Medical Device Sales: These Times They Are-A-Changin!
In 1964 Bob Dylan released his third studio album entitled: The Times They Are-A-Changin.” It was appropriate then and it is appropriate today especially as it pertains to healthcare. Here are a few: Buying Decisions: Manufacturers are seeing purchase decisions move from clinical criteria to economic criteria. With many products “clinically acceptable” is preferred to clinically […]
10 Ways Hospital Procurement Saves Money!
Let’s assume you are a hospital CEO in the USA and your facility has a 3% net margin. This means that for every $100M of revenue you earn $3M. Would you rather try to grow revenue or ask your strategic sourcing department to reduce expenditures by $3M? The answer is obvious and that’s why aggressive […]
12 Factors to Consider in Every New Product Hospital Sale
You have just received training on your company’s newest product and Marketing has you jazzed about it. They have provided you a profile of the ideal customer and several buyer personas. They have mapped the buy-sell process and developed a sales playbook. They have even included a target list of questions to ask that will […]
Don’t Be a Talking Leaflet!
In every sales call there is a fine line between gathering information and providing information. Savvy sales professionals gather information by asking thought provoking, insightful questions. They spur intense conversations by sharing insight and asking for opinions. They ask tough questions especially those around change, opinions and risk. Once they understand the buyer’s requirements they […]
10 Risk Mitigation Strategies in Hospital Sales
Buying is all about mitigating risk while maximizing the reward. Savvy sellers know that they must demonstrate that doing business with them is the safe option and the right decision. In our last blog we described “Buyers Risk” in detail and we listed the 10 most common types of risk. In this blog, we will […]
Lower Hospital Buyer’s Risk Not Your Price!
With an uncertain economy; limited capital funds for new construction, renovations or new equipment; a changing reimbursement climate and minimal operating margins hospital buyers must mitigate risk when buying new products, services or solutions. Buyers Risk Buyer’s risk has two components: the probability that something will go wrong and the negative consequences if it does. […]
Differentiation: Standing Out in a Meaningful Way!
To differentiate is to stand out in a crowded field and to be different in a way that is meaningful to each individual buying influence. Without differentiation the status quo looks pretty good and there is no reason to consider your product, service or solution. Differentiation prevents the buyer from commoditizing you even when they […]
The Sunshine Act: Necessity or Unnecessary Intrusion?
For better or worse the new Physician Sunshine Act, a provision of the Affordable Care Act (aka Obamacare) is rapidly approaching on August 1, 2013. If you do not sell to physicians you may be unaware of the new law and its regulations. This blog is designed to familiarize you with an overview of the […]
4 Channel Partner Behavioral Styles
Sales channels are mediums used by manufacturers for selling and distributing goods and services between the manufacturer and the end consumer. It can be described as any path you take to get your solution to the consumer. Today, there are four types of sales channels: A direct sales channel sells products and services through an in-house […]
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 […]
