6 Key Steps For Selling To Hospitals
Everyone in the health technology industry knows that the market is rapidly growing. According to a recent study by Global Industry Analysts Inc, the global digital health industry is estimated to grow from US$152.5 Billion (2020) to $456.9 billion by 2026. This is exacerbated by the COVID-19 epidemic that has caused staff and resources shortages throughout the world. More than ever, hospitals must to increase efficiency and effectiveness.
With more than 6,000 hospitals within the United States, especially many who require the latest facilities and infrastructure for data There is a growing opportunity to provide care providers with high-quality health technology. Due to the complex hospital purchasing procedures and procedures, how do you get a top supplier?
We've pulled together six important steps for streamlining the sales process for hospitals and health organizations.
- Do Its Research
- Create an prospect list
- Design your Proposal
- It's time for the Demo
- Educational Customer
- Closing The Deal: Prepare for a conversation about the CIO
1. Do Your Research
Similar to any other target market The first step in effective sales to hospitals involves a thorough and thoughtful investigation process. This will help your sales team analyze needs and strategies to get the attention of decision-makers. This will result in a the perfect, efficient sales process.
The Patients The Hospitals: They are complex institutions with multiple moving parts from management and administration to diagnostics and therapeutics. Keep in mind that the purchasing process could take a long time as various groups might be affected by the process.
Hospital decision-making stakeholders can include:
- Management/hospital administration
- Staff of procurement
- Procurement hubs
- Workers
- Suppliers
- Staff members of the Therapeutic Department (doctors, nurses)
- Patients
- The general public
Image courtesy of Green Hospital Procurement Policy and Procedure Manual
You'll need to customize your sales pitch for the various stakeholders that will be involved in the sales process. Prepare to support the product you sell with a precise breakdown of costs, demonstrations, case studies as well as testimonials. The more you understand about your audience more you know about them, the more you can know about them.
Understanding the key decision stakeholders can also inform your plan for general brand awareness.
How do you adapt your case studies according to the needs?
How can you inform customers on your product and the way it functions?
The Money: Another way to give your sales personnel the best chance of success is to determine the year-end of the fiscal year for the hospital you're looking at. Within the United States, most receive public (Medicare, Medicaid) and private (health insurance) funding. Budgets for major items such as equipment or software are formulated ahead of the upcoming fiscal year, so it's recommended to schedule your sales events before decisions are made and budgetary expenses are taken into account.
The Numbers: Hospitals may serve as a place for diagnosis, treatment as well as education, however, they are usually run like corporations. Like any other business they have a variety of metrics they employ to gauge their how successful, to allocate budgets and take purchasing decision.
- Structural measures evaluate a hospital's systems and processes; their ability to provide the best care
- e.g. ratio of provider to patient, ER wait time
- Process measures reveal information regarding the medical procedures of a hospital
- e.g. the use of medical equipment and bed occupancy rates
- The health outcomes of a patient indicate changes in patient health status
- e.g. the rate of mortality for patients
The process: Hospitals go through a an extensive process of vetting any new vendor. Look for hospitals' procurement guidelines and goals to determine the requirements they look for when choosing a new vendor. They may also have an extensive Request-for-Quotation (RFQ) process.
A good example of a procurement policy is an example of a procurement policy is the Green Hospital Procurement Policy and Procedure Manual of the Canadian Coalition for Green Health Care. This document describes specifications for ideal environmentally-preferred medical equipment, the stakeholders that need to be involved in the decision-making process, and more.
2. Create a Prospects List
As an established organization has a tried-and-true lead generation process. The thing that is unique to hospitals but, in reality, is the complex network of decision makers as well as people who are involved. The trick is to locate the appropriate individual (or people) for you to connect with.
For larger companies where the ultimate decision-maker could be an internal manager or the purchasing committee. Smaller hospitals or health-providing organizations typically belong to a group buying organization (GPO) which allows them to collaborate to purchase large quantities and negotiate lower prices. There may also be region-specific groups that have influence over the organizations in their area of jurisdiction.
There are many individuals involved in making decisions it is not necessary set your sights on the most prestigious level of management when making your list of potential customers. Don't be afraid to cast your net widely!
3. Write Your Proposal
You've researched, and you have some good prospects. Now it's time to come up with an excellent proposition for your sales rep. Whether it's a traditional slideshow and video presentation or something else, make sure that you present the advantages in advance to your prospects. Hospital executives and decision makers are very busy, and you want to grab their attention right away.
Create your distinctive value proposition in terms of the values and metrics that hospitals use to measure the success of their programs. If there's a high cost to switch to your service Be sure to distinguish from their current supplier. Be sure to include cost-analysis that's real. explain the problems the product is able to solve and outline how you're planning to integrate your product into their current infrastructure.
When it comes to health tech, hospitals need to know that your product is safe, secure, and regulation-compliant. Be ready to answer concerns about the best way to safeguard the confidentiality of patients and minimize data risk.
4. The demo is here!
Display your product's functionality. This is the step that can entice prospective customers towards making a choice- it will let them see how easier their jobs could be with your tech. Through a demonstration that's effective, they won't be able to think of working without the technology.
Guide them through the walkthrough. Show them the highlights and functions, highlighting how they connect to their needs and key metrics you identified in your study. If you can, create an account for a demonstration so that the potential buyers can view the technology at work.
If you can, consider providing a no-cost pilot or trial time so that hospital staff can test the new technology. This gives you the chance to demonstrate the products you offer and your training and also your sensitivity to feedback. Training on your product through an online program will make the process easier later after you've decided to implement the products throughout your hospital.
When you've completed a few successful trial periods, use the lessons you've gained to design a new and improved iteration of the product for future selling. You could consider turning the method into a case-study - it'll lend credibility to the work you've done and will be useful content for sending to potential buyers.
"Making training free is a major factor for numerous healthcare facilities who don't have the capital to spend on training."
- Christopher Caulfield, RN, NP-C - Co-Founder and chief Nursing Officer IntelyCare
5. Customer Education
The best part? Each step can be customized and you are able to use your system to manage learning for every step of the sales funnel from leads to customers who pay.
6. Finalizing the Deal
When both parties are prepared to sign their names on the line, you're now ready to meet to the Chief Information Officer of the hospital (CIO). In his capacity as the individual responsible for all tech-related decisions and the management of the data in the hospital and the hospital, the CIO is the sole authority (and veto power) regarding whether your product is the best choice.
Finally, when you are sure that the CIO is in place ensure that a manager at the top in your organization get involved in negotiations for the contract , which includes an Implementation and Training Plan.
Are you interested in learning more about what Plus can help your healthcare tech company build brand recognition, increase sales and improve retention rates of your customers?
With Plus, you can easily create accessible and scalable online applications for your clients to learn all about your products, from simple video lessons to learn-as-you-go course modules.
Plus can be described as a highly scalable platform that's easy to keep up-to-date, easily integrates with your existing software and can be customized for your brand needs.