3 Essential Tips for Consumer and Digital Industry Partners Selling Healthcare Technology to Health Systems
Unpredictable market conditions and stressed leading health system (LHS) budgets are hampering industry sales executives with solutions at the intersection of consumer and digital strategy. However, 90% of LHS* are increasing their healthcare technology investments over 2022, giving industry members with solutions in this space a distinct opportunity to partner in 2023.
Leading health systems are looking for partners on consumerism who:
- Offer solutions that won’t drive up labor costs
- Can reduce burnout or frustration through more seamless integration of tech
- Understand current business practices and data/reporting needs and how the solution aligns with these requirements/processes
- Are realistic with implementation timelines and are willing to provide prolonged support to ensure successful installation and preliminary outcomes of the solution
Based on a survey of LHS executives*, the top four strategic priorities informing a robust consumer and digital strategy focus on improving patient access and patient experience.
Patient-centered metrics far outweigh growing “patient share of wallet”- which is directly linked to revenue as a priority, according to the survey data.
Moreover, the most common funding of digital and consumer healthcare technology investments will come from IT and Marketing budgets, according to those polled:
- IT budget (48% of respondents)
- Marketing budget (45% of respondents)
Health Systems Are Ramping Up Spend in Consumer and Digital Healthcare Technology: What Industry Partners Need to Know
Consumer and digital industry companies can scale and accelerate commercial success with LHS via three essential selling tips:
1. Focus on Long Term Growth in Consumerism Strategy
Current margin pressures may temporarily hinder investment in consumerism strategy but stay focused and strive to exceed your customer’s expectations. LHS are committed to the long-term, knowing growth in consumerism strategy is the path to success. Although cost management is universally a high priority for LHS executives, consumerism is an increasing urgency for many, with more than half of Chief Financial Officers* reporting a need for comprehensive digital health care delivery at their system.
2. Align Your Approach with C-Suite Decision Making
Align your approach to consumer leaders’ roles, responsibilities, and budget influence. Implementation of new products and services within LHS is heavily matrixed and pulls from multiple budgets that can require engagement of multiple C-suite leaders.
For instance, if a LHS is looking to bring on a new software provider, they will solicit input from several key stakeholders that will use the new software. If the new software is used in multiple locations, more than one C-suite leader may be involved in the decision-making process, resulting in the need to develop multiple relationships with decision makers. The more hospital executives in your corner during the decision-making process, the better.
When investigating a LHS’s plans for future healthcare technology investments, you can determine if your target system has a Chief Digital Officer (CDO) or a combination of C-suite leaders. While CMKOs have the greatest breadth of oversight in consumer initiatives, CIOs often contribute to or own a significant share of the budget.
3. Center ROI (return on investment) on Access and Experience
Center your near-term ROI on the fundamentals of consumerism – access and experience. LHS still have significant gains to make on both functionalities but their goals and key performance metrics still heavily center on these capabilities. Focus on articulating how your solution can enhance or support their goals and you will create product champions for your company within the hospital system. Your competitors may not be meeting expectations so finding the right contacts within the system will help you grow your business.
Critical health system intelligence can sharpen your commercial strategy, helping you know what to expect with sales cycles, understand your key buyers, and refine your ROI messaging. Learn more about Academy IQ by clicking here (insert MDR fast track link).
*N=30 unique health systems and 30 total executives in a survey conducted by Academy IQ of leading health systems, “Consumer and Digital Outlook,” in February 2023.