2024 Guide to Pipeline Success for Revenue Cycle Companies

2024 Guide to Pipeline Success for Revenue Cycle Companies

Healthcare is growing more complex by the minute, creating an even steeper slope for practices seeking to manage their revenue cycles in-house—that’s why 61% of providers plan to either begin or expand partnerships with RCM vendors.1 On the surface, this is good news for RCM companies. The real challenge, however, lies in the oversaturation of the RCM market. With so many options available, how can you steer your audience to your brand and consistently move deals across the finish line?

After years of driving engagement and boosting sales growth for leading RCM companies, we’ve identified the top six strategies your company can leverage for success in 2024:

1. Establish Differentiation

Every RCM company boasts reliable solutions that improve revenue. What specifically makes your company stand out? Do your homework to develop a strong identity to set your brand apart in a market where most of your competition promotes the same value propositions—especially if you can tie those benefits directly into your prospects’ pain points. This process may require deeper market research, such as competitor or brand positioning analysis. For example, more RCM companies are investing in software that provides real-time updates to enhance financial transparency. If your company offers these reporting solutions, position those capabilities front and center in your marketing and sales strategy. Others are focusing on specific specialties or customer types.

2. Align Sales and Marketing Efforts

Historically, sales and marketing efforts have been fairly siloed for companies in the revenue cycle space. This is an outdated and ineffective approach that only stalls upward growth and creates leaks in the pipeline. For many, this gap is caused by the abundance of data made available by marketing technology. The key is to gather your sales and marketing teams around one table and comb through the data. Identify areas for improvement and alignment, then recalibrate your efforts to not just work side-by-side, but in unison. Ensure a seamless hand-off by prepping your sales team with a comprehensive prospect profile gathered from your marketing analytics.

3. Think Quality, Not Quantity

RCM clients often come to us with low lead-to-opportunity conversion rates (meaning very few leads become customers) due to poor lead quality. One of our initial areas of focus is to improve this metric by optimizing campaigns, enhancing digital infrastructure, and improving audience building. The second part of the equation is refining your offerings and aligning your efforts to that plan. For example, instead of providing RCM services to all specialty practices, focus on the most profitable types (such as orthopedic surgery practices), and tailor your campaigns to that focus. Specialization is crucial for many healthcare businesses, given considerable differences in coding requirements, fee schedules, and reimbursement rates. A behavioral health practice operates under a substantially different RCM framework than an urgent care center, making it a key point of interest to partner with a specialized vendor to ensure maximum revenue capture and collection.

4. Prioritize Prospects’ Digital Experience

We often see that RCM clients’ largest sales opportunities come through their website. Regardless of the field of medicine, website experience and SEO play a crucial role in turning interest into opportunity. One Jairus Marketing RCM client saw a 20x ROI from their SEO strategy, with a 179% increase in SEO-related opportunities in just one year. These results illustrate the foundational role of website visibility and user experience in driving RCM sales, making an SEO-optimized website a critical tool in the RCM marketing toolbox.

5. Simultaneously Generate and Capture Demand

If you’re wondering which demand strategy your campaigns should focus on, the answer is both. A demand capture and generation model fills the pipeline with both near-term prospects for faster closes and future, long-term opportunities. This is where thought leadership comes into play. Implement a robust thought leadership strategy (white papers, case studies, ebooks, etc.) in conjunction with a lead gen strategy to better educate prospects and prime them for a successful sales conversation. In short, prospects who truly understand your value and expertise are more likely to close faster. Here’s the proof: one of our RCM clients achieved a 34x ROI and $7.2 million in new pipeline revenue in just six months.

6. Maximize Your Conference Investment

Conferences are par for the course in the RCM space. Take advantage of this sea of opportunities by connecting with prospects before, during, and after the event. Instead of limiting your potential leads to the handful of people you talk to on-site, start early and identify prospects who are likely to attend the event. Reach out to them ahead of time to request a meeting during the conference. While you’re there, gather as many names and emails as possible to coordinate effective post-event outreach. Once the conference is over, reach out to everyone you connected with and reiterate your USPs, backed by case studies and thought leadership, to pull them into a sales conversation.

Need help with your 2024 RCM marketing strategy? Schedule a strategy session with a revenue cycle management marketing expert today!

Sources

1. Synchrony. (2023, April 6). Study Finds Healthcare Providers Looking to Outsource Revenue Cycle Management Processes [Press release]. https://www.synchrony.com/contenthub/newsroom/study-finds-healthcare-providers-looking-to-outsource-revenue.html

Growing a MedTech Company During an Economic Downturn

Growing a MedTech Company During an Economic Downturn

Heading into 2024, the question facing medtech innovators across the country is: how do we stay afloat and hit sales goals despite economic headwinds? While recession may be top of mind for company leaders across all industries, the healthcare sector is traveling down a separate path with diverse economic roadblocks and hidden barriers to growth. Certain industry players, like diagnostics and post-acute care, face slower growth rates while others, namely hospitals and integrated delivery networks, continue to see an upward trend in profit margins.

With such variance in financial performance, the economic story for medtech companies is far more complex than a straight shot to recession. Digging deeper, we find that, rather than a decline in economic opportunity, innovators must adapt to the downstream effects of paradigm industry shifts.
Healthcare CAGR projections recently decreased by 2%.1
As of August 2023, hospital profit margins are 2.3% higher than in November 2022.2

Pulling Back the Curtain on Industry Hurdles

Global financial pressures may play a role in stagnant medtech revenue growth, but, behind the scenes, we see six key industry changes working to stall pipeline activity:

  1. Non-hospital-based care. Payers continue to incentivize care outside of the hospital setting, such as in ambulatory surgery centers or in-office procedures, to lower costs and offer more convenient treatment options for patients.
  2. Staffing shortages. The pandemic magnified existing concerns among healthcare workers, causing one in five to quit their jobs, with 47% planning to leave their roles by 2025.3 This trend is especially prevalent among nurses, many of whom chose to leave their jobs for traveling roles or early retirement.
  3. Physician-organization alignment. Starting in 2010, physicians moved away from independent practice toward health system employment. Likewise, private equity investment into the provider community significantly increased, contributing to the formation of larger group practices.
  4. Complex decision-making. The days of the sole physician decision maker are over. Now, the decision to buy your product or service is made in the boardroom, often with heavy input from the IT team, Operations, and Finance. With so many voices to consider, both clinical and non-clinical, leaders struggle to know how and when to say “yes.”
  5. Financial considerations. Ripple effects from the pandemic force healthcare organizations to focus on protecting the bottom line in addition to patient outcomes. Operating margins are still incredibly low, meaning financial benefits are just as important as clinical improvements.
  6. Reduced rep access. Hospitals have been closing doors to the OR for over a decade now. The pandemic simply accelerated this trend, and medtech companies shouldn’t expect to regain in-person access anytime soon as the industry shifts to digital engagement.

Turning Economic Challenges Into New Sales Opportunities

While the odds seem to be stacked against medtech sales success, there are steps your team can take today to turn the tides back in your favor. Instead of letting economic disruptions work against your bottom line, take advantage of new opportunities to meet your prospects’ needs and connect with them on a different level.

Implement these five strategies to reopen doors to decision-makers and drive sustainable growth:

  • Adapt your value propositions to more effectively address your prospects’ current challenges.
  • Communicate more than just the clinical benefits of your offering — address pain points on financial, operational, and administrative fronts.
  • Grow your prospect pool and broaden your outreach without expanding the size of your team.
  • Align medtech marketing and sales efforts to engage prospects throughout every stage of the sales funnel.
  • Maximize every sales opportunity by penetrating deeper into existing accounts and relationships.

The healthcare market appears to be on the upswing from a record low in 2022, but that doesn’t mean your prospects aren’t out of the woods yet. Capitalize on this need by broadcasting your capabilities and engaging with your audience online at every possible opportunity. With a recession-focused medical device marketing strategy, your team can insulate your bottom line from revenue loss and stand out as a proven partner for business success. Watch the on-demand webinar from Scott Alexander, medtech industry leader and CEO of Jairus Marketing, to learn more about how to leverage industry challenges to drive future-proof growth.

Sources

1. Patel, N. & Singhal, S. (2023. January 9). What to expect in US healthcare in 2023 and beyond. McKinsey & Company.
https://www.mckinsey.com/industries/healthcare/our-insights/what-to-expect-in-us-healthcare-in-2023-and-beyond
2. National Hospital Flash Report: September 2023. (2023). KaufmanHall. https://www.kaufmanhall.com/sites/default/files/2023-10/KH-NHFR_2023-09.pdf
3. Popowitz, E. (September 2023). Addressing the healthcare staffing shortage. Definitive Healthcare. https://www.definitivehc.com/sites/default/files/resources/pdfs/Addressing-the-healthcare-staffing-shortage-2023.pdf

How to Build a Reliable MedTech Commercial Model

How to Build a Reliable MedTech Commercial Model

Let’s face it: MedTech sales are nowhere near as simple as they used to be. We’re no longer in the good ol’ days of selling — marked by easy entry into the OR and straightforward decision-making processes — and countless medtech companies are burning the midnight oil trying to find new opportunities to grow business.

A Double-Sided Challenge

Among the countless disruptions that continue to wreak havoc on the industry, the top challenge for medtech innovators is pinpointing and engaging the right decision-makers. Getting your product or service into new hands is a far more elaborate process than before. Physicians aren’t the only decision makers for new products and services anymore — the final decision must be made in tandem with value analysis committees, GPOs, and other non-clinical executives that demand end-to-end value to close the deal.

The other side of the equation is just as complex. Many of the stop-gap measures that were necessary during the pandemic now form the new framework for medtech sales in 2023 and beyond. Looking back, the pandemic simply magnified the moves that were already being made in healthcare operations. These trends, including supply chain sophistication and the explosion of physician employment by IDNs, as well as new decision-maker expectations, highlighted the critical challenges of misaligned sales and marketing.

Four Levers to Pull for MedTech Commercial Success

With the growing number of roadblocks to medical device sales, innovators are now searching for new tactics to future-proof their businesses. In order to drive the most sustainable and consistent growth, the ideal commercial model should:

  1. Define the right audience of decision-makers. These are the individuals who have the power to say “yes” to your product or service, and they may not be who you initially expect. Be careful not to downplay the significance of this step — even with an unlimited marketing budget, your efforts will go to waste if you fail to connect with the right prospects. Extend your focus beyond a simple list of names and emails to a more in-depth view of your audience’s challenges and how your solution can specifically address these pain points.
  2. Construct a dynamic marketing ecosystem. The word “ecosystem” is crucial to understanding how to assemble your marketing campaigns. Instead of one-dimensional outreach, craft a step-by-step process that meets prospects at every possible point in the sales funnel with the information they need to take the next step. Through multiple in-person and digital channels, your strategies should build familiarity with your brand and establish a deep level of trust that your solution can and will solve their problems.
  3. Broadcast high-quality, high-impact content. Content is the backbone of your marketing ecosystem. Whether the goal is to awaken your audience to critical issues in their niche or change the way they perceive these challenges (namely, to see your offering as the perfect solution), content is the key that unlocks the ability to influence your audience’s thought processes and buying behaviors. Produce a sizable library of thought leadership and sales content that appeals to different types of prospects and pain points, and integrate these pieces into your ecosystem to entice more sales-focused engagement.
  4. Track campaigns and quantify pipeline success. The best way to sabotage your efforts is to launch without any visibility into campaign progress — essentially steering the ship with both hands tied behind your back. Instead of guessing which strategies worked, use a CRM to provide the granularity of detail your team needs to understand where your efforts sparked interest, which leads engaged on which platforms, and who ultimately closed a deal. A CRM platform quantifies the value of your campaigns in real time, identifying the tactics that will drive higher sales growth in both current and future efforts.

Dodging Common Revenue Pitfalls

Constructing a bulletproof commercial model is no simple task. The evolving nature of the healthcare industry paves the way for unexpected and often hidden threats to revenue growth. As decision-makers require more comprehensive proof of value, medtech companies must comb through their sales and marketing strategies for revenue blockers hidden in plain sight, such as:

  • Poor product-market fit
  • Failure to warm up prospects
  • Too large of an “ask” early on in the pipeline
  • Skipping over thought leadership efforts
  • Limited visibility into campaign results
  • Lack of measurable, data-driven reporting

Achieving success in today’s healthcare climate is difficult, but possible — especially with expert help. To learn more about how to overcome these challenges and build a thriving commercial model, watch the on-demand webinar from Jairus CEO and medtech industry expert Scott Alexander for new insights proven to drive growth.

Finding the Perfect Marketing Agency for Your Medical Device Company

Finding the Perfect Marketing Agency for Your Medical Device Company

As a business leader in the medical device industry, you understand the significance of effective marketing in driving growth and success. However, choosing the right marketing agency for your company can be a daunting task. There are many different options to choose from and each has their own, unique approach. That said, there are several factors that increase the likelihood of success.

ROI Focus: Maximizing Value for Your Company

The first crucial aspect to evaluate when selecting a marketing agency is their focus on return on investment (ROI). While many agencies excel in creative design and other aspects of execution, very few understand what you, as a business leader, truly want. You want measurable growth in revenue from the investment you are making.

Does your agency have access to your CRM? Are they tying marketing campaigns to measurable results? Do they use information from the sales team to continuously improve campaigns?. An ROI-focused agency will work closely with you to generate quantifiable outcomes that contribute to your company’s growth and success.

Strategic Thinking and Tactical Execution: Aligning Vision and Results

A successful marketing agency must possess the ability to comprehend the strategic vision of your company and translate it into effective tactical execution. They should demonstrate a comprehensive understanding of your industry, market dynamics, and desired outcomes.

Look for agencies that present a coherent plan outlining how they intend to execute marketing strategies aligned with your objectives. An agency that excels in tying strategy and tactics together will deliver measurable results while adapting to market shifts and proactively recommending adjustments to optimize your marketing campaigns.

Continuous Learning and Adaptability: Staying Ahead of the Curve

In the ever-evolving landscape of marketing, adaptability and continuous learning are essential. Your chosen agency should exhibit a willingness to stay updated on the latest trends, technologies, and best practices in the healthcare and life sciences sectors.

Look for agencies that demonstrate a commitment to learning, adapting, and reporting their findings back to you. A forward-thinking agency will not only navigate the complexities of healthcare and life sciences but also provide you with valuable insights to make informed strategic decisions for your business.

Industry Expertise: Understanding the Unique Challenges

Healthcare is unique. The medical device and life sciences industries possess distinctive characteristics and complexities that demand specialized knowledge and expertise. When evaluating marketing agencies, consider their experience and understanding of the healthcare landscape.

Do they have multiple clients in the industry? Are they familiar with the intricacies of healthcare systems, such as group purchasing organizations (GPOs), integrated delivery networks (IDNs), and value analysis committees? An agency well-versed in healthcare-specific nuances will save you time and frustration, as they grasp the intricacies of your target market and can effectively communicate your value proposition to key decision-makers.

Selecting the right marketing agency for your medical device company is a critical decision that can significantly impact your business’s growth and success. By prioritizing ROI focus, strategic thinking, continuous learning, and industry expertise, you can find a marketing agency that aligns with your goals and understands the unique challenges of the healthcare and life sciences sectors.

If you’re seeking a marketing partner with a deep understanding of the industry and a track record of success, we at Jairus Marketing are here to help. Contact us today to schedule a conversation and explore how we can support your growth objectives in the healthcare and life sciences space.
Triaging a Failure to Launch in Medtech

Triaging a Failure to Launch in Medtech

No matter your approach to medtech marketing, the individual objectives of each campaign, outreach effort, and content piece should all push toward one ultimate goal: growth. Revenue growth is likely the most important metric in your company. But what if you aren’t seeing the level of growth you anticipated? What information do you need to determine how to course correct?

To get started, take a look at how these five factors may be impacting your company’s ability to meet its growth goals:

1. Lack of visibility

If there’s one thing your marketing strategy needs more of, it’s data. With new CRM capabilities, sales and marketing teams in every industry gain unprecedented access to the nuts and bolts of their pipeline activity. These platforms deliver a complete set of data about which prospect is engaging with which campaign on which platform. Without an in-depth understanding of what drives your overall marketing and sales performance, you set your team up for failure. If you don’t already use a CRM and Marketing Automation platform (or don’t use them properly), focus your efforts on strengthening visibility into your sales process. You can’t manage what you can’t measure, so be sure you can measure the sales/marketing process.

2. Poor Sales/Marketing Alignment

If stagnant growth is an issue,chances are high that you’ve seen a decline in pipeline performance at critical stages in the sales/marketing journey. A shrinking pipeline calls for front-to-back troubleshooting from a united sales and marketing front. What must come next is a discussion about sales-marketing integration to make sure everyone stays on the same page about both short- and long-term objectives.

3. Not capturing demand

Put simply, capturing demand means bringing leads in the door. Are your marketing efforts robust and/or effective enough to capitalize on prospect interest? If not, your sales team won’t have enough opportunities to close the business necessary to drive growth. This boils down to an issue of prospect communication. If they’re searching for the right solution to a problem their organization is facing, your team has to make it abundantly clear that your product or service is exactly what the prospect needs to succeed.

4. Not creating demand

The other side of the demand equation puts the onus on marketing to generate interest. If your attention is only focused on capturing demand, then your pipeline will run dry — and quickly. Before you can capture demand, you have to create it. How much time is your team allocating to developing white papers, case studies, testimonials, and other demand-building content? These pieces are mission-critical to positioning your sales team for swift conversions. By getting ahead of the game and broadcasting the right content in the early-stage marketing funnel, you can organically grow demand and give your sales reps the tools they need for fruitful conversations.

5. Lack of product-market fit

Sometimes, the problem is as simple as the wrong fit. Have you done enough audience research to confidently say that your target market cares about your product or service? This issue is the hardest to diagnose, as it tends to be the underlying cause of many other factors working to inhibit growth. Certain indicators, like low content engagement and diminishing pipeline activity, point to poor product-market fit. This means your team is either trying to sell to the wrong audience or you haven’t fleshed out your value propositions enough to effectively generate and capture demand.

Falling short of your growth goals is alarming, but it doesn’t have to define the future of your company. Jairus can help your team find the gaps in your sales and marketing strategies and quickly close them with customized campaigns driven by real-time engagement data. Schedule a strategy session with a medtech marketing expert to learn how Jairus can perfect your strategy and accelerate your sales growth.
Unleashing the Power of SEO for Medical Device Manufacturers

Unleashing the Power of SEO for Medical Device Manufacturers

As industry experts in B2B Search Engine Optimization, we understand the importance of driving valuable traffic to a company’s website and optimizing its online presence for maximum impact. Search Engine Optimization (SEO) is a big mystery for many business leaders. Everyone knows they need it, but most have a hard time defining what it is. More importantly, it’s a major struggle to determine if you current SEO provider is actually doing good work or not. Given the importance of performing well on Google, we wanted to give you three points to consider when evaluating your SEO performance:

Measurability: Unlocking the Power of Unbranded SEO:

There are two types of keywords that visitors may use to get to your website: Branded and Unbranded. Branded keywords typically include your company’s name and are relevant for those already familiar with your brand. These leads are generally coming to your site because they have learned about the company through some other source and are using a search engine to find you. Many SEO firms like to take credit for Branded searches, which isn’t appropriate. A leader really should focus on Unbranded keywords. These are searches where someone is typing in a phrase that represents what your business does, as opposed to its name.

To measure the impact of unbranded SEO, utilize tools like SEMrush or ahrefs to identify the keywords that are driving organic traffic to your website. By analyzing this data, you can determine if your SEO efforts are effectively attracting new visitors who may not have discovered your company otherwise. Measurability is the first crucial step in evaluating the success of your SEO strategy.

Progression: Be A Little Better Each Day

SEO is a long-term game that requires patience, but it should yield noticeable progress over time. As a medical device company, your ultimate goal is to generate high-quality leads and convert them into loyal customers. To gauge the effectiveness of your SEO strategy, ask yourself:

  • Are we observing a steady flow of prospects engaging with our website?
  • Are we witnessing an upward trend in lead generation and conversions?
  • Does our SEO expert have a well-defined plan in place to drive progress?
Regularly monitoring and assessing these metrics monthly or quarterly will enable you to evaluate the impact of your SEO efforts and make informed decisions to optimize your strategy further.

Productivity: Delivering ROI

For medical device companies, ensuring that your SEO efforts are productive is paramount. Are leads generated on your website taking calls with the sales team and ultimately converting into customers? One of our clients, a large revenue cycle management firm, experiences remarkable success through SEO because of their focus on identifying which keywords are most likely to deliver qualified prospects and then tracking them through their CRM to feed results back to the marketing team.

To maximize productivity, it is vital to:

  • Ensure your website ranks prominently in search engine results for relevant keywords.
  • Track the deals and conversions resulting from your SEO efforts using tools like HubSpot or your CRM system.
  • Routinely assess whether your SEO activities are generating a satisfactory return on investment (ROI) by comparing leads to “Closed Won” customers.
As commercial leaders in the medical device industry, it is crucial to recognize the value of a well-executed SEO strategy. By measuring the impact of unbranded keywords, monitoring progress towards lead generation goals, and ensuring productivity through strategic optimization, you can unlock the true potential of your website’s visibility and reach.

If you’re seeking expert guidance or a comprehensive diagnostic of your SEO efforts, we invite you to reach out to our team. Let us help you achieve your growth goals and elevate your medical device company’s online presence in the competitive marketplace. Contact us at scott@jairusmarketing.com today for tailored solutions and industry-leading insights.