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 […]
Are You Worth A Long Term Relationship? Part2
Now that we understand how a customer defines a “partner”, it’s time to discuss how to become one. If you missed it you can access it here. Remember in our vernacular a “partner equates to a trusted business advisor.” Here are the critical elements to help you rise above your competitors and stand – out […]
Are You Worth A Long Term Relationship? Part1
The degree, to which a company is seen as understanding and contributing to a customer’s critical issues, is directly proportional to being seen by the customer as a valued partner versus a transactional vendor or merely a consultant. This in turn is a direct predictor of success for both the seller and the customer. The […]
Tips on Selling to the Hospital or Healthcare System C-Suite: Part 1
Introduction In today’s’ rapidly changing healthcare environment, every sales representative wants to develop a relationship with key hospital C-Suite executives. In some cases it’s to protect the existing business against a competitive threat, while in others, it’s to manage a new opportunity where C-Suite buy-in is paramount to success. Ensuring that the C-Suite members embrace […]
9 Ways Marketing Will Impact MedTech Sales: Part 2
As hospitals consolidate and form ACOs and transition from a fee-for-service reimbursement model to one that pays for value (better clinical outcomes, improved patient satisfaction and the prevention of complications, preventable infections and unnecessary re-admissions) the MedTech Sales Model will change. At the forefront of developing a new Go-To-Market strategy will be MedTech Marketing. Their […]
Hospital Business Acumen-10 Healthcare Terms You Should Know! Part 2
This is part 2 of our blog on understanding the vast array of new healthcare terms, acronyms and abbreviations that are being introduced and bantered around. If you missed Part 1 click here and the link will take you to the article. We hope that these definitions and explanations reduce your anxiety and increase your […]
Hospital Business Acumen-10 Healthcare Terms You Should Know! Part 1
Are you becoming lost in the vast array of new healthcare terms, acronyms and abbreviations that are being introduced and bantered around? Don’t be alarmed! This is one of the challenges that sales professionals face in today’s market. For specialty sales representatives many of these new terms, and acronyms relate to the specific product or […]
Hospital Sales 101: I Never Saw It Coming!
It’s the 23rd of this month and the hospital’s fiscal year ends at the end of next month. You have completed the trial and the product worked flawlessly. All the clinicians loved it and the feedback from all three shifts was better than expected. Another plus is that you have critical support from all of […]
12 Ways to Build Professional Credibility in Hospital Sales
There is an old adage in sales that one can never have too much credibility. This is especially true in hospital sales where the “the new normal’ is for sellers that can provide proven measurable value. Think of credibility as building a bank account. You constantly have to keep making credibility deposits because one day […]