Healthtech Security
Article | November 29, 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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Health Technology
Article | September 12, 2023
As competition for patients intensifies, more hospitals and health systems are embracing a consolidated, single-bill approach for services rendered. Creating a single bill for the patient’s portion of inpatient or outpatient services can help eliminate confusion and reduce the ill will that frequently results when patients receive multiple invoices for a single care event. Yet incorporating anesthesia charges into a consolidated invoice is often problematic due to the unique nature of the anesthesia billing compliance.
Anesthesia Billing Service Hurdles
A few weeks ago, I met with the CEO of a 300-bed hospital. We discussed anesthesia billing, and he explained that his hospital traditionally outsourced this portion of its billing due to the more complex nature of anesthesia coding and the need to collect anesthesia minutes for billing. Unlike most inpatient services, anesthesia charges are not directly derived from CPT codes but instead utilize minutes and modifiers unique to the specialty.
That means coders must use a CPT crosswalk to account for ASA codes, base and time units, emergency- and physical-status monitors, split anesthesia units reflecting CRNA involvement, and other specialty-specific nuances. Most coders and hospital billing staff are not trained in these complexities, and hiring and retaining capable staff in today’s competitive market can be difficult. Moreover, many billing platforms are simply not equipped to incorporate all the variables necessary to produce an accurate anesthesia bill.
As a result, producing a consolidated patient bill that includes anesthesia is tricky. Yet leaving anesthesia off a single bill can undercut its value since, after facility and surgical charges, anesthesia often is one of the largest cost items patients incur. Fortunately, we at Change Healthcare know how to roll anesthesia charges into existing hospital billing systems to produce an accurate and timely single patient bill.
Helping to Reduce Costs
The benefits of consolidated billing extend beyond an improved patient experience. Producing just one bill reduces costs and repetition at both the front and back end of the revenue cycle management process. It can also ease staff burden when collecting on self-pay accounts, since there’s only one bill per patient. Finally, consolidated bills can help increase revenue by simplifying collections when patients present for follow-up care.
Here’s an example: When the patient comes back for post-surgery physical therapy, a hospital employee at the registration desk can remind them that they still owe $150 for anesthesia and ask if they’d like to take care of that now. In my experience, patients usually hand over their credit card and settle their bill on the spot when asked at the time of care about a balance due.
System-Agnostic Billing Across Hospital Platforms
Change Healthcare has a long history of providing full-service, outsourced anesthesia-billing services to hospital and health-system clients. Unlike most other billing vendors, we’ve developed what we call a system-agnostic approach. That means we’ll provide billing services on our proprietary system or on the hospital’s existing billing platform, regardless of type, to generate accurate anesthesia-billing results.
In practical terms, we’ll function as part of your billing team and use the same system your coders and billing staff rely on to generate anesthesia charges that can be included in a single patient bill.
System-agnostic billing also allows us to provide clients with custom anesthesia reporting that wouldn’t otherwise be available with an outsourced billing solution. This helps clients gain far greater visibility and insight into anesthesia-billing charges. And by incorporating our anesthesia coding and billing capabilities into your existing billing system, you’ll be spreading the platform’s fixed costs across a greater number of departments.
The bottom line? It’s not a heavy lift for us to virtually embed our trained anesthesia coders and billing professionals into your system. Our specialists will review your existing platform and provide, at no obligation, a return-on-investment analysis that can help you determine whether outsourcing anesthesia billing to capture claims on a single hospital bill makes sense for you.
We expect the answer will be yes. Not only will you enjoy greater system efficiencies, but you’ll be in a position to produce a single bill that truly reflects the entire episode of care.
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Health Technology, Digital Healthcare
Article | August 16, 2023
EMRs have transformed how healthcare organizations handle patient data, improving efficiency and reducing errors. Hospitals can utilize them to enhance patient care and optimize management processes.
Contents
1. Understanding Hospital EMR Systems
1.1 EHRs vs. EMRs
2.Role of EMR in Improving Hospital Management System
3. Resolving Challenges in EMR Implementation
4. Revolutionizing HMS with Next-Gen EMR Innovations
5. Key Takeaways
1. Understanding Hospital EMR Systems
Electronic medical records (EMR) systems in hospitals, as digital adaptations of traditional paper charts, have become an integral part of modern healthcare. They encompass vital patient information, such as diagnoses, medical histories, lab results, medications, and physicians' notes. These systems enhance workflow efficiency by streamlining clinical processes, reducing manual tasks, and facilitating quick access to patient data. By eliminating paperwork and manual searching, EMR hospital software saves valuable time and allows healthcare providers to focus more on patient care. With improved access to comprehensive and accurate information, EMR systems contribute to enhanced patient care, treatment planning, and coordination among healthcare teams, ultimately leading to better outcomes for patients and healthcare institutions.
1.1 EHRs vs. EMRs
Electronic medical records (EMRs) and electronic health records (EHRs) are two electronic systems used in modern healthcare to manage patients' medical information. While both aim to improve the quality of healthcare and patient safety, EMRs stand out for their ability to enhance workflow efficiency, improve patient care and safety, and offer better control over data security and privacy. Compared to EHRs, EMRs are more straightforward to use, less expensive, and do not require as much implementation complexity. Choosing between EMRs and EHRs ultimately depends on the specific functions that best serve the needs of the medical facility. Medical practitioners can find EMRs to be a compelling option due to their affordability and simplicity, as well as their ability to manage medical records securely and effectively.
2. Role of EMR in Improving Hospital Management System
The Hospital Management System (HMS) covers three vital areas of hospital management, namely - Operations, Finance, and Clinical. The clinical aspect of the system includes EMR, which provides medical practitioners with a range of advantages, such as
• EMRs facilitate quick transfer of patient information between different departments.
• The digital record-keeping environment helps save a significant amount of space.
• EMRs can help practitioners increase the number of patients they can see, leading to improved productivity and workflow.
• Reduced errors in medical practice can result in better patient care and management of test results.
• EMRs can reduce operational costs, especially in relation to overtime labor and transcription services.
• EMRs can be customized and scaled to meet the specific needs of medical practice.
• EMRs allow for advanced clinical documentation and e-prescribing.
• EMRs enable more efficient and accurate billing processes for healthcare practices.
In terms of benefits to patients, EMRs can improve the treatment and diagnosis of diseases,facilitate rapid decision-making and coordinate care among medical professionals assigned to individual patients,with a reduced likelihood of significant errors in a patient's health record.
3. Resolving Challenges in EMR Implementation
EMR integration is vital as more healthcare organizations adopt hospital electronic medical records. However, the process can be time-consuming and challenging. Here, we will discuss the top six challenges of integrating EMRs as well as ways to overcome them
Standardizing Data Formats
Data compatibility is one of the primary challenges in integrating EMRs. The diverse formats in which various EMR systems store data can pose a significant hindrance to integration efforts. Addressing this obstacle requires identifying a viable approach for converting the data into a standardized format that is compatible with both systems.
Coding Incompatibility
Dealing with varying coding standards is another significant challenge that arises during EMR integration. The utilization of distinct coding standards across different EMR systems can pose a considerable challenge to the integration process. To overcome this hurdle, one must devise a solution to map the codes from one system to the codes in the other system.
Data Security
EMR integration raises significant security concerns that require attention. Securing the data and restricting access to only authorized users are critical aspects that necessitate appropriate security protocols. To ensure data safety and confidentiality, it is imperative to establish sound security measures.
Maintaining Data Quality
Integrating EMR systems carries a risk of data loss or corruption, making it crucial to prioritize data quality. To address this challenge, it is imperative to establish effective measures that ensure the accuracy and reliability of the data.
Ensuring Optimal Functionality
Following the integration of EMR systems, it is crucial to conduct rigorous testing and validation to ensure that the systems are functioning optimally. Despite the potential costs and time investments involved, it is necessary to prioritize this step to avoid complications and setbacks in the future.
Cost Management
Integrating EMR systems can be a significant financial undertaking, necessitating careful planning and budgeting. It is essential to factor in the costs of licenses, hardware, software, and services when embarking on an integration project. To address this challenge, one can explore cost-saving measures such as negotiating with vendors or implementing open-source software.
4. Revolutionizing HMS with Next-Gen EMR Innovations
In the coming years, emerging trends in EMR are expected to have a significant impact on the hospital management system. It is crucial for hospital EMR management to keep a close eye on these developments and stay informed of the latest technological advancements to provide optimal care to their patients. Adapting to the evolving landscape and staying current with these changes will be essential for hospital management systems to continue providing high-quality care and remain competitive in the healthcare industry.
Cloud Computing
It refers to the instant digitization of medical records and easy access to them. It is a significant trend in the development of electronic medical records (EMR). However, there are challenges in transferring data between databases. It proves to be a boon when medical staff is scarce as it allows easy access to patient records. Moreover, Cloud Computing in EMR technology can provide healthcare providers with quick access to patient data, which can enable them to provide timely and appropriate care.
RPA
Robotic Process Automation (RPA) refers to the computerization and digitization of data. In the healthcare industry, RPA can alleviate the burden of manual labor and provide more precise and reliable data. Sophisticated software and techniques are utilized to derive this data, addressing the problem of inefficiency in EMR without necessitating a complete overhaul of the system. RPA is also a time-saving process that enables medical staff to allocate their time more effectively to crucial tasks. Additionally, RPA can reduce the need for manual labor, resulting in cost savings.
Revamping EMR with IoT, AI & Voice Recognition
The integration of IoT, artificial intelligence, and voice recognition in healthcare has significantly aided in the development of EMR. This combination has the potential to transform the healthcare industry by providing precise and swift data, which could prove critical in saving numerous lives. By combining these three technologies, more accurate data can be obtained, further enhancing patient care.
Big Data and 6G Networking for Healthcare Analysis
Big data analysis helps generate medical records by collecting and analyzing data from multiple sources. This approach provides precise insights that benefit both patients and medical professionals. The sixth-generation network, currently in development, has the potential to transform healthcare. By improving the speed of data transfer and communication between remote locations, this new network will facilitate the digitization of medical records and lead to the development of improved EHR and EMR systems.
Wearable Devices for Better Patient Monitoring
Various wearables with sensors can monitor patients' daily activities and later be integrated with EMRs for better healthcare. The wearables track patients' medical activities and vitals like heart rate and temperature. Integrating these wearables with EMRs provides timely information to healthcare centers, leading to improved care and treatment.
5. Key Takeaways
EMRs have the potential to revolutionize the healthcare industry by enhancing patient care quality, productivity, and outcomes. However, implementing EMRs entails significant changes that require strong leadership support, dedicated physician champions, efficient training and optimization, and flexibility from the implementation team. Targeted training and support for specific components of the EMR system, such as patient portals and documentation tools, can help users adopt the system more efficiently and reduce the impact on productivity. By following a well-planned implementation strategy, healthcare organizations can harness the benefits of EMRs while minimizing disruption to their operations. Overall, EMRs offer solutions that create a secure and efficient platform for healthcare facilities and patients, helping to promote better connectivity and healthier lifestyles. The demand for EMR systems is pressing and vital in the current scenario, as the developments in the EMR industry indicate that they will play a critical role in revolutionizing the medical sector.
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Article | October 26, 2020
Do you have a difficult time explaining your mental health issues to your family and friends?
If so, here are six suggestions on how to discuss your mental health issues with your friends and relatives.
1. Talk to a counselor: The most important thing that you need to do is to talk to a counselor about your mental health problems. Seeking professional help will go a long way in overcoming your current issues. In addition, a counselor will be able to give you additional advice on how to deal with your friends and family members.
2. Don’t argue with others: It is important that you do not get into arguments with those who are giving you a hard time. Your number one priority is getting your life back on track. Your health is more important than what other people may think.
3. Watch who you hang out with: It is important to surround yourself with positive people. Try to keep your distance from those people who are giving you a difficult time. Remember that your goal is to remain positive and hopeful. Do not let the negative people in your life bring you down.
4. You are not alone: It can be very frustrating to deal with your mental health issues when your friends and relatives are on your case. Remember, you are not alone. There are millions of people around the world who struggle with their fears, anxieties, and depression. The key is to find those people who can relate to you.
5. Stand your ground: It is important to stand your ground when dealing with family members and friends who are giving you a hard time. Explain your situation and your feelings to the people in your life, however don’t let them hassle you. Your number one priority is to get better and not to please everyone that you know.
6. Join a support group: There are many mental health support groups in your area that can help you. Many hospitals, churches, and counselors in your area will be able to provide you with a list of groups. These mental health organizations will be supportive of your situation and they can give you additional advice regarding your problems.
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