The hospital industry is exceptional in that it provides profitable markets for businesses all over the world. The Centers for Medicare and Medicaid Services (CMS), which develops health and safety rules for hospitals and healthcare facilities in the United States, is paving the opportunities for better medical device markets.
However, selling expensive medical devices is challenging; you must work hard to earn potential customers’ faith, as hospitals sincerely take procurement. The offering must follow strict ROI, payback period, and actual cost savings criteria and optimize patient care outcomes.
Medical device companies must first answer a few basic questions before selling to any local healthcare facility:
What are the names of the doctors who work at this place and what are their designations?
What are the names of the people who are being treated in this facility?
What type of treatment is given to those patients?
Let’s say your medical device is a known arthroplasty implantable knee prosthesis. In this case, targeting facilities with a high volume of knee injury diagnosis and treatment or knee replacement procedures will give you the best possibility for sales success.
It’s critical to utilize specific, data-driven metrics to develop your knowledge of the care facility and explain the benefits of your medical device once you’ve discovered your target hospitals.
Integrated delivery networks have risen to prominence in the healthcare industry. Selling medical equipment to broad healthcare facilities is more complex than selling it to single shops, chemists, hospitals etc. Though the process is full of hassle, the effort you are putting will definitely give higher returns.
If you sell to an IDN, your device will be used across the IDN’s whole network of facilities, which might include ambulatory surgery centres, expert nursing facilities, as well as other types of long-term care facilities.
Direct selling provides several key benefits, including complete control over our sales and revenue processes, as well as the ability to interact with customers actively.
The expenses of running your own sales team are less than the revenue generated by the distributor partner.
Whether you go with direct sales or distributors, sales depend on your budget, target market features, and current capabilities.
It’s critical to utilize data-driven metrics to learn more about and comprehend the target hospitals and explain the benefits of your medical equipment to them.
Main Challenges Faced In The Present Scenario
Managing multiple stakeholders is the first challenge
Nursing leaders, surgeons and their staff, and supply managers are all engaged in the decision to buy a new medical device in today’s hospitals. When promoting more advanced and expensive equipment, it’s critical to convince multiple stakeholders that the investment is worthwhile.
Complicated products are the second challenge.
Although building strong working relationships with hospital stakeholders is crucial, your ability to show expertise with the item you’re selling is essential.
You must demonstrate that you know what you’re talking about to gain the support of a surgeon or hospital administrator. This is crucial when directing stakeholders toward significant investments because hospital staff do not want to buy expensive, difficult-to-use products.
The third challenge is a long and complex implementation process.
Involvement in every aspect of the sales cycle is crucial to establishing relationships with stakeholders. Answering questions and other requests responsibly is critical for winning the trust of hospital administrators, who ultimately have the power to decide.
Let’s have a look at solutions through which each of these problems can be fixed easily.
Show that you care about your Customers
When you collaborate in a long sales cycle, your first meeting in a hospital or doctor’s office is unlikely to result in a new sale. The goal of each meeting should be to build up trust with hospital personnel.
To increase your chances of creating trust and beginning a long-term relationship with the hospital, make a collective effort to know each person involved in the purchasing process.
This is critical because different individuals in the hospital will have distinct concerns about equipment, and you must be capable of addressing them all (from costing to technical specifications).
To effectively interact with each stakeholder and answer their questions, you must determine which product features are most important for a different customer base.