Health Technology, Digital Healthcare
Article | August 21, 2023
Worried about how to improve your healthcare sales? Wondering where to begin? Of course, these questions demand genuine consideration. Healthcare professionals are some of the most valuable and vital members of the societiy. And you will have to take care of their unique needs if you want to sell your products to them.
Over the years, selling in most of the industries has changed; the healthcare industry is no exception. The healthcare industry has been booming over the last decade. The boom has increased the necessity of managing patient care and innovating medicines exponentially. To cater to such rising needs, newer technologies are being adopted by the industry.
Flatiron Health, a well-known healthcare technology and service provider, is using data analytics to tackle cancer. They believe that the technology industry is essential to solve healthcare issues. This New York-based start-up uses its cloud-based software platform and big data to connect to various cancer centers across the country. The key asset of the company is its ability to use data analytics to make meaningful recommendations. The annual revenue of Flatiron Health is US$100-500 million. Yes! you read it right.
So, all you need is to have a smart healthcare sales and marketing strategy. Having an effective strategy will help you conquer the healthcare industry and increase your profit margin. One of the easy ways to increase your healthcare IT sales is to have a firm understanding of the ohospital's organizational structure Apart from that, you can analyze the organization by asking the following questions:
• How does this particular healthcare organization compare with its competitors in this
specific arena?
• What is their current position in the industry?
• What makes them stand out from their competitors?
• What makes them unique?
Just like the tips mentioned above, this article is all about tips and strategies to increase your healthcare sales leads. These tips will undoubtedly help you skyrocket your healthcare technology sales by reaching out to a wider audience.
Attract Your Target Audience with Content Marketing
Healthcare is always been trending on search engines through relevant keywords. People search for a related term like healthcare and wellness tips, local medical professionals and medical facilities, and jobs in healthcare.
• One in every 20 searches is related to healthcare
• 70% of visitors of hospital websites come from organic web search
• 77% of all online health queries begin with a search
So, using content marketing to attract audience is the best way to increase healthcare sales. Offering healthcare and wellness information through different online channels will help you improve your credibility and visibility. This step will strengthen the relationship between staff, patients, prospective employees, and the community and increase credibility. According to CMI B2B Content Marketing Report, 2019, 62% of B2B marketers said that they were more successful with content marketing than ever before.
The healthcare technology industry is technical, and it can be highly challeging when you sell the product directly to high-level executives or physicians. So, you must invest time to create compelling content like blog posts, whitepapers, case studies, etc. It will increase your healthcare sales as this content will establish your expertise. So, all you need to do is generate informative and appealing content to position your company as an authentic thought leader, which will help you land more healthcare sales.
Understand your Customer Better and Build Trust
You cannot imagine a society without healthcare professionals. Obviously, you will have to go out of your way to have a deep understanding of their requirements if you want to sell technology to them.
Requirements of each of your clients in the healthcare industry can vary. Hence a ‘one size fits all’ approach will not help when it comes to offering the best experience to every customer. Thus, it would help if you adapted to customer needs for successful healthcare sales. Furthermore, it is essential to realize that healthcare customers are different from other business professionals.
Don’t beat around the bush when you get a chance to talk to them. Directly give them information on what they are looking for, staying respectful and professional. This will help you grab attention and generate interest.. Be flexible despite the odds and do whatever possible to solve their problems.
Prioritize trust-building at all times. In any sales process, trust is a decisive factor, especially in healthcare sales. The reason for this is that if you are selling medical equipment, technologies, or pharmaceuticals, your clients are risking the well-being of their patients in your hands. So, to pull up the healthcare sales game, work on building up a strong relationship and trust with your clients.
Know the Buyer’s Organizational Chart
Unlike working with a small clinic with a single decision-maker, you need to deal with a purchasing department or a buying group when you sell to a big hospital. To ensure that you do not miss anybody, you may have to map out your client’s purchasing hierarchy and identify everyone in the hospital involved in the process. In the healthcare industry, every single client has a very different purchasing style.
You can obtain this information from your known contacts and network within the organization. Knowing the organizational chart of your clients will help you expand your influence with in he organization and boost your healthcare sales.
Focus on Your Client’s Customers
Even for most effective sales organizations, it is remarkably challenging to sell to a client-driven and continually emerging industry like healthcare. However, if you make it through this competitive industry, you will have endless opportunities to add to your profits through successful healthcare sales.
When dealing with a service-based industry, the best strategy is to serve your clients’ customers. Essentially, if you find a practical way to improve their experience, your clients will be happy and you can establish a long-lasting relation with them.
Whenever you deal with a client from the healthcare industry, remember to focus on the actual patients. This strategic line of thought can surely bring you more healthcare sales and increase your annual profit.
Get Started with Social Media Marketing
This is fairly obvious that, in the modern world, social media has become a part of the everyday. There is no easier way to increase your client numbers than to promote your product or service on a platform that everyone uses.
Facebook is the best social media platform. Mainly because senior people use it as they are likely to require medical assistance. A Facebook page is the best place for you to start with your social media advertising. It is an informational source that can increase the targeted traffic coming to your website.
Due to the easy availability of information online, medical professionals do not depend upon salespeople. Instead, they do online research before making a purchase decision. Social media marketing can help you increase healthcare sales and be on the top at all times.
Rapidly evolving regulatory forces, market dynamics, and consumer demands are constantly adding to the healthcare industry's complexity. Driving meaningful patient action and true engagement through your innovative sales and marketing solutions will increase your healthcare sales. This will also make you stand out from the rest of the pack, ending in a long-term relationship with all your customers.
Ace your healthcare sales with these strategies and tips. Reach out to us if you are looking for any assistance. We at Media 7 provide all the B2B healthcare sales and marketing solutions. We focus on bringing in potential clients to your business platforms, converting them, and making them your happy customers forever. To know more about us, visit: https://media7.com
Frequently Asked Questions
What is a healthcare marketing strategy?
Healthcare marketing strategy is usually an inbound marketing process. We bring forth all the resources that could bear against various threats and opportunities in a highly competitive healthcare business through the process.
Why is healthcare marketing important?
For the sustainable growth of the healthcare industry, healthcare marketing is very important and an integral part. Marketing of healthcare technologies and other new facilities in line with treatment is very important for the transformation of the industry.
What is healthcare sales?
The process of persuading healthcare clients and making them buy your products is healthcare sales. In the process, you will sell drugs, medicines, equipment, and technologies to healthcare clients.
How can healthcare professionals drive sales?
Focusing on your client’s customer is an innovative strategy for sales in healthcare. A healthcare professional is likely to buy your product if you prove that your product can make their patients' lives easier.
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Health Technology, AI
Article | July 18, 2023
Dialysis providers face many of the same financial and operational pressures that affect other provider organizations, including flat or reduced reimbursements, chronic staffing shortages, and increasingly complex insurance requirements. Dialysis centers, nephrologists, and renal pharmacies also grapple with the impact of a growing shift in dialysis care to the home setting.
End-to-End Automation Can Reduce Denials, Improve Cash Flow
The good news is that despite these challenges, dialysis providers can sustain strong cash flow, reduce costs, and mitigate denials by applying advanced technology to the revenue cycle.
Here are six ways technology can help strengthen the dialysis center revenue cycle in the today’s difficult operating environment:
Identify undisclosed insurance coverage
Because patients often present as self-pay even though coverage exists, determining their true insurance status can be challenging. Yet failure to identify existing insurance can result in significant write-offs.
That’s why renal providers need technology solutions that can uncover patient coverage information before care is provided. Change Healthcare’s Coverage InsightTMsolution provides an expansive network and search-and-matching capabilities necessary to identify and confirm patient coverages at the outset of care.
The solution uses machine learning algorithms—coupled with access to vast stores of available third-party-data—to develop robust patient profiles, which can then be linked to potential funding sources. Notably, it identifies a variety of indicators, including high probability of disability, income levels and financial status, insurance sources, and other actionable information to help you verify coverage and recover revenue.
We can help identify undisclosed coverage for end-stage renal disease (ESRD) patients through Medicare/Medicaid, Disability/SSI, third-party liability, commercial insurance, state and county programs, social programs, and charity.
Expedite seamless prior authorizations
Streamlining the prior authorization process is essential to help ensure optimal reimbursement for renal care rendered, particularly with commercial insurance and Medicare. But traditional prior authorization processes are frequently time-consuming and labor-intensive and can delay necessary care.
Our Clearance Authorization software addresses the chronic problem of prior authorizations with automated functionality that can determine if prior authorization is required and on file with the payer. The solution also will automatically check medical necessity requirements at the time of registration and electronically submit requests to integrated payers.
Change Healthcare’s Connected Authorization Services go a step further by deploying pre-authorization experts to handle routine authorizations quickly using intelligent technology while working complex cases by exception to improve authorization efficiency and accuracy.
Speed adjudication with electronic attachments
As claims management processes have grown more numerous and complex, providers have struggled to ensure that the correct information is provided to the payer at the appropriate time. The result can be delayed, denied, or rejected claims.
Assurance Attach AssistTMcontributes to faster reimbursement and reductions in denials, organizational expense, and administrative burden by automating the attachments process to meet payers’ increased demands for additional documentation. Attachments are automatically delivered and matched to the appropriate claim, and once the claim is released, claim and attachment status can be easily tracked.
Expedite claims workflow for recurring services
Creating claims for ongoing ESRD care requires repeatedly documenting the same details on each claim. Revenue Performance Advisor, an end-to-end medical billing platform, provides automation that allows dialysis staff to save time by quickly replicating unchanged data from prior visits while updating date-of-service and other information to expedite claims processing.
Revenue Performance Advisor also includes eligibility and benefits verification and automated claims scrubbing that flags incomplete or incorrect claims prior to submission, resulting in a first-pass clean claim rate of 98%.
Accelerate your Medicare claim cash flow
Medicare is one of the largest payers of dialysis services, so ensuring a problem-free and expedited Medicare claims submission process is essential to strong cash flow.
Our Assurance Medicare Direct EntryTMsolution provides a single system for the real-time submission and processing of Medicare claims. It can help expedite reimbursement, reduce AR days, and speed your Medicare primary claim cash flow by at least one full business day.
Assurance Medicare Direct Entry also checks your Medicare claims for eligibility errors using the CMS eligibility transaction system (HETS). Claims needing attention are flagged and posted in Assurance Reimbursement Management for editing. You can quickly correct errors within the system before transmitting the claim directly to Medicare for validation and payment processing.
Optimize patient liability
Making it easy for patients to receive, understand, and pay their portion of the medical bill is key to ensuring a healthy revenue cycle, mitigating the need for collection services, and improving patient goodwill.
With our Patient Billing and Statements solution, Change Healthcare serves as your strategic communications partner, delivering multi-channel, personalized print and digital statements to help expedite patient payment collection.
The solution is designed to provide fast, effective statement and invoice processing, printing, and mailing—cutting your costs and getting you paid sooner. Our advanced statement printing allows you to bypass conventional and time-consuming folding, stuffing, and stamping.
SmartPayTMconsolidates each step of the billing and payment process into one place, enabling you to collect more patient payments, get paid faster, reduce your collection costs, and lower patient write-offs. With multiple payment channels, including online, mobile, telephone and via mail, SmartPay helps expedite patient payments before, during, and after the encounter.
A single, trusted partner
Change Healthcare’s deep knowledge of the renal care landscape and our development of disruptive technologies to overcome traditional revenue cycle barriers can help dialysis centers achieve unprecedented revenue cycle excellence.
And unlike many point solutions that only address a specific revenue cycle issue, Change Healthcare’s technologies are part of a comprehensive approach delivered through a single, trusted vendor. That translates into improved process integration and continuity, as well as simpler overall accountability.
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Health Technology, Digital Healthcare
Article | September 7, 2023
A digital twin is a digital representation of a real-world entity or system. The implementation of a digital twin is a model that mirrors a unique physical object, process, organization, person or other abstraction. For healthcare providers, digital twins provide an abstraction of the healthcare ecosystem’s component characteristics and behaviors. These are used in combination with other real-time health system (RTHS) capabilities to provide real-time monitoring, process simulation for efficiency improvements, population health and long-term, cross-functional statistical analyses.
Digital twins have the potential to transform and accelerate decision making, reduce clinical risk, improve operational efficiencies and lower cost of care, resulting in better competitive advantage for HDOs. However, digital twins will only be as valuable as the quality of the data utilized to create them. The digital twin of a real-world entity is a method to create relevance for descriptive data about its modeled entity. How that digital twin is built and used can lead to better-informed care pathways and organizational decisions, but it can also lead clinicians and executives down a path of frustration if they get the source data wrong. The underlying systems that gather and process data are key to the success for digital twin creation. Get those systems right and digital twins can accelerate care delivery and operational efficiencies.
Twins in Healthcare Delivery
The fact is that HDOs have been using digital twins for years. Although rudimentary in function, digital representations of patients, workflow processes and hospital operations have already been applied by caregivers and administrators across the HDO. For example, a physician uses a digital medical record to develop a treatment plan for a patient. The information in the medical record (a rudimentary digital twin) along with the physician’s experience, training and education combine to provide a diagnostic or treatment plan. Any gaps in information must be compensated through additional data gathering, trial-and-error treatments, intuitive leaps informed through experience or simply guessing. The CIO’s task now is to remove as many of those gaps as possible using available technology to give the physician the greatest opportunity to return their patients to wellness in the most efficient possible manner.
Today, one way to close those gaps is to create the technology-based mechanisms to collect accurate data for the various decision contexts within the HDO. These contexts are numerous and include decisioning perspectives for every functional unit within the enterprise. The more accurate the data collected on a specific topic, the higher the value of the downstream digital twin to each decision maker (see Figure 1).
Figure 1: Digital Twins Are Only as Good as Their Data Source
HDO CIOs and other leaders that base decisions on poor-quality digital twins increase organizational risk and potential patient care risk. Alternatively, high-quality digital twins will accelerate digital business and patient care effectiveness by providing decision makers the best information in the correct context, in the right moment and at the right place — hallmarks of the RTHS.
Benefits and Uses
Digital Twin Types in Healthcare Delivery
Current practices for digital twins take two basic forms: discrete digital twins and composite digital twins. Discrete digital twins are the type that most people think about when approaching the topic. These digital twins are one-dimensional, created from a single set or source of data. An MRI study of a lung, for example, is used to create a digital representation of a patient that can be used by trained analytics processes to detect the subtle image variations that indicate a cancerous tumor. The model of the patient’s lung is a discrete digital twin. There are numerous other examples of discrete digital twins across healthcare delivery, each example tied to data collection technologies for specific clinical diagnostic purposes. Some of these data sources include vitals monitors, imaging technologies for specific conditions, sensors for electroencephalography (EEG) and electrocardiogram (ECG). All these technologies deliver discrete data describing one (or very few) aspects of a patient’s condition.
Situational awareness is at the heart of HDO digital twins. They are the culmination of information gathered from IoT and other sources to create an informed, accurate digital model of the real-world healthcare organization. Situational awareness is the engine behind various “hospital of the future,” “digital hospital” and “smart patient room” initiatives. It is at the core of the RTHS.
Digital twins, when applied through the RTHS, positively impact these organizational areas (with associated technology examples — the technologies all use one or more types of digital twins to fulfill their capability):
Care delivery:
Clinical communication and collaboration
Next-generation nurse call
Alarms and notifications
Crisis/emergency management
Patient engagement:
Experiential wayfinding
Integrated patient room
Risks
Digital Twin Usability
Digital twin risk is tied directly to usability. Digital twin usability is another way of looking at the issue created by poor data quality or low data point counts used to create the twins. Decision making is a process that is reliant on inputs from relevant information sources combined with education, experience, risk assessment, defined requirements, criteria and opportunities to reach a plausible conclusion. There is a boundary or threshold that must be reached for each of these inputs before a person or system can derive a decision. When digital twins are used for one or many of these sources, the ability to cross these decision thresholds to create reasonable and actionable conclusions is tied to the accuracy of the twins (see Figure 2).
Figure 2: Digital Twin Usability Thresholds
For example, the amount of information about a patient room required to decide if the space is too hot or cold is low (due to a single temperature reading from a wall-mounted thermostat). In addition, the accuracy or quality of that data can be low (that is, a few degrees off) and still be effective for deciding to raise or lower the room temperature. To decide if the chiller on the roof of that patient wing needs to be replaced, the decision maker needs much more information. That data may represent all thermostat readings in the wing over a long period of time with some level of verification on temperature accuracy. The data may also include energy load information over the same period consumed by the associated chiller.
If viewed in terms of a digital twin, the complexity level and accuracy level of the source data must pass an accuracy threshold that allows users to form accurate decisions. There are multiple thresholds for each digital twin — based on twin quality — whether that twin is a patient, a revenue cycle workflow or hospital wing. These thresholds create a limit of decision impact; the lower the twin quality the less important the available decision for the real-world entity the twin represents.
Trusting Digital Twins for HDOs
The concept of a limit of detail required to make certain decisions raises certain questions. First, “how does a decision maker know they have enough detail in their digital twin to take action based on what the model is describing about its real-world counterpart?” The answer lies in measurement and monitoring of specific aspects of a digital twin, whether it be a discrete twin, composite twin or organization twin.
Users must understand the inputs required for decisions and where twins will provide one or more of the components of that input. They need to examine the required decision criteria in order to reach the appropriate level of expected outcome from the decision itself. These feed into the measurements that users will have to monitor for each twin. These criteria will be unique to each twin. Composite twins will have unique measurements that may be independent from the underlying discrete twin measurement.
The monitoring of these key twin characteristics must be as current as the target twin’s data flow or update process. Digital twins that are updated once can have a single measurement to gauge its appropriateness for decisioning. A twin that is updated every second based on event stream data must be measured continuously.
This trap is the same for all digital twins regardless of context. The difference is in the potential impact. A facilities decision that leads to cooler-than-desired temperatures in the hallways pales in comparison to a faulty clinical diagnosis that leads to unnecessary testing or negative patient outcomes.
All it takes is a single instance of a digital twin used beyond its means with negative results for trust to disappear — erasing the significant investments in time and effort it took to create the twin. That is why it is imperative that twins be considered a technology product that requires constant process improvement. From the IoT edge where data is collected to the data ingestion and analytics processes that consume and mold the data to the digital twin creation routines, all must be under continuous pressure for improvement.
Recommendations
Include a Concise Digital Twin Vision Within the HDO Digital Transformation Strategy
Digital twins are one of the foundational constructs supporting digital transformation efforts by HDO CIOs. They are digital representations of the real-world entities targeted by organizations that benefit from the advances and efficiencies technologies bring to healthcare delivery. Those technology advances and efficiencies will only be delivered successfully if the underlying data and associated digital twins have the appropriate level of precision to sustain the transformation initiatives.
To ensure this attention to digital twin worthiness, it is imperative that HDO CIOs include a digital twin vision as part of their organization’s digital transformation strategy. Binding the two within the strategy will reinforce the important role digital twins play in achieving the desired outcomes with all participating stakeholders.
Building new capabilities — APIs, artificial intelligence (AI) and other new technologies enable the connections and automation that the platform provides.
Leveraging existing systems — Legacy systems that an HDO already owns can be adapted and connected to form part of its digital platform.
Applying the platform to the industry — Digital platforms must support specific use cases, and those use cases will reflect the needs of patients, employees and other consumers.
Create a Digital Twin Pilot Program
Like other advanced technology ideas, a digital twin program is best started as a simple project that can act as a starting point for maturity over time. Begin this by selecting a simple model of a patient, a department or other entity tied to a specific desired business or clinical outcome. The goal is to understand the challenges your organization will face when implementing digital twins.
The target for the digital twin should be discrete and easily managed. For example, a digital twin of a blood bank storage facility is a contained entity with a limited number of measurement points, such as temperature, humidity and door activity. The digital twin could be used to simulate the impact of door open time on temperature and humidity within the storage facility. The idea is to pick a project that allows your team to concentrate on data collection and twin creation processes rather than get tied up in specific details of the modeled object.
Begin by analyzing the underlying source data required to compose the digital twin, with the understanding that the usability of the twins is directly correlated to its data’s quality. Understand the full data pathway from the IoT devices through to where that data is stored. Think through the data collection type needed for the twin, is discrete data or real-time data required? How much data is needed to form the twin accurately? How accurate is the data generated by the IoT devices?
Create a simulation environment to exercise the digital twin through its paces against known operational variables. The twin’s value is tied to how the underlying data represents the response of the modeled entity against external input. Keep this simple to start with — concentrate on the IT mechanisms that create and execute the twin and the simulation environment.
Monitor and measure the performance of the digital twin. Use the virtuous cycle to create a constant improvement process for the sample twin. Experience gained through this simple project will create many lessons learned and best practices to follow for complex digital twins that will follow.
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Article | February 18, 2021
Your sales cycle encompasses every action you take to close a new customer as a salesperson. But there is a possibility for the sales cycle to be confused with sales methodology. Sales methodology is a framework in which one practices a sales cycle. Whereas the sales cycle is the step-by-step process of you, as a salesperson, to close a deal with a client.
Piper Drive, a sales CRM and pipeline management platform defines a sales cycle as the series of predictable phases required to sell a product or a service, and that sales cycles can vary greatly among organizations, products, and services, and no one sale will be the same.
Especially with the healthcare industry, a thorough understanding of your health tech sales cycle will make your sales operations more efficient. Shortening the sales cycle without an up-front investment for sales is one of the critical healthcare sales and marketing goals. If you shorten your health tech sales cycle, you get more time to make additional leads. This will ultimately result in having an improved bottom line.
A faster and shorter sales cycle can bring you more advantages in the competitive sales world of your industry. It will indeed allow your company to grow its business by improving market share. Have you ever thought, as a salesperson, about the effective ways to shorten the health tech sales cycle? This article mainly focuses on proactive ways to shorten your sales cycle and improve profitability.
Challenges of Long B2B Health Tech Sales Cycle
According to Marketing Sherpa, a market research institute, the length of the sales cycle can vary from industry to industry. Comparatively, the health tech industry has a longer sales cycle. Still, there are many effective ways to shorten it and bring a positive impact on your sales process.
In general, B2B sales take a lot of time to maintain. Thus, the B2B health tech sales cycle takes even months to close a sale with a prospect and faces many challenges in the process. Some of the challenges you may face, as a health tech salesperson, can be the following on the process:
Turning the Lead to a Sales-Ready Prospect
No health tech salesperson will find a lead ready to make the sale without any persuasion from you. In the health tech sales cycle, lead nurturing should be your best bet to convert a prospect.
With longer sales cycles, it won't be easy to nurture a lead all through the process and make a sales-ready prospect. It would be easier to convert leads when they are ready if you keep in touch with the prospects. People often find it difficult to do so in the long health tech sales cycle and end up not converting potential clients into happy customers.
Maintaining Engagement Over Time
The sales team keeps converting leads on their radar. As days and months pass, it is challenging to memorize each prospect you have interacted with. Neglecting them brings nothing to your business.
It can be a juggle to balance new prospects with existing SQLs. Older ones may get lost in the weeds as new leads come in. No one can tell which one is a higher priority. Whom will you pay more attention to and for how long? It can be a severe obstacle in the long B2B health tech sales cycle.
Keeping Your Sales Team Energized
If your sales team is not engaged with the process itself and enjoys it, they will have a more challenging time dealing with leads. It is a fact that, unfortunately, salespeople can become frustrated or bored due to working with difficult and hesitant leads.
As the health tech sales cycle drags on, it is tough to remain emotionally calm. If you have no strategies to energize them promptly, apathy or discouragement may come into play.
Ensuring Marketing and Sales Alignment
Lack of communication between the sales and healthcare marketing teams can pose the most detrimental challenges. It can impact the health tech sales cycle seriously. This loss of alignment between marketing and sales can hurt lead nurturing and lead to further difficulties like the ones listed above.
When the two teams move out of sync, it often requires a lot of effort to get them on the same page again. These teams can work separately with decisions and different goals, but it would not benefit the entire company.
Five Stages of the Typical Sales Cycle
It is better to understand the five stages of the health tech sales cycle to comprehend how the sales cycle comes into play completely.
Prospect
This is the stage where the sales team attracts leads and listens to them, and learns to offer what they need.
Connect
This is the stage for you to get leads to move forward with your offers. You can utilize all the data you have amassed during prospecting.
Research
As a salesperson, this is when you learn about leads and determine whether the prospect intends to buy.
Present
In this stage of the health tech sales cycle, you offer your product or services as an effective solution for your lead's pain points.
Close
It’s a fit! By now, you know if your lead wants your product or service and move forward.
Benefits of Shortening your Sales Cycle
A shorter health tech sales cycle allows you to meet more prospects within the same time frame. For example, if you take one week for each prospect to complete the cycle, you can meet more people than with a two-week average life cycle for a single prospect. As you meet more people, it allows you to make more money. Moreover, most of the prospects prefer to have shorter sales cycles provided that you fulfill their need and solve their problem.
However, even with a short health tech sales cycle, you should have an effective method to track sales information. Along with a short sales cycle, an effective method will increase your team’s efficiency and sales numbers. You will make more profits and improve your sales cycle.
Ways to Shorten your Long Health Tech Sales Cycle
One of the significant challenges faced by healthcare technology salespeople is shortening their health tech sales cycle. Unlike B2C, the B2B process of sales has to deal with many decision-makers and educate them about the value of your products. Typically, it takes a lot of time and effort to convince your prospects that your solution is customized to meet their unique needs.
However, your health tech sales cycle can become agonizingly long as each prospect can have a different perspective about your solution. It can also occur due to the number of people involved in the decision-making in B2B companies. According to the latest Demand Gen Report, the buyer’s journey is getting more complicated and longer. This makes the sales process worse, which is already tedious.
However, the good news is that you can follow these marketing strategies to shorten your health tech sales cycle tactically.
Understand Your Buyer Personas
Keep yourself away from trying to engage the wrong people. This will not bring you any results in the end. Before commencing the sales process, you should have a clear idea of who your targeted audience is. The decision-makers or influencers in the organizations you are targeting are your buyer personas.
After identifying your personas, by answering the following questions, you can outline their qualities:
• What are their goals?
• What are their responsibilities?
• What trigger drives them to buy?
• What problems are they dealing with?
• How do they like to research?
• What inhibits a purchase?
As you answer these questions, you will get a clear idea of the best way to approach them.
Send an Introductory Video
The prospects get to know the salesperson only in the in-person meeting. So before the in-person meeting, you can consider sending them an introduction video. This would add value and explain why you are interested in them with a ‘call-to-action. It creates familiarity by the time you connect with them. This is a very creative step to shorten your health tech sales cycle.
Provide Pre-Sales Appointment Content
Having a sales appointment with a prospect, who does not know anything about your solution, is one of the biggest mistakes you can make in your health tech sales cycle. This means you may have to have several meetings to convince the client. This problem can be eliminated with a lead nurturing email with informative content. This email can have a link to an informative blog about your product, which was written previously. It will make them peruse your website before the actual sales meeting with you. It saves your time by eliminating many meetings to educate the prospect about your product.
Provide Post-Sales Appointment Content
The prospect is expected to come out with some concerns and objections after the first sales appointment. As a healthcare tech company salesperson, it is your responsibility to eliminate all those obstacles by addressing them strategically. Sending follow-up emails, videos, and case studies helps address those concerns. The content can be used to guide other prospects too. Overcoming these obstacles with effective content can shorten your health tech sales cycle effectively.
Come Clean with Pricing
Pricing of your products can be one of the main concerns for your prospects. Many salespeople address it only at the last stage of the health tech sales cycle. Not revealing the price at the beginning will only lengthen your process. Moreover, it may result in losing trust in you. Be transparent and reveal the price, to save yourself from such issues.
Leverage Social Proof
One of the smartest ways to win the trust of your prospect is to provide social proof. It will also make the deal close sooner. The best social proofs are case studies with the impact of your products or ROI. Remember to make that the company featured in the case study is similar to the particular prospect's company.
In the health tech sales cycle, it is crucial to thoroughly understand the prospect. Your sales cycle should connect with the process of lead nurturing, where you act as an advisor. This will also help you build trust with the prospects and increase your chances of closing the deal before the expected time.
Executing all of these alone would be challenging. At Media7, we help companies market their healthcare technology product with innovative strategies and support by implementing these strategies effectively. Our strategies help attract prospects, convert them and turn them into your happy customers forever. To know more about us, visit https://media7.com/
Frequently Asked Questions
What are the stages in the health tech sales cycle?
B2B health tech sales cycles include seven main stages. They are sales prospecting, making contact, qualifying the lead, nurturing the lead, making an offer, handling objections, and closing the sale. Following these steps help a salesperson to close the sale effectively.
How does the health tech sales cycle help?
The health tech sales cycle helps you identify potential clients and nurture them through the process of sales. It makes you effectively and efficiently guide your clients and gives them the confidence to go forward with more effort.
What are the best practices for the health tech sales cycle?
The best practices for the health tech sales cycle can be attracting more prospects through content marketing, building trust by understanding clients better, focusing on your customers' clients, and knowing the prospect’s organizational chart.
Why is the sales cycle important in health tech?
The sales cycle in the health tech industry helps the sales managers to forecast the accurate picture of your sales. This because they know where your salespersons are in the sales cycle. It also gives a clear picture of how many deals your salespeople close out of a given number of leads.
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