The medtech industry is undergoing a significant transformation in how companies market and sell their products. Financial benefits, cost savings, and ROI, which are traditionally central to sales pitches, are no longer enough to get your foot in the door and a deal closed.
Savvy medtech salesfolk are seeing where the wind is blowing and how priorities in the healthcare landscape are evolving and, as a result, are shifting tactics to remain competitive. This means placing greater emphasis on “non-dollar value adds,” like patient safety and satisfaction, clinical outcomes, and workflow efficiency, among other factors that benefit the users of a medical device, even if they don’t directly translate to money in your pocket.
If you’re wondering how this emerging trend might impact your business and your sales team, read on. We’ll be exploring why this shift is happening, what clinical and quality factors are being emphasized, and how medtech companies can extract the most value from this data to refine (and optimize) their sales and marketing strategies.
Why medtech companies are shying away from financial-only sales strategies
There are several market forces driving the shift from a cost-based selling approach to one centered on clinical, qualitative, and other non-monetary values:
Evolving healthcare priorities
As you know, the healthcare industry has been transitioning towards a value-based care model for years. Under this framework, patient outcomes and quality of care take precedence over volume of services provided and simply making money (although generating revenue is obviously important).
Instead, hospitals and healthcare providers are increasingly held accountable for their ability to improve clinical results, reduce adverse events, and ensure long-term patient well-being. Furthermore, as hospitals seek to improve their reputation and rankings, they are paying closer attention to metrics such as readmission rates, hospital-acquired infection rates, and mortality rates.
For medtech sales teams, this means you need make the added effort to align your messaging and product positioning with the broader goal of helping providers deliver better healthcare. Medical devices that demonstrably help providers improve quality and clinical metrics are likely to be more attractive to decision-makers.
Regulatory changes
Government policies and regulations continue to reshape the healthcare landscape, with a growing emphasis on safety, effectiveness, and patient satisfaction. Programs like Medicare’s Hospital Readmissions Reduction Program (HRRP) and the Hospital-Acquired Condition Reduction Program (HACRP) penalize hospitals with high rates of complications and readmissions.
As a result, hospitals are incentivized to invest in medical devices and technologies that help them comply with these regulatory requirements and avoid financial penalties.
Competitive differentiation
Knowing how fiercely competitive the medical device market is, not taking every measure available to cut through the noise and differentiate yourself can be a recipe for disaster. To find success and ensure that competitive edge, consider showcasing the tangible benefits of your device, such as how it leads to fewer complications, shorter hospital stays, or lower rates of post-surgical infections.
How to leverage clinical and quality data to improve medtech sales and marketing
Shifting to “non-dollar” value adds might seem challenging at first glance, but with the right healthcare data and insights at your fingertips, you can turn obstacles into opportunities. By leveraging clinical and quality metrics, testimonials, real-world evidence, and other sources of data, you can create more impactful marketing messages that resonate with decision-makers.
Below are some key strategies you can use to level up your medical device marketing and sales approaches.
Demonstrating impact with clinical and quality metrics
Quality of care arguably should be the highest priority in hospitals and health systems across the U.S. After all, no healthcare provider wants to be known for delivering subpar services in an unsafe, unclean environment.
Fortunately, the Centers for Medicare and Medicaid Services (CMS), commercial payors, and accrediting organizations require health systems to report quality measures. More importantly, these performance metrics are tied financial incentives, with providers getting greater reimbursements for exceptional performance and high-quality care.
With our HospitalView product, it takes just a couple clicks to get up to date on how a hospital of your choice is performing. You can use this data to precisely target the facilities that might need your medical device if they’re looking to improve their clinical and quality ratings (or are looking to maintain their high score). Once you have a facility in your crosshairs, you can highlight how your device improves clinical outcomes and quality of care with messaging that will be more effective and positively received.
For example, a surgical robotics company can showcase data demonstrating lower complication rates and shorter hospital stays compared to traditional methods. Similarly, a diagnostic imaging provider can highlight improved detection rates for critical conditions, leading to earlier interventions and better patient outcomes.
Leveraging HCAHPS scores
Similar to quality metrics, HCAHPS scores survey and measure a patient’s experience with a healthcare provider. These scores analyze patient perspectives on hospital care, including communication with nurses and doctors, responsiveness of hospital staff, pain management, and the overall hospital environment. HCAHPS scores represent another font of data for your company to leverage to for more effective marketing and sales engagements.
For instance, a company that develops advanced patient monitoring solutions can emphasize how its technology enables more responsive care, reducing patient anxiety and improving satisfaction scores. Similarly, a medtech firm that produces noise-reduction equipment for hospital rooms can link its product to improved sleep quality, a key factor in patient satisfaction.
Highlighting operational efficiency gains
Hospitals are facing staffing shortages and resource constraints, making operational efficiency a top concern. Medtech companies can appeal to this need by demonstrating how their products reduce the burden on healthcare providers and streamline workflows. Whether through automation, AI-driven diagnostics, or remote monitoring solutions, companies can position their products as tools that enhance efficiency without compromising quality.
For example, a company offering AI-powered radiology equipment can showcase how its solution reduces the time needed to interpret scans, allowing radiologists to focus on more complex cases.
Enhancing your storytelling with data-driven perspectives
Of course, some of the traditional methods of conveying the value and benefits of your medical device still work, it’s just a matter of gathering new perspectives or rejiggering old stories to align with the needs, pain points, and goals of modern healthcare providers.
Incorporating real-world success stories and data-driven insights into marketing campaigns can make a significant impact. Consider developing compelling case studies that illustrate how your solutions have improved patient outcomes, enhanced hospital efficiency, or boosted patient satisfaction scores. Using testimonials from healthcare professionals and patients can further reinforce credibility and trust.
Find the providers that need your device most with Definitive Healthcare
As hospitals and health systems adopt more value-based care practices and place greater emphasis on clinical outcomes and quality metrics, it’s natural that you’ll need to adapt your strategies accordingly.
This is where Definitive Healthcare can help. With our HospitalView and Carevoyance products, you can access world class data, analytics, and more to supercharge your medical device marketing and sales campaigns. Our solutions equip your teams with the right data and tools to precisely segment the market, evaluate the most promising opportunities, and maximize the value of every interaction, setting you up for success.
Interested in getting started with our products or taking a deeper dive into our data? Start a free trial with Definitive Healthcare today.
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