MedTech + Mindset Newsletter #047

Welcome to the MedTech + Mindset Newsletter!  

I've been thinking about how many founders, CEOs, marketers, and even support staff stink at selling, and how technical founders have the decks stacked against them. 

Let's talk about that...and a little Mindset too....

Unlocking the Secret to Early Stage Medtech Success: Why Every Team Member Needs to be a Master of ...... 

Insight from Matt Tucker   

I have seen a fatal flaw that many founders, c-suite execs, and CEOs of early stage medical device companies often make: underestimating the importance of selling expertise, particularly needs based selling.

It’s an overlooked aspect of the business that many executives believe they are too good or important to perfect their skills in. But in reality, it’s a critical aspect that can make or break a company.  In an early stage startup, every single team member needs to be great at selling, not just official sales professionals. This includes the CEO, the COO, the marketing team, the medical affairs staff, the clinical staff, and even the internal office support, customer support, and technical support staff.

The reason is simple – every interaction with a customer, stakeholder, or investor is an opportunity to sell the company, the product, or the vision.  Take for example, the CEO of an early stage medical device company who is pitching to an investor. The CEO may have the best product in the market, but if they can’t communicate effectively and sell the vision, the investor may not be interested. Or, consider a clinical staff member who is working with a healthcare provider to implement a new device. If they can’t effectively communicate the value proposition and needs of the provider, the provider may not adopt the device.  

In my experience, many executives underestimate the importance of needs based selling because they don’t understand what it entails. Needs based selling is not about pushing a product or service onto a customer. It’s about understanding the customer’s needs and pain points, and then positioning the product or service as a solution to those needs.  

To be effective at needs based selling, team members need to be able to listen actively and ask probing questions to truly understand the customer’s needs. This requires empathy, curiosity, and the ability to build trust with the customer. Additionally, team members need to be able to communicate the value proposition of the product or service in a way that resonates with the customer.  

To illustrate the importance of needs based selling, let’s take the example of an internal office support staff member. They may not have direct contact with customers, but they play a critical role in supporting the sales team. If they can effectively communicate the company’s value proposition and the needs of the customer to the sales team, the sales team will be better equipped to sell the product or service.  

In conclusion, needs based selling is a critical aspect of any early stage medical device company. Every team member needs to be great at selling, not just official sales professionals. It’s a mindset and skillset that needs to be developed across the organization. The failure to recognize the importance of needs based selling can be a fatal flaw that can lead to missed opportunities and ultimately, the failure of the company. So, take the time to invest in developing these skills across the organization – it’s an investment that will pay off in the long run. 

Embracing Innovation In Healthcare:  Point - Counterpoint 

 Insight from Matt Tucker  

 Title: Embracing Innovation in Healthcare: Payers vs. Providers - A Point-Counterpoint Analysis

Introduction:

The adoption of innovation in healthcare is a hotly debated topic, particularly when it comes to payers and providers. While some argue that both sides should wholeheartedly embrace new technologies and methods, others contend that there are valid reasons for cautious adoption. In this point-counterpoint analysis, we explore the facts behind both sides of the argument.

Point: Accelerating the Adoption of Innovation

Proponents of faster adoption of innovation in healthcare argue that embracing new technologies and methods can lead to improved patient outcomes, reduced costs, and increased efficiency. Here are some supporting facts:

1. Improved patient outcomes: Innovative healthcare solutions, such as telemedicine, remote monitoring, and AI-driven diagnostics, have demonstrated the potential to enhance patient outcomes by enabling early intervention and personalized care.

2. Cost reduction: The adoption of new technologies can streamline processes, reduce waste, and optimize resource utilization, ultimately lowering healthcare costs for both payers and providers.

3. Increased efficiency: Innovative tools, such as electronic health records and data analytics, can improve operational efficiency, allowing healthcare professionals to focus on patient care rather than administrative tasks.

Counterpoint: The Need for Cautious Adoption

Opponents of rapid innovation adoption in healthcare argue that there are valid reasons for a more cautious approach. They maintain that the potential risks, costs, and uncertainties should not be overlooked. Here are some facts to consider:

1. Patient safety: The introduction of new technologies and methods can sometimes lead to unforeseen consequences, which may negatively impact patient safety. It's crucial to thoroughly evaluate and test new innovations before widespread implementation.

2. Financial burden: The upfront cost of adopting new technologies can be significant, and payers and providers may struggle to justify the investment, particularly if the long-term benefits are uncertain.

3. Regulatory and legal challenges: Innovation in healthcare often outpaces the development of regulations and legal frameworks. Payers and providers must navigate this complex landscape to ensure compliance, which may slow down the adoption process.

Conclusion:

While there are clear benefits to embracing innovation in healthcare, the concerns surrounding patient safety, financial burden, and regulatory challenges should not be dismissed. It's essential for payers and providers to strike a balance between accelerating the adoption of innovation and ensuring the safety and efficacy of new technologies and methods. By carefully weighing the pros and cons, the healthcare industry can continue to evolve and deliver better care for patients. 

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