Craft Your Healthcare Sales Value Proposition around Pain Points - Volkart May - ContactCenterWorld.com Blog
It’s well known that healthcare costs are rising. In fact, total healthcare spending in the U.S. is expected to reach $4.8 trillion in 2021, up from $2.6 trillion in 2010 and $75 billion in 1970. Of total spending, half (51 percent) goes to pay the cost of medical services provided by hospitals and physicians. Rising prices for care was the chief driver of healthcare costs for privately insured Americans in 2011 and the implementation of new medical technology accounts for between 38 percent and 65 percent of healthcare spending increases. (Source)
Decision makers in a healthcare setting are challenged with making decisions that will improve care while keeping finances in mind. They are pressured to keep costs down. In order to offset high costs, they are focusing on population health and cutting supply chain costs. Healthcare sales professionals need to keep this in mind. It’s recommended to craft your value proposition around these pain points in order to get the attention of decision makers in the healthcare industry.
Information to incorporate into a value proposition include:
Immediate cost savings
If the healthcare product or service you are selling has the same benefits as what the competition is selling, but at a lower cost, this is important to include as part of the value proposition. Telling a healthcare decision maker that you can immediately reduce their spending is going to pique their interest and keep them engaged in the conversation. Of course, they might be skeptical that a product or service that costs less can be as effective, so it’s important to explain the methodology and why that is the case.
Return on Investment
The product or service you offer may not result in immediate cost savings, but what about in the future? It’s important to encourage decision makers to look past the initial price and consider the long term ROI of the product or service. This approach will require data outlining the break-even point and when they can start to see a profit from the investment and what that profit will be.
PricewaterhouseCoopers calculates that up to $1.2 trillion, or half of all health care spending, is the result of waste. (Source) If the product or service offered can be more efficient than what’s currently used and cut down on wasted costs, it’s important to outline that in a value proposition.
Healthcare decision makers are very busy, and are presented with sales pitches on a regular basis. If you want the healthcare product or service you are selling to stand out, it’s important to focus on how you can improve one of the top issues facing healthcare decision makers today: rising costs.
Publish Date: December 11, 2015 5:00 AM
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