Successful sales strategies all boil down to three key components: market insights, value demonstration, and client insights. To shorten your sales cycle and maximize deal size, it is vital that your team knows the distinct pain points of each target facility and, most importantly, how healthcare leaders can get the most value from your device compared to the competition.
Below, we’ve outlined the most valuable insights you need to effectively target your clients and customize your messaging.
1. Diagnosis and procedure volume
How can you find the patients that could benefit from using your device without diagnosis and procedure data?
Effective use of market insights like diagnosis and procedure volumes can start as early as the conceptualizing phases of implantable device development. Research teams can use this data to find the therapy areas for which there are large patient populations and little market competition.
Access to diagnosis volumes and physician locations is also vital in mapping patient journeys and early treatment intervention. The first step is to determine the base volume of patients with your target diagnosis, and then layer clarifying data such as diagnosis year, region, and provider. Each touchpoint in the patient journey—from initial visit to diagnosis to procedure—is an opportunity for your team to introduce your device and demonstrate its value.
Fig 1 Illustration of Definitive Healthcare’s Hospital & IDNs database and therapy area analytics visual dashboard using data on knee replacement procedure volumes.
2. Comorbidities and side effects
Comorbidities can be indicators of a variety of issues within the healthcare industry—from staffing shortages to lapses in proper sterilization measures. Some comorbidities are side effects of a specific treatment. If this is the case, implantable devices may have an advantage over some pharmaceutical interventions.
With birth control, for example, patients can choose between hormone pills, injectable hormones, a hormonal implant, or a copper implant. Hormonal methods of birth control can cause side effects like migraines, and increase the risk of developing cardiovascular problems. The copper implant, in contrast, has shownnone of these side effects.
Understanding the comorbidities associated with common treatments for your target diagnosis group can inform your positioning and influence the messaging you use in your value proposition, allowing you to demonstrate the value in switching to your device.
Top comorbidities for inpatient procedures, data illustration
Fig 2 Illustration of Definitive Healthcare’s therapy area analytics visual dashboard using data on common comorbidities for an unspecified diagnosis.
3. Referral patterns
Clinicians can have substantial influence on your sales strategy, so making sure that your team knows how to leverage those experiences is vital to your success. Once you’ve found your patient cohort, the next step is identifying which healthcare providers they visit before receiving the diagnosis you’re looking for. Their influence on the market can shape your approach and inform your messaging.
Physician referral patterns and affiliations can help you identify physician leaders that have the most experience within a therapy area. Clinicians seeing high volumes of patients combating the same health issues are more likely to be receptive to new solutions—particularly if that solution will cut costs in the long run.
As a supplier, you can help mitigate revenue loss by encouraging early intervention. Identifying clinicians with high referral volumes to diagnosing physicianscan give you an ideal target for your sales pitch. The sooner a patient begins treatment, the more effective it is likely to be.
Massachusetts General Hospital referral network, data illustration
Fig 3 Illustration of Definitive Healthcare’s hospital referral area analytics visual dashboard using data from Massachusetts General Hospital in Boston, Massachusetts (Definitive ID 1973).
Implantable devices are not always the first line of defense when managing a chronic illness, but may drastically improve quality of life for patients given the option early. Diabetic patients may choose an implantable or continuous blood glucose monitor over a traditional lancing device. Continuous monitoring devices alert users when blood glucose levels drop too low, eliminating the need for constant self-testing and potentially reducing the risk of severe complications and emergency care costs.
Referral patterns will also show whether patients are being sent out-of-network or kept in-network, which impacts CMS reimbursements and revenue leakage. Patients that remain in the same care network are likely to receive more closely coordinated care and adhere to a prescribed treatment regimen. When patients adhere to their treatment plans, their care outcomes have a higher chance of improving and clinicians will seek to replicate those results by continuing with the same medical devices.
Are you looking for more information on how to reach a wider physician market and shorten your sales cycle? Visit the Definitive Healthcare blog for more information on how you can leverage all-payor claimsand other healthcare data to increase your revenue in 2020 and beyond.