Selling Capital Equipment to Hospitals: Actual Cost Versus Purchase Price
It’s no secret that in every hospital, fierce competition for scarce dollars exists between departments to buy new capital equipment that increases efficiency and improves patient care. In this new dynamic environment, hospital C-Suite executives are placing an increased emphasis on the collaborative process to acquire capital equipment. This process includes: Clinicians: To ensure optimal […]
MedTech Sales Strategy: The Top 10 Competitive Tactics Used Against You!
Every deal has competition. In some, it is the pressure to “do nothing” and maintain the current status quo. On other occasions, it’s to use internal resources instead of investing in external solutions. In many situations it is a direct alternative to your product, service or solution. Competition is about winning and winning requires a […]
Questions You Should Ask About Hospital Committees!
If you sell a MedTech product, service or solution that occasionally or always has to go to a committee for scrutiny prior to a purchase or contract here are some questions that you need to know. Don’t be afraid to ask these questions. You may not always get the answers but it’s a sin of […]
What You Should Know About Hospital Committees!
We have all heard the jokes about committees. For example: a committee is a group that keeps minutes but loses hours1 or a committee is a group of the unprepared appointed by the unwilling to do the unnecessary.2 While these are humorous, in general they do not apply to healthcare organizations. Within hospitals committees play […]
Selling to a Not-For-Profit Hospital? Could Endowment Funds Help You?
Most MedTech sales professionals don’t realize that when selling to a Not-For-Profit (NFP) hospital the funds for the purchase of their product, service or solution may come from the use of Endowment Funds. There are two types of funds: Permanent Endowments are those that have been restricted by donors and are monitored by the hospital […]
Hospital Business Acumen: Form 990 & Why You Should Care!
If you sell to Not-For-Profit (NFP) hospitals one of the best kept secrets is Form 990 and the wealth of information it can provide to sales representatives, especially if you sell to hospital executives and the C-Suite. The Form 990 is the tax document that tax-exempt non-profit organizations file each year with the IRS. It’s […]
Why Hospital Strategic Procurement Doesn’t Buy More From You!
Selling to hospital strategic procurement can be much easier if you understand the metrics that they value or demand from their suppliers. Many of these are generated from the requirements of their internal customers. In general, each of these can be placed in the categories of delivery, cost, responsiveness, errors and defects. Lead Time on […]
Most Common Reasons Why MedTech Deals Derail!
No sales professional wins every deal. Ideally they lose early in the sales funnel and not late so that they don’t waste company time and resource on opportunities that they cannot win. If you have qualified opportunities in your funnel that you have a fighting chance of winning then manage them carefully so that they […]
Warning Signs of Customer Defection
Your customers are safe! They will keep buying from you! Or will they? With a frightening increasing frequency hospital customers are defecting from their current suppliers as they attempt to reduce their cost structure. To prevent this occurrence from happening to you be vigilant about monitoring the following customer defection warning signs: Decreased Usage – […]
12 Reasons Why Hospitals & Healthcare Systems Use RFPs!
Increasingly hospitals are turning to Request for Proposals (RFPs) to procure their goods and services. RFPs give hospitals one voice and one process thus streamlining the purchase process for goods that they deem to be highly price competitive. There are twelve reasons why hospitals and healthcare systems use RFPs: 1. Policy Requirement or Law: RFPs […]
