Health Technology, Digital Healthcare
Article | September 8, 2023
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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Healthtech Security
Article | November 29, 2023
Discover the EHR companies that empower medical professionals with user-friendly interfaces and clinical decision support. Stay abreast of the top EHR companies reshaping healthcare delivery.
Electronic health records (EHRs) have become vital in streamlining patient care, enhancing efficiency, and promoting data-driven decision-making. As healthcare providers shift from traditional paper-based systems to digital solutions, numerous EHR companies have emerged, providing advanced EHR technologies that transform how medical information is collected, organized, and utilized.
This article features the top 25 EHR companies at the forefront of this digital revolution, showcasing their innovative solutions, commitment to data security, interoperability, and user-centric designs.
1. WebPT
WebPT is a premier rehab therapy platform that elevates patient care and drives business growth. With a comprehensive suite of features, including scheduling, documentation, billing, outcomes tracking, business reporting, and system integrations, it offers a robust web-based solution that caters to outpatient settings of all sizes, facility types, and specialties. Since its launch in 2008, WebPT has demonstrated remarkable growth and success, earning its place on the prestigious ‘Inc. 5000 List of America's Fastest-Growing Companies’ for an impressive nine consecutive years, an accomplishment achieved by less than 1% of companies on the Inc. 5000 list.
2. CarePaths EHR
CarePaths EHR, a renowned provider of affordable behavioral health EHR and practice management system, is recognized among the best EHR companies catering to psychiatrists, psychologists, social workers, and counselors in private practice, group practice, and health systems. Its all-inclusive package offers seamless management of various practice aspects, including patient records, clinical record keeping, customized documentation, treatment plans, outcomes & assessment tracking, and practice management tools. CarePaths EHR offers practitioners a seamless experience with eligibility verification, scheduling, reporting, accounting, and convenient ePrescribing functionality, even from mobile devices.
3. iPatientCare
iPatientCare is a leading provider of a comprehensive suite of innovative healthcare products and value-added services dedicated to assisting physician offices, rural health clinics, and community/federally qualified health centers (CHC/FQHC) in enhancing patient care, improving patient health outcomes, and reducing the costs associated with delivering care. Its highly acclaimed EHR, integrated practice solutions, and additional services, such as revenue cycle enhancement and quality improvement consulting, offer a complete package to effectively manage practice operations, boost revenue generation, and provide superior patient care. iPatientCare enables healthcare providers to significantly reduce accounts receivable (A/R) days and enhance collection rates while streamlining billing processes, alleviating internal workload, and bridging staffing gaps.
4. Azalea Health
Azalea Health is a leading provider of interoperable cloud-based healthcare solutions and services. Its comprehensive portfolio includes electronic health records (EHR) with integrated telehealth functionality, personal health records, mobile health applications, and interoperability services. With a strong focus on customer success, this EHR company caters to practices and ambulatory hospital strategies, delivering immediate improvements in cash flow and clinical outcomes through innovations in revenue cycle performance and care coordination. The company's offerings include laboratory ordering and results management, patient portal and PHR solutions, telehealth services, population health management tools, revenue cycle performance services, patient-centered medical home services, and pre-certification services.
5. Bizmatics
PrognoCIS, engineered, owned, and serviced by Bizmatics Inc., is one of the leading EHR companies that provides clinical and business productivity software & services to medical practices and multi-specialties. Its flagship cloud-based application, PrognoCIS, offers a fully-integrated solution encompassing EHR, telemedicine, practice management, medical billing, RCM, patient engagement tools, and more. PrognoCIS EHR, built on a robust multi-tier internet architecture, supports various medical specialties and offers customizable templates for tailored documentation. With seamless information flow between the EHR and Billing modules, the company ensures real-time data exchange. It is HIPAA-compliant, ICD-10 enabled, and Meaningful Stage 2 Certified, with click-saving features that enhance productivity and optimize workflow.
6. Modernizing Medicine
Modernizing Medicine Gastroenterology, formerly known as gMed and now a subsidiary of Modernizing Medicine, is a renowned provider of an integrated health IT platform designed explicitly for the gastroenterology industry. Its comprehensive range of data-driven products and services caters to private practices, ambulatory surgery centers, and hospitals. The offerings include an advanced EHR system, an efficient endoscopy report writer, a comprehensive practice management solution, a patient engagement portal, a value-based care solution, data analytics tools, and revenue cycle management services. Additionally, gMed Canada, Inc. operates as a wholly-owned subsidiary of Modernizing Medicine Gastroenterology, Inc., further extending the company's reach and impact in the healthcare industry.
7. Sevocity
Sevocity is a leading provider of electronic health record (EHR) solutions dedicated to empowering physician practices and health centers to adopt and utilize EHRs effectively. It offers affordable and user-friendly cloud-based solutions supported by exceptional customer service. Sevocity's cloud solution ensures secure and convenient access to clinical information anywhere. The innovative model of this EHR software development company enables physician practices and health centers to implement cost-effective solutions with minimal upfront investments and eliminates the need for additional maintenance costs. Electronic health record companies such as this one is committed to facilitating the seamless integration of EHR technology, enabling healthcare providers to enhance their practice efficiency and deliver quality patient care.
8. Visonex
Visonex prioritizes establishing solid client relationships by going beyond technology and ensuring ongoing success. With its Clarity EHR solution, Visonex offers a treatment-centric approach tailored to the unique needs of dialysis clinics. Its user-friendly and configurable system keeps clinics ahead of regulatory changes and provides exceptional support with 24/7 assistance and cost-free webinars. The electronic health record company also offers Visonex Enhanced Services that combine Clarity EHR with data management and dialysis billing services, including CROWNWeb electronic submission, quality measures assessment tools, and specialized billers.
9. WRS Health
WRS Health is a cloud-based EHR and practice management software company. Its core mission is to assist physicians in achieving balance in their roles as healers, business owners, and individuals. With a focus on simplifying operational tasks and promoting business growth, WRS Health has developed systems and processes that automate practice management, allowing physicians to devote their time to patient care. Its comprehensive tools seamlessly manage clinical and billing information, while additional services such as the virtual front desk assistant, MIPS management, and revenue cycle management support automation and task delegation.
10. eClinical Solutions
eClinical Solutions is a globally recognized company that supports life sciences organizations in expediting their clinical development endeavors through its biometrics services and ‘elluminate’ Clinical Data Cloud expertise. The ‘elluminate’ platform serves as the cornerstone of digital trials, allowing clients to conveniently access all their data from a single centralized location. By integrating eClinical Biometrics Services, clients gain self-service capabilities and benefit from advanced analytics, empowering them to make informed and timely business decisions. With its comprehensive suite of services and cutting-edge technology, eClinical Solutions plays a pivotal role in accelerating clinical development initiatives worldwide.
11. AdvancedMD
AdvancedMD is a prominent electronic health record software company specializing in cloud medical office software. It caters to ambulatory medical practices, providing comprehensive solutions to support independent physicians and their staff. The company offers a flexible outsourced billing option, allowing practices to leverage the services of a third-party billing company. It empowers clients with state-of-the-art tools and technologies that seamlessly integrate practice and patient workflows, creating a transformative practice experience. With AdvancedMD, healthcare facilities can efficiently handle higher patient volumes, resulting in enhanced productivity and improved financial outcomes. Patients benefit from electronically connecting and engaging with their healthcare providers, enhancing their overall healthcare experience.
12. Practice Fusion
Practice Fusion is cloud-based EHR offers time-saving features like customizable templates and patient charts that adapt to individual needs, focusing on enhancing efficiency and streamlining workflows. This EHR platform integrates with local pharmacies, laboratories, imaging centers, and other tools, enabling smooth information exchange. Clients benefit from flexible billing options, collaborating with industry-leading partners to expedite payment processes. Monitoring progress is simplified with insightful dashboards, and reporting data can be directly submitted to CMS through the EHR. As a cloud-based solution, there is no need to download software or manage hardware, ensuring both security and up-to-date functionality.
13. DrChrono
DrChrono aims to enhance the quality of care by making it more informed, interactive, and personalized. The company's open platform is the backbone for various healthcare solutions, including telehealth, electronic health records (EHR), practice management, medical billing, and revenue cycle management. With a strong emphasis on flexibility and customization, the platform easily extends through a robust API and offers a marketplace of applications and services. DrChrono's platform facilitates millions of patient appointments and efficiently processes billions of dollars in medical billing. It plays a crucial role in revolutionizing the healthcare industry by empowering providers and patients. 14. CureMD CureMD's portfolio comprises a range of cutting-edge solutions, including certified electronic medical records (EMR), practice management, patient portal, and medical billing services. By offering these comprehensive tools, CureMD aims to expedite the adoption of EHRs and assist healthcare providers in achieving ‘Meaningful Use’ qualification, thereby driving positive outcomes and maximizing value and subsidy payments. Leveraging advanced web technology and award-winning usability, CureMD empowers healthcare professionals to make informed decisions, streamline operations, and ensure compliance with industry standards. CureMD's comprehensive EMR solution is tailored to customize care delivery, enhance quality and patient safety, maximize efficiency, and reduce expenses. Its integrated platform combines practice management, electronic health records, patient portals, and a mobile care solution catering to medical practices of all sizes.
14. CureMD
CureMD's portfolio comprises a range of cutting-edge solutions, including certified electronic medical records (EMR), practice management, patient portal, and medical billing services. By offering these comprehensive tools, CureMD aims to expedite the adoption of EHRs and assist healthcare providers in achieving ‘Meaningful Use’ qualification, thereby driving positive outcomes and maximizing value and subsidy payments. Leveraging advanced web technology and award-winning usability, CureMD empowers healthcare professionals to make informed decisions, streamline operations, and ensure compliance with industry standards. CureMD's comprehensive EMR solution is tailored to customize care delivery, enhance quality and patient safety, maximize efficiency, and reduce expenses. Its integrated platform combines practice management, electronic health records, patient portals, and a mobile care solution catering to medical practices of all sizes.
15. RXNT
Founded in 1999, RXNT has significantly impacted the healthcare industry by introducing a groundbreaking cloud-based solution for prescription writing. Over the years, its commitment to innovation has remained unwavering, enabling it to deliver top-notch solutions that set the industry standard continuously. This electronic health record software company takes pride in offering these cutting-edge solutions at an affordable cost, ensuring that healthcare providers can access the best tools available. By providing these essential tools, RXNT empowers thousands of healthcare providers to concentrate on their core competency—delivering exceptional patient care.
16. TherapyNotes, LLC
TherapyNotes is a unique online practice management system tailored specifically for behavioral health, encompassing a comprehensive range of features, including robust notes, scheduling, and billing capabilities. Setting itself apart from other practice management systems, the company excels in its notes system, providing an intuitive form-filled approach that significantly accelerates data entry and note-writing processes. Furthermore, the platform offers a dynamic 'to-do' list that automates task management, guiding clinicians on necessary actions such as post-session note writing, contacting primary care physicians when necessary, and scheduling treatment plan updates.
17. SimplePractice
SimplePractice is an all-in-one practice management solution that serves private practices in the health and wellness sector. With a remarkable customer base of over 169,000 practitioners, the company has established itself as the leading EHR provider. This comprehensive platform empowers practitioners to efficiently manage their businesses with various powerful features, including autoPay, online booking, telehealth capabilities, and customizable documentation and notes. Through SimplePractice, practitioners can efficiently optimize their workflows, resulting in significant time savings.
18. eMDs
eMDs, a brand of CompuGroup Medical, stands as a prominent provider of comprehensive solutions designed to promote the well-being of both patients and healthcare providers. With a strong focus on integration and connectivity, the company offers a range of solutions, including EHRs, practice management software, RCM, and credentialing services tailored for physician practices and enterprises. CompuGroup Medical understands the unique needs of healthcare professionals and strives to deliver software solutions that enhance physician productivity and elevate the overall clinical experience. EHR companies, such as this one, demonstrate their commitment to excellence through the accolades they receive, with eMDs software consistently earning top rankings in respected physician and industry surveys conducted by prestigious organizations.
19. The Echo Group
The Echo Group is recognized as a leading developer and implementer of enterprise-grade software solutions exclusively designed for behavioral health organizations across the United States. The company's suite of tools includes visual EHRs, government reporting and compliance features, clinical and financial decision support functionalities, as well as medical and government billing capabilities. The company provides flexible solutions for managed care organizations with both self-hosted and SaaS deployment options. It offers additional services such as RCM, IT support, fiscal and clinical process workflow analysis.
20. MD Synergy Solutions
MD Synergy Solutions is a renowned provider of integrated solutions for medical offices, utilizing its advanced cloud-based technology and innovative RCM services. The company's technology platform encompasses EMR, PM, and patient portals, enabling seamless operations within medical practices. Using proprietary rule engine technology, MD Synergy Solutions delivers exceptional RCM service through its WorkQueues. The company's comprehensive offering caters to small-to-large physician practices, offering easily implementable and adaptable cloud-based software solutions.
21. Pulse Systems, Inc.
Pulse, a reputable RCM company, offers advanced medical billing services and cutting-edge technologies to facilitate payment processes, streamline workflow, and enhance patient care delivery for physicians. Renowned as a leading SaaS and mobile solutions provider, Pulse offers a comprehensive suite of integrated EHR, PM, population health, electronic prescription, medical billing clearinghouse, patient engagement, and payment technologies to physicians, medical service providers, and patients alike. With a broad user base encompassing thousands of providers across over 40 specialties, Pulse ensures that its clients achieve optimal financial and clinical outcomes.
22. DocuTAP
DocuTAP is a dynamic health information technology company offering integrated technology solutions to over 3,000 on-demand healthcare practices and primary care clinics nationwide. Renowned for its flagship product, DocuTAP's EMR and Practice Management software, this EHR company uses an innovative workflow optimization approach. Its comprehensive on-demand healthcare solution includes 'Clockwise.MD' patient engagement technology, RCM services, as well as DocuTAP Insight, a powerful business intelligence tool with customizable reports and industry benchmarks.
23. Elation Health
Elation Health is widely recognized as a premier technology platform for primary care that prioritizes delivering exceptional value. With a strong focus on clinical excellence, the company has provided innovative solutions since its establishment in 2010. Elation Health offers a collaborative EHR platform, enabling practices to effectively initiate, expand, communicate, and excel in delivering personalized, top-tier care to their patients. This electronic health record company is committed to supporting primary care clinicians in preserving the art of medicine while adapting to the ever-changing healthcare environment.
24. Net Health
Net Health is a company dedicated to leveraging data to improve human health. Its comprehensive solutions include EHR software and predictive analytics that provide actionable insights for various medical specialties, such as rehab therapy, wound care, home health and hospice, and employee health. Net Health empowers caregivers and organizations to effectively engage with patients, streamline documentation, optimize staffing, ensure appropriate reimbursement, and adhere to regulatory requirements. With its unique approach to analytics, this EHR software company integrates valuable insights into clinical and operational workflows, resulting in improved care quality and enhanced business performance.
25. ChiroTouch
ChiroTouch is widely recognized as a leading provider of cloud-based chiropractic software, offering a fully-integrated EHR solution tailored exclusively for chiropractors. This innovative platform is built from scratch and can be seamlessly accessed from any device at any time, providing chiropractors unparalleled convenience and flexibility. ChiroTouch eliminates the need for multiple vendors by offering a comprehensive system that handles payment processing and insurance claims management, allowing chiropractors to focus on their patients instead of paperwork. The software is designed to be user-friendly and accessible, ensuring a smooth transition for practitioners. The new generation of ChiroTouch is purposefully designed to optimize efficiency in all areas, accommodating various payment methods, including cash and insurance.
In a Nutshell
These top EHR companies will enable medical professionals to benefit from user-friendly interfaces, streamlined workflows, and enhanced clinical decision support, improving patient care and efficiency. Furthermore, the innovations and expertise of these EHR companies have a positive ripple effect, inspiring collaboration and driving advancements across the healthcare ecosystem. By embracing these electronic health record software companies, professionals and EHR companies can harness the power of digital health records to revolutionize healthcare delivery and contribute to the industry's ongoing transformation.
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Health Technology, Digital Healthcare
Article | August 21, 2023
Introduction
Top Upcoming Healthcare Supply Chain Trends to Know About
Immediate Access to Medical Supplies
Emphasis on Visibility and Tracking
Investment in Technologies
Artificial Intelligence
Cloud Computing
Data Analytics
Healthcare Supply Chain Management Solutions: Features and Significance
Why Is Supply Chain Management Software Gaining Prominence in Healthcare?
Closing Thoughts
Introduction
With the ever-evolving and changing nature of the healthcare industry, organizations are discovering new methods to eliminate waste, reduce costs, and prioritize patient concerns.
Despite the fact that the COVID-19 pandemic has shown the vulnerabilities of healthcare supply chains and caused shortages of personal protective equipment (PPE) and other essential medical supplies, it has served as a catalyst for innovation and digital transformation in healthcare supply chain management solutions.
Healthcare and medical organizations have learned the hard way to let go of the traditional ways of thinking, such as a mindset that prioritizes just-in-time supply chains and logistics optimization over everything else.
Tight, fragile supply networks and lousy inventory management have caused severe shortages of pharmaceutical and medical supplies in the past. However, with the emergence of innovative technologies and trends, now is the time to adopt a new mindset that emphasizes supply chain resilience, flexibility, and agility, making supply chains stronger and adaptable. This will enable healthcare spaces to handle unexpected spikes in demand and survive unpredictable disruptions brought on by pandemics, natural disasters, or cyberattacks in the future.
Top Upcoming Healthcare Supply Chain Trends to Know About
In recent years, healthcare providers have been concentrating on supply chain management solutions not only to increase the effectiveness of supply chain networks but also to gain more visibility into the entire supply chain.
With the goal of streamlining the ordering process, enhancing demand planning & inventory management, and informing purchasing contract decisions, healthcare providers have started to understand the potential of advanced healthcare supply chain solutions. Since then, these organizations have recognized the value of an efficient and dependable supply chain as a critical competitive differentiator.
A substantial rise in medical and healthcare spending is being witnessed across the globe due to the rapidly increasing number of various diseases and conditions, such as chronic ailments, infectious diseases, and genetic disorders. According to a study, the national health expenditure in the U.S. reached US$ 4.1 trillion in 2020, including the spending of US$ 829 billion on Medicare and US$ 671 billion on medical aid.
Hence, healthcare organizations, manufacturers of medical devices, and other entities participating in the medical supply chain are investing in innovative supply chain and logistic solutions to provide optimal and timely treatments to patients.
Innovation is not only crucial for lowering operating expenses and simplifying business processes, but it is also necessary for providing superior care to patients and enhancing clinical outcomes. Let's see some of the top healthcare supply chain trends that are revolutionizing the healthcare sector.
Immediate Access to Medical Supplies
Medical equipment and component shortages are not new challenges for the healthcare industry. Hospitals and other medical establishments have faced continual disruptions in the supply chain over the last decade, starting from personal protective equipment and medical device shortages to improper management of medical inventory. This was especially witnessed in the past two years, during the COVID-19 pandemic.
Healthcare producers previously adopted a strategy to either pay higher premiums for medical equipment or stockpile them on their balance sheets. However, the issue with this strategy was that during the acute and unprecedented shortage, fewer devices and parts were left to acquire and keep in inventory, which has compelled hospitals to adopt a more cautious supply chain strategy.
Medical establishments need a more diverse pool of suppliers and cannot only rely on just-in-time inventory ordering. Hence, a swift rise in inclination toward adopting sophisticated supply chain solutions is being witnessed across the industry to monitor certain suppliers' run rates. This enables modern healthcare organizations to create more resilient and robust hospital supply chains and provide immediate access to medical inventory.
Emphasis on Visibility and Tracking
One of the most prevalent healthcare supply chain trends witnessed across the industry is the growing focus on visibility and tracking. Obtaining medical supplies, equipment, drugs and others safely, timely, and accurately from the factory floor to patients is the responsibility of the healthcare supply chain. As the industry shifts to value-based care models, the healthcare supply chain is experiencing enormous pressure to increase visibility, decline costs, and improve outcomes.
With the advent of online shopping and the introduction of novel medical e-commerce platforms, manufacturers and suppliers of healthcare products are focusing on real-time tracking during transit and logistics operations. As a result, they are increasingly adopting advanced healthcare supply chain management software to enhance visibility, stream operations, and decrease delivery time.
Investment in Technologies
The efficient management of the healthcare supply chain is paramount for proper patient care and inventory control. The implementation of digital healthcare technology is an essential step toward the achievement of a higher level of efficiency in supply chain management.
Digital healthcare logistics and supply chain solutions have the potential to generate long-term value for healthcare providers, which is one of the main aspects driving the transformation away from the conventional healthcare supply chain. It is improving patients' access to care while making it more efficient, cost-effective, and secure. In addition to this, the integration of advanced technologies is assisting hospitals and healthcare providers in reducing operational costs and identifying appropriate growth opportunities. The following are the technologies healthcare organizations are investing in to strengthen their supply chain management
Artificial Intelligence
The healthcare supply chain trend that is paving the way in the industry is artificial intelligence (AI). It is the future of the healthcare supply chain. The integration of the technology assists in improving logistics efficiencies via quicker data processing, continuous process improvement, and accurate demand-supply forecasting.
By connecting historical data with external patterns that affect production, AI presents a chance to greatly increase the speed and precision of healthcare logistics and supply chain activities. In addition, it enables medical equipment manufacturers and suppliers to constantly record crucial operational data and preserve institutional expertise for future use.
Cloud Computing
Cloud computing technologies have played a significant role in transforming the healthcare supply chain management that is used today. It reduces expenses, shortens logistics operations, and increases data security by centralizing data and providing access to that data to numerous associated entities.
With technological advancements, cloud computing is anticipated to gain huge popularity in creating a resilient supply chain with a well-knitted network of healthcare providers, manufacturers, and suppliers. And also provides next-generation features, such as transport route optimization and automatic inventory management.
Data Analytics
Data analytics provides a broader range of in-depth information that can be used to make operational processes more effective, inventory management more strategic, and decisions more accurate. It also assists in transforming the healthcare supply chain by providing access to cutting-edge methods like data mining, predictive forecasting, and predictive analytics to foresee future events with precision, assisting healthcare providers in forecasting further demand and supply interruptions.
In addition to the increasing need for declining costs and transit time, drug manufacturers and healthcare aid suppliers are investing in advanced data analytics to assist them in visualizing the whole supply chain, including its pain points, inefficiencies, and strengths.
Healthcare Supply Chain Management Solutions: Features and Significance
The healthcare industry as a whole is thriving, and this growth is reflected in the more sophisticated and digital nature of healthcare supply chain management software. The solution helps medical facilities see the big picture by coordinating and integrating procedures that manage and control the flow of money, data, and items as a product or service, all the way from the point of production to healthcare spaces, allowing for more efficient care.
The primary goals of these supply chain solutions, such as healthcare logistics software, are to improve visibility and efficiency throughout the distribution network. In recent years, these goals have expanded to include the strategic objective of improving supply chain agility and resilience— to cope with times of uncertainty, shortages, and volatility in demand and supply conditions.
Getting supply chain management right in healthcare means that participating players will be able to effectively identify and resolve bottlenecks, possible interruptions, and other issues that arise anywhere along the end-to-end supply chain. As one of the features, these supply chain solutions have the potential to improve patient care and safety while reducing waste and wasteful expenses. Let's see a few more features of healthcare supply chain management software
Procurement Management
Logistics Management
Inventory Management
Order Management
Warehouse Management
Supplier Relationship Management
Why Is Supply Chain Management Software Gaining Prominence in Healthcare?
Due to increasing instances of medication and healthcare aid shortages, a strong need for modernizing the healthcare supply chain is being experienced by numerous hospitals, drug manufacturers, and suppliers. In addition, the growing use of medical e-commerce is further increasing the complexities in the inventory and logistics operations, making it difficult for the players mentioned above to provide timely delivery, reduce wastage, and ultimately save patients.
To counter these challenges, medical establishments are emphasizing adopting more advanced and resilient supply chain management solutions, which assist them in streamlining and automating routine manual processes such as logistics operations, planning, forecasting, and others. The following are more reasons to encourage healthcare establishments to adopt resilient supply chain management software
Logistics and Shipping Optimization
Reduce Cost Effects
Enhance Quality Control
Increase Flexibility
Better Collaboration with Suppliers
Reduce Inventory and Overhead Costs
Increase Output
Enhance Transparency
Decrease Delivery Time
Closing Thoughts
In today’s constantly evolving healthcare sector, medication manufacturers and hospitals are looking to adopt innovative solutions, such as healthcare logistics software, to eliminate waste, reduce costs, and improve patient care.
The growing integration of AI, predictive analysis, blockchain, and other technologies is playing a major role in modernizing the healthcare supply chain and streamlining operations by automating and improving decision-making abilities. As the healthcare supply chain trends discussed above keep on creating new roads in the industry, supply chain management solutions, such as healthcare logistics software, are anticipated to become a necessity in the future.
Thus, ahead-of-the-curve healthcare providers are seizing this instance as an opportunity to invest in cutting-edge technologies and shift towards using digital solutions to make their supply chains more robust and improve the flexibility of their logistics operations.
FAQ
What is Healthcare Supply Chain Management Software?
Ans: A healthcare supply chain management software assists medication manufacturers and hospitals in sourcing, tracking, quality control, and logistics by automating operations, enabling them to manage costs, time, and inventory by planning and forecasting trends.
What Are the Types of Supply Chain Management Software Used in Healthcare?
Ans: The most common types of supply chain management software used across the healthcare sector are
Logistics
Sourcing and Procurement
Inventory Management
Warehouse
Order Processing
Shipping
What Are the Key Performance Indicators of Supply Chain Management Software in the Healthcare Industry?
Ans: Key performance indicators of supply chain management software in healthcare are
Reduction in Cost
Enhancement in Customer Service
Time to Customer
Forecasting Accuracy
Flow of Logistics Process
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