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:
1) Understand the rapidly-consolidating market
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:
Selling new technology into the market? You’ll want to stay informed and understand the technology and interoperability workflows that are already in place at your target hospital. This way, you can either demonstrate how your solution integrates with their current EMR solution or show how your technology could be an upgrade or replacement for their current solution.
An incumbent EMR vendor? You’ll still want to stay on top of these announcements in order to protect your stake – as you know, hospital consolidation contributes to EMR vendor consolidation. It’s important to know when these mergers are happening, so you can reconnect with your primary contact at exactly the right time.
Selling a new drug? If you're looking to find a hospital where you can conduct your clinical trial successfully (within your geographic area and with the patient population you need), you'll need to find a way to stay on top of mergers and acquisitions, executive moves, financing announcements, and more.
Selling medical devices? Staying on top of the industry's mergers and acquisitions helps you organization accomplish its goals in the form of selling specific product lines or gaining new sources of revenue and a broader target audience.
Trying to staff a hospital? The movement away from smaller, locally-based community hospitals to bigger organizations has encouraged nurses to unionize. When recruiting workers for hospitals, you not only need to stay on top of which hospitals are merging together, you also need to understand the healthcare workforce as unionization, under staffing, and retirement come into play.
2) Tie your value prop to VBC measures
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!
3) Map out your executive targets
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.
4) Consider focusing on smaller, critical access hospitals
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.
Segment and define the market with financial data.
Capitalize on the hospital market's consolidation, quality improvement, and technology transformation trends.
Create ideal customer profiles based on net patient revenues, procedures and diagnoses, and geographies.
Develop account plans targeting specific hospital and health system leaders.
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 ExecutiveMaggie Fortunewill cover how:
To identify ideal selling opportunities in the large ambulatory care market, including 1.6 million allied health professionals
Traditionally inpatient acute care environments, including cardiology, orthopedics, gynecology, and advanced dermatology, among other practice areas, are shifting
Payment reforms, technology advancement, and patient sentiment are driving change in the ambulatory care market
To target the key physician influencers across multiple facilities and networks