Accelerating go-to-market for a new device
A leading medical device company’s vision is to make procedures safer for patients with poor kidney function. Using Definitive Healthcare’s solution for medical device companies, the company identified higher-quality prospects and engaged C-suite executives at their target customers. As a result, they increased the number of meetings that their sales team booked with prospects by more than 70%. This increase in meetings is expected to have a significant impact on the company’s bottom line.
increase in meetings booked
Selling a medical device with limited market insight
This medical device company wants to minimize the risk of acute kidney injury for a specific patient population. To do this, they needed to target a completely novel market, and educate their buyers-hospitals and health systems-on the impact their product could have on improving safety for these at-risk patient populations. In addition, the company needed a way to quantify the clinical and financial results that their product could deliver.
As the medical device company began taking their technology to market, the sales executives found themselves hunting and gathering for information to try and understand their assigned territories. This process typically required the team to rely on publicly available information from search engines, LinkedIn, and information from other employees. Like many startups whose focus is on solving crucial problems for niche patient populations, the company discovered that identifying potential customers and getting mindshare from the leadership at those health systems was a challenge. Particularly, the team realized they had limited ability to:
Prioritize sales outreach. Without an understanding of how many associated procedures a health system was performing, they couldn’t identify which health systems would be most receptive to their message.
Target the right contacts. To maximize outreach, the team needed to connect with the heads of Quality and Safety departments or those in charge of the laboratory-which were not contacts the team had readily available to them.
Relay their value. Without actual claims-based data on financial and quality metrics from the health systems they were targeting, the team found it challenging to quantify the return on investment they could deliver to the organization.
As it stood, the information gathering process required a lot of effort and was not yielding the results the medical device company needed to support their mission. They knew they needed to make a change.
Empowering the sales team with extensive, actionable healthcare data
Knowing the impact their technology could have for the patients and health systems that needed it, the team was determined to find a more productive sales approach. They were looking for a single data source that seamlessly combined information from across the healthcare landscape to gain deep insights and quickly become experts on their assigned territories. The team chose to leverage hospital, integrated delivery network, physician, and connected care organization data from Definitive Healthcare’s solution for Medical Device companies.
Having the information consolidated on a single platform saved the team a significant amount of time instead of using disparate, publicly available data sources. The team appreciated the way Definitive Healthcare seamlessly combines primary and secondary research with publicly available data to create extremely detailed hospital and health system profiles. By utilizing these robust profiles, the medical device company could more easily engage health system C-suite decision makers-using the health system’s own information to highlight areas of opportunity and obtain buy-in on the impact the medical devices could have. The team found prospects to be much more receptive and engaged in a discussion based on data provided by their own organization. Using Definitive Healthcare’s solution for Medical Device companies, the team has been able to:
Identify high-quality prospects using a combination of medical claims and value-based care data from the Definitive Healthcare solution to identify quality focused organizations with a high volume of target procedures.
Create tailored messaging for decision makers by utilizing the solution’s extensive data on executive contacts in combination with market data on referrals, discharges, readmissions, and episodes of care.
Quantify return on investment by combining the number of claims billed for specific procedures and the number of patients that had an acute kidney injury event and/or coded with chronic kidney disease to establish baseline metrics.
A 70% increase in the number of meetings booked
The value of the data curated within Definitive Healthcare’s solution for Medical Device companies quickly became apparent and usage spread across the medical device company. Those on the National Accounts team were the initial users. Soon, that expanded to include the regional sales teams, then the entire sales team, and then more broadly the entire commercial team.
Not only have teams across the company streamlined operations, saving the time and energy spent researching and consolidating data from disparate, public sources, they’ve used the deep insights gained from the solution to boost awareness and drive engagement with health system leadership-ultimately increasing their booked meetings by nearly 70%. Once engaged, the sales team has an impressive track record of converting prospects into new business. The team is excited for what the increase in meetings driven by Definitive Healthcare’s solution for Medical Device companies will mean, both for the company’s bottom line and enabling them to achieve their mission of making healthcare safer for patients.
“Definitive Healthcare is a key component of our commercial success. It helps us quantify the burden of disease, identify decision makers in our customer hospitals, and understand the reimbursement programs our hospitals participate in.”