--Heal and DispatchHealth--and three on-call telehealth services--MAVEN Project, MyTelemedicine and Teladoc. How to Use an Email Template
It’s difficult still to strike the right balance when it comes to sales prospecting -- your salespeople have limited time and energy, but cold, informal, or spammy calls and emails are going to have limited returns. Especially if your market is limited, “sending more emails” isn’t always a viable option. So what can you do to make sure that your emails to physicians and hospitals are getting better returns without forcing your salespeople to meticulously craft a message for every individual contact?
That’s where templates can be useful. These allow you to personalize your message without having to start from scratch, and can help reduce the legwork for your team. None of these are replacement for research and best practices, and should be used carefully, but can greatly improve the effectiveness of your cold emails and reduce the burden on your workforce.
With the ultimate goal of transparency, the U.S. enacted the Physician Payments Sunshine Act to shed light on financial relationships between medical device, supply, biologic, and pharmaceutical manufacturers and physicians. The act, passed into law in 2010 and enforced since April 9, 2013, requires reporting on any payments to physicians or to a third-party that they request. It also requires that manufacturers report any financial interest that physicians or their family members have in their companies.
2019 is shaping up to be an incredible year in healthcare. From IT and AI innovations, to advancements in 3D printing technology, this year is also proving to be beneficial for patients dealing with everything from pain management and acute stroke intervention to immunotherapy for cancer treatment and RNA-based therapies
Behind all of these achievements are people supporting the research and its’ implementation. We often appreciate all of the medical providers that strive towards successful patient outcomes by advancing research and technology. However, we sometimes forget about the hospital CEOs that support healthcare innovations. There are several hospital CEOs that should be closely watched in 2019.
Healthcare is one of the hottest topics as presidential hopefuls gear up for the next election. Candidates vying for the Democratic nomination have introduced or thrown their support behind one of at least 10 bills outlining proposed public healthcare programs, such as new plans to provide coverage through the Affordable Care Act (ACA) marketplace or Medicare buy-in options for people that aren’t eligible under the current program. Perhaps the most talked-about concept, however, is Medicare for All, the single-payer federal program that would replace private insurance and provide healthcare coverage to all U.S. residents.
Though healthcare can sometimes lag behind other industries in innovation, there are certainly aspects of medical technology that are moving at top speed. The headlines are full of breathless reports about advancements in healthcare that did not even seem possible a few years ago.
Healthcare trends in 2019 that are of particular interest are artificial intelligence, virtual patient services, blockchain innovations, mergers and acquisitions, and 3D printing. These technologies and innovations hone in on the patient experience by allowing medical care and prevention to be experienced individually. Affordability is at the heart of innovation too, which is why these five healthcare trends are worth a deeper review.
At the national Healthcare Information and Management Systems Society (HIMSS) conference held earlier this year in Orlando, we had the opportunity to hear a presentation by two hospital executives who lead capital planning and procurement teams.
The presenters included:
Last July, we published a blog on Mapping the Medical Sales Cycle, and a key part of the medical sales process includes understanding the steps involved in hospital procurement. The end goal for selling your medical technology very likely has important implications for physician and patient satisfaction (as well as clinical outcomes). However, the new reality is that buyers of your medical technology also need to understand the financial impact.
The hospital procurement process is integral to whether a sales rep sells a product or sits on unsold inventory. By learning more about hospital procurement, the overall medical sales cycle can be navigated with significantly less friction.
Medical advancements in technology and patient care are surrounding us daily and the innovations are incredible. Every year, the Cleveland Clinic puts out a list of the top ten medical innovations to discuss their favorite advancements of the year.
Cleveland Clinic is a nonprofit multi-specialty academic medical center that integrates clinical and hospital care with research and education. Located in Cleveland, Ohio, it was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. The physicians and medical community that provide feedback regarding their top innovative choices have to follow a stringent guideline of four rules:
This article will discuss the top five Cleveland Clinic picks in detail, but will include a list of the top ten.
New to medical device sales and don’t know who the key players are? We’ve got you covered. The top selling medical devices and their parent companies in 2018 covered 40% of the market share and are valued at over $500bn. If you are lucky enough to join one of them, read on about your company and their competitors. If you work for the other 60%, this information is just as valuable for you. These top ten selling medical device companies should be on every rep’s radar.
Consumer-Centric Trends Drive an Increasing Need for Healthcare Marketers
Healthcare is a diverse industry, requiring a host of different roles. Included in these are medical marketing jobs. After all, every type of business needs good marketers. As healthcare becomes more consumer-centric, marketing has become more vital for hospitals, physician practices, healthcare organizations, and other medical facilities to succeed.
Healthcare marketing jobs are certainly on the rise. According to ZipRecruiter, there is and will continue to be a high demand for these careers. Whether you are currently in the field or considering a change, here are some of the opportunities available.
Welcome to the first installment of Conversations With Carevoyance, a new series dedicated to highlighting healthcare and MedTech vendors, thought leaders, and innovators. Today, we’re thrilled to share an interview with Gavin Doree, Vice President of Sales and Marketing at Exalenz Bioscience.
Founded in 2006, Exalenz is one of two commercially available 13C Urea Breath tests in the United States for the diagnosis and confirmation of eradication of Helicobacter pylori (H. pylori). Specializing in noninvasive modalities for different GI and liver function diagnostics, Exalenz Bioscience’s patented BreathID technology delivers immediate results with industry leading specificity and sensitivity.
Millennials are notorious for always doing things their own way. That goes for healthcare as well. Millennials’ healthcare needs are different, and since they are expected to become the largest generation in 2019, healthcare organizations and providers need to understand why millennials want change.
Let’s look at why their needs are different and what this means to you as you sell and market to the healthcare industry.
Medical devices are useful and non-obvious—the criteria that must be met before considering an application for a U.S. patent. However, a patent is only reviewed to those who can prove their medical device invention is new and useful, or improves upon a process or object in new and useful ways.
The process may seem daunting, and it most definitely is time-consuming, but for the majority of novel medical devices, the effort of applying for a U.S. patent is worth the reward.
During every patient encounter healthcare providers rely on hundreds of discrete data signals on which they base their decisions in order to provide effective treatment. As care teams assess, diagnose and treat patients, they are creating and adding to the patients’ medical record with a range of data such as discrete lab results, qualitative descriptions, transcripts of their opinions and decisions and more. It’s no surprise the industry is facing a monumental challenge: how to unlock all of these unstructured clinical data for new insights into innovation and improving patient care.
The medical device industry experienced significant M&A in 2018. High-value deals included Boston Scientific’s $4 billion buyout of BTG (expected to close in a few months), Medtronic’s acquisition of Mazor Robotics for $1.64 billion, and Stryker’s $1.4 billion acquisition of K2M.
In his Medtech M&A Update, Karl Freimuth, partner and co-head of the US Industrial practice for Livingstone, an M&A advisory firm, called the 2018 M&A market “white hot,” with a mean EV/revenue valuation multiple of 2.3x and a mean EV/EBITDA multiple of 12.4x. Based on Livingstone activity, Freimuth expects medical device acquisitions to continue into this year with greatest interest from acquirers in areas including:
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. |
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