According to the official website of the Centers for Medicare and Medicaid Services, U.S. health care spent $3.6 trillion in 2018. Out of that $3.6 trillion, $1.2 trillion, or 33% went to hospital care.
If you’re a digital health startup, partnering with a hospital or hospital system seems like a great way to reach new markets and increase the bottom line.
If only selling to hospitals was easy.
Unfortunately, hospitals, hospital systems, medical centers, and physician practices can be tough to break through especially for new med-tech companies.
Different factors make the sale process difficult. Let’s take a closer look at some of the challenges most companies face.
Anatoly Geyfman saw all the difficulties companies face in selling to health, so he founded Carevoyance, a healthcare sales enablement solution for med-tech companies.
Carevoyance makes selling to doctors and hospitals easier.
How? By leveraging data and making it available not just to the wealthiest players in the market but also to startups.
Anatoly explains the kind of data his company uses.
“If you think about how healthcare is performed, there’s all sorts of information that goes into the systems of record of use at facilities and offices where patients are treated. So eventually that data flows through a number of intermediaries and goes into the insurance companies for payment or maybe gets stored in the health care vaults of these hospitals. And it could be billing data, it could be charged data, it could be notes data. It could even be imaging data. And there’s a little bit of information in each of those aspects of the data continuum. And what we’re trying to do is we’re trying to stitch together a lot of these data sets into a holistic map of health care.”
Through all the collected data, Carevoyance can see trends, like types of modalities of care physicians are utilizing, types of procedure, etc. The collected data is pooled and tailored to whatever the needs of the med-tech companies are when it comes to presenting their data.
“In today’s busy world, physicians don’t have time to waste on fruitless pursuits. Physicians don’t want to hear your story if it doesn’t pertain to them. And you shouldn’t be even telling it because you’ve got other things to do as a salesperson. So to increase efficiency in our market, hopefully to decrease the cost of at least the go to market cost, we use data to orient sales and marketing strategies.”
When a sales rep goes to a hospital, they can pull up the profile of the hospital and get all of the information that they need for the facility. This makes it easy to create data-driven sales presentations and close more deals.
Carevoyance is committed to helping health companies reach their full potential. When you need help in driving your sales effort, Carevoyance can help you!
Reach out to them or visit their website at https://www.carevoyance.com/.
Listen to my full conversation with Anatoly here:https://outcomesrocket.health/carevoyance/2020/08/
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