MedTech + Mindset Newsletter #035

Welcome to the MedTech + Mindset Newsletter!  

I've been thinking about...how important internal and external training is to the success or failure of a medical products company.  I've also been thinking about what I've done right recently...and what needs improvement.

 When Training is the Key to Success (O Failure, Let's Be Real)

Insight from Matt Tucker 

The medical device industry is a minefield of complexities, but there's one thing that's a no-brainer: training. Whether it's training your staff or training your customers, you've gotta know the difference and why it matters. So buckle up, because we're about to dive into the nitty-gritty of what makes internal and customer training tick.

Internal Training: Here's where you teach your team the ins and outs of your medical device. It's essential to make sure your employees are experts on your product, can effectively communicate its benefits and features to customers, and can sell it like hotcakes.

5 Best Practices for Internal Training:

1. Start at square one: Your staff needs to know your product inside and out.
2. Use different training modes: Mix didactic lectures, with experiences, role-plays, and get hands-on: Interactive training sessions are key to keeping your staff engaged.
3. Ask away: Encourage questions to clear up any confusion.
4. Keep it fresh: Regular training updates keep your staff in the loop.
5. Use a Carrot and Stick Approach: Conduct assessments and testing to show you are serious about competency, but also sweeten the deal by offering incentives for completed training and demonstrated product knowledge.

Training Customers: Now, let's focus on your customers - the real MVPs. You need to educate them on how to use your medical device to provide the best care possible. Training your customers, or clinicians, is focused on educating them on how to effectively use and implement your medical device or product into their practice. This type of training is essential for ensuring that your customers are confident in using your product and can provide optimal care to their patients.

5 Best Practices for Training Customers:

1. Face-to-face is best: In-person training is the most interactive option.
2. Online and available: Offer online training materials for convenience so they can complete it on off hours or a break in their day.
3. Support never stops: Provide ongoing support for confidence in using your product.
4. Tailor it: Personalize training to fit each customer's specific needs. Customize the training to match their specific role and competency. Don't assume the same training for an MD suffices for a nurse, for example.
5. Certify their expertise: Offer certification programs to show proficiency.

Look, internal and customer training are both critical to success in the medical device industry. They serve different purposes, but both need a comprehensive and personalized approach to make sure your staff and customers know what they're doing (and what they're selling).

The Lame Ways Payers Avoid Covering Your Innovative Medical Product 

Insight from Matt Tucker 

Let's face it, health insurance payers love to play it safe and avoid covering new and innovative medical products like the plague. But fear not, there are ways to fight back and get your product the coverage it deserves. 

 Here are the common strategies health insurance payers use to dodge covering new and innovative products:  

• The "wait and see" approach: They'll sit on the sidelines and wait for someone else to take the risk, hoping that the product will either flop or become cheaper. 
• The "it's too expensive" excuse: They'll claim that your product is too expensive and not cost-effective, even if the research says otherwise.
• The "not enough evidence" cop-out: They'll argue that there isn't enough evidence to support the efficacy and safety of your product. 

But don't give up just yet. Here are the steps you can take to combat these strategies:   

• Arm yourself with data: Gather clinical studies, real-world evidence, and cost-effectiveness data to back up your product's value.
• Show them the money: Highlight the cost savings that your product can provide in the long run and demonstrate its value-based pricing.
• Make friends in high places: Build relationships with key decision-makers and influencers in the payer community to increase your chances of getting covered.
• Don't shy away from a challenge: Be prepared to challenge their objections with compelling arguments and data. 
• Be persistent: Don't give up after one rejection, keep advocating for your product and be relentless in your pursuit of coverage.  

So, there you have it, the insider's guide to getting your innovative medical product covered by health insurance payers. Now go forth and conquer!" 

CreateNext is officially launched and a number of action oriented high performers have taken the leap to design their future, take control, and create what's next for them!

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We work with high performers who are motivated to increase compensation or revenue and eliminate compromising your happiness, freedom, or health.

Hear my story for more!

Thanks, Matt Tucker 

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 — Your Friends at the M+M Team.

 
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