MedTech + Mindset Newsletter #040

newsletter Mar 13, 2023

Welcome to the MedTech + Mindset Newsletter!

I've been thinking about acting ethically, what to do when a customer seems over skeptical, and how money hang-ups limit us.

 

It's time to talk about a little Medtech....

 

and a little Mindset too....

 

Bad Actors Affect us Adversely?

Insight from Matt Tucker  

Have you heard of StimQ?

The StimQ Peripheral Nerve Stimulator (PNS) device was marketed as a minimally invasive solution to alleviate chronic pain in patients.

 

However, doctors said the implantable "Pink Stylet" receiver component could not fit in certain regions of patients' bodies. The company introduced a "White Stylet" variant that could be cut to a desired length before insertion.

 

But...cutting the implant rendered it useless, yet the company continued marketing and billing for the device.

 

Stimwave representatives have admitted to wrongdoing and are agreeing to a $10 million fine. CEO Laura Tyler Perryman is facing charges of conspiracy to commit wire fraud and health care fraud, with a possible prison sentence of up to 20 years if convicted.

 

So what right....bad actor?

 

Bad Actors like this affect our credibility as an industry. And I've had - and my sales reps have had - plenty of experiences with very skeptical clinicians and payers who want to verify everything, and don't seem trusting of what you have to say.

 

And let's admit it...it's frustrating.

 

But sometimes the only thing you can do is remind them of your core values...particularly when stories like this are fresh in their mind.

 

If you're ever in that situation, here are several things you can say to customers to help them feel that you prioritize patient outcomes, safety, and economics:

 

  • Emphasize a commitment to quality: Let your customers know that your company is committed to providing high-quality medical devices that have been rigorously tested for safety and effectiveness.
  • Talk about your track record: Share information about your company's history and experience in the medical device industry. Discuss past successes, and highlight how your products have helped improve patient outcomes and reduced costs for healthcare providers.
  • Highlight your compliance with regulatory agencies: Explain how your company adheres to strict regulations and standards set by organizations such as the FDA, ensuring that your devices are safe and effective.
  • Discuss your clinical evidence: Provide customers with clinical studies and data that support the effectiveness and safety of your devices.
  • Emphasize your commitment to customer service: Let your customers know that your company is dedicated to providing exceptional customer service, and that you are always available to answer questions and address concerns.
  • Call it out: Tell your customer that you've read the news, seen the story, and discuss how events like this give everyone a bad name. Just by discussing it openly naturally gives the customer confidence that you hold higher values than those who made it into the news. 

 

By emphasizing these points, you can help customers feel confident that your company is committed to providing safe, effective, and affordable medical devices that improve patient outcomes and reduce healthcare costs.

 

 

Money Matters

Insight from Matt Tucker  

“Money’s just too hard to come by to spend it on that.”

 

I’ve heard my mom say this for more than 45 years...

 

“You shouldn’t spend money paying someone to do something you can do yourself.”

 

This is something I’ve been telling myself for more than 45 years…to my detriment.

 

Money is often a taboo topic that ends up keeping so many of us second guessing, competing against each other, and often makes us do things that aren’t in our best interest.

 

And after a string of conversations recently – my CreateNext Group co-founder and I decided there’s a huge opportunity to talk about it, and find out what comes up for us, and for members of our CreateNext Community.

 

But this past week we decided we wanted to broaden that opportunity for others. As a Medtech+Mindset Member, I want to personally invite you inside our closed-door session to begin learning how to create ease and flow in your financial life.

 

We’re holding a 60-minute-deep dive exploration into our relationship with money and discover how to overcome the beliefs and stories holding you back from achieving your dreams - or eliminating friction. It’s just the beginning of the conversation, and you won't want to miss it.

 

So, to join us this coming Thursday at 1pmET, all you need to do is register here:

 

Let’s Talk Money: How to create ease and flow to allow for more of what you truly want.

 

And if you’d like…invite a friend who could benefit from this life-changing event. Good people know good people, so spread the word and reserve your spot today.

 

What did you think of this week's newsletter?

Loved it Great I Good Just OK Bad

If you enjoyed this, please consider sharing it with a friend, or recommending us on your social page.

 Are you following us on LinkedIn? If not, you can do that here for more updates, insights, and opportunities.

 If a friend sent you this, get the next newsletter by signing up here.

Who is MedTech + Mindset? We’re committed to providing the best information, strategies, and tactics to advance your product and career. We ignore the pablum, listicles and clickbait and only share high-quality, vetted, and actionable commercialization content.

That's it for this week.

 — Your Friends at the M+M Team.

 
MedTech + Mindset is part of the CreateNext Group, which also publishes 

      

Cutting-edge thinking & actionable ideas for MedTech professionals.


Subscribe for free and unlock new ideas for growth that you've never considered.

We hate SPAM. We will never sell your information, for any reason.