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If you’re in healthcare sales, you already know how important it is to do your research on prospects and market changes. You need to stay on top of a perpetually-changing healthcare landscape, which can be incredibly confusing and complex. With thousands of hospitals and facilities in play, you also need to be able to triage and prioritize your most strategic accounts.
But there is only so much time in the day! How can you make sure you are really engaging with key stakeholders and demonstrating your worth? Here are four tips to engage hospital executives and meet your numbers:
Understanding the market in which these executives operate is the first step to having informed, impactful conversations. In 2018, Definitive Healthcare tracked 803 mergers and acquisitions and 858 affiliation and partnership announcements in the healthcare market. With all of this going on, it can be difficult to cut through the noise, especially as the space gets smaller and increasingly competitive.
As these consolidations happen, there are lots of new opportunities:
An American Hospital Association (AHA) and Mannat Health survey recently discovered that healthcare providers are spending $39B per year on managing the administrative tasks required to comply with federal value-based care (VBC) regulations. Due to the demands of healthcare record-keeping and continued advancements in medical technology, spending is skyrocketing. At the same time, hospital budgets are tighter than ever due to increasing staffing costs.
So how can you work this to your advantage? Try prioritizing hospitals with low quality performance scores. The healthcare market has a massive amount of data around clinical, quality, and financial performance. Find a data platform that helps you identify hospitals with the lowest quality performance scores or readmission rates. Within these hospitals, you may find high revenue losses due to federal penalties. If a hospital has high readmission rates for knee replacements, and your solution helps streamline those surgeries, not only will you help solve their problems from a financial and clinical perspective – you are also likely to make the sale!
If you have the right data provider, you can quickly look at an account and identify any glaring issues that your product may be able to resolve. It’s like you’re “looking over their shoulder” – and that’s not a bad thing!
Once you’ve identified a hospital or IDN that you want to sell to, you will want to define your top contacts. Typically, it would be some mix of the following:
How do you find this contact information? Of course, it’s a good idea to work your network and current client base for a warm introduction, but if you’re hoping to break into uncharted territories, a data platform can help you grab the contact information you need. You want to know where your contact’s priorities lie, where they are investing money, and if there are any compelling events that could beget a need for what you have to sell.
One important thing to stress is cross-functionality. You’ll want to ingrain yourself in the account and develop champions across the organization. Depending on what you’re selling, there’s a decent possibility that a “value committee” will be involved. If costs to employ nurses and physicians keep rising, budgets will continue to be reigned in. It’s important to have a way to identify and introduce yourself to the individuals in the value committee to ensure you’re ahead of the game and putting yourself in the best possible position to win new business.
As a sales rep, you need to figure out “who are my accounts and how am I going to hit my number?” With thousands of healthcare facilities in play, data can help you triage and prioritize. You want to define your strategic accounts – maybe purely based on size, potential revenue opportunity, a great logo, affiliate play, or even an organization that has direct or indirect influence over other hospitals. Based on your business, you need to use the right data to identify these strategic accounts and know exactly why they are strategic.
Definitive Tip: Historically, smaller critical access hospitals are often underserved, as most organizations are going after the bigger opportunities. As a result, they tend to be more receptive to new solutions.
Hospitals are getting more sophisticated when it comes to using technology and data to capture, serve, and retain their client base. Are you?
Definitive Healthcare gives you the full picture of the healthcare market, with up-to-date, comprehensive insights on your customer base.
With Definitive Healthcare, you can eliminate guesswork, and empower your team to focus on wins.
Looking to learn more about selling to physicians in an outpatient setting? Join us for our live webinar, Selling to Doctors in the Fast-Growing Outpatient Market, on May 1st at 2pm EST.
In this webinar, Enterprise Account Executive Maggie Fortune will cover how:
Save your seat today!