Amplify Your Sales Team's Effectiveness in Managed Markets

Managed care is the process of delivering health services based on agreements made between an insurance company and a network of healthcare providers. Under this agreement, insured patients receive care at a lower cost than they would if they were treated by a provider outside of this network.

This type of care has become extremely popular in the US market, particularly in the context of employer-sponsored plans. As of 2017, more than 70 million Americans rely on this type of coverage for at least some of their healthcare needs.

This high market penetration signals the need for healthcare providers to satisfy the demands of managed care providers in order to receive payment for their services. This has significant implications for how account managers should approach sales proposals when managed care plans are a factor in their clients' decision-making processes.

How Managed Care Changes Sales Dynamics

In addition to a thorough understanding of the pharmaceutical market in general, a specialized approach is required when working with accounts that depend on managed care billing. These accounts have unique concerns that influence their purchasing decisions. If they purchase a drug that is not adopted by many managed care plans, they risk being unable to generate a profit from that purchase.

Which types of drugs are favored by managed care plans? Budget is often a major factor in this decision. Managed care plans emphasize affordability and must stretch a relatively small pool of funds to cover all the drugs and treatments they will offer.

Managed care insurers are also much more likely to be interested in drugs that can be prescribed to a wider patient base. Niche solutions are rarely appealing to this type of payer. On the other hand, drugs that can be used to treat a wide variety of conditions may be more attractive.

Why Managed Care Training Matters

Developing a deeper understanding of what drives this market is critical to successfully pitching products to providers who operate within it. Account managers and pharmaceutical sales representatives must demonstrate that they are familiar with the decision-making process within managed care contexts to gain providers’ trust and match them with profitable solutions.

In recognition of this knowledge gap, healthcare management consulting firms have begun offering specialized training to help account managers adjust their approach to better suit the needs of this segment of the market. For instance, our upcoming Managed Care 101 training course offers an overview of managed care markets and the information needed to make a convincing proposal that will secure new business. Topics covered include:

• Who pays for healthcare products and services in the US market

• How pharmacy benefit management and integrated delivery networks work

• How to use evidence-based criteria and player guidelines to determine appropriate product suggestions

• How to establish a pull-through relationship with clients to promote the use of your products in the context of managed care

Perfect Your Managed Care Sales Tactics

Managed care market dynamics will only become more important in pharmaceutical sales in the coming years. Deepening your sales team's knowledge of managed care now is key to maintaining your competitive advantage.

The Brooks Group offers a full catalog of account management training courses designed to help sales representatives hone their skills, as well as instructional design services for creating custom training content. Contact us today to sign your team members up for our Managed Care 101 training course (currently scheduled for May 30) or any of our other industry-leading courses for account management professionals.

This blog was originally posted in https://thebrooksgrouponline.com/2022/03/amplify-your-sales-teams-effectiveness-in-managed-markets/

It's Time to Embrace Branding as a Necessity

Many healthcare companies feel that branding efforts are a waste of their time and resources. This mindset is a holdover from past markets, and it is problematic in today’s market conditions.

In the past, healthcare markets were much smaller, and there may have been only one or two products available to treat any given condition. Now, there might be dozens of different options to choose from.

Building a stronger brand is one of the best things you can do to ensure that your company can thrive in this crowded environment. The following five benefits are just some of the many reasons to establish and nurture your healthcare brand.

1. Crystallize Your Competitive Edge 

What makes your healthcare company different from all the others in your niche? You know the answer well, but your prospective customers may not. Strong branding highlights your company’s unique value propositions and allows you to prove your worth to patients and healthcare providers alike. It gives customers a sense of what to expect when buying from you, and this may be enough to cement their decision to choose you over your competition.  

2. Build Trust in Your Company 

New drugs, technologies, and equipment often represent million-dollar investments for healthcare providers; choosing which ones to purchase is no easy decision. Products that are backed by an established brand are seen as less risky than those that are not. Branding makes the products feel like more of a known quantity than what competitors are offering, making it easier to justify the decision to buy from you. We speak from experience on this matter: as one of the country’s top healthcare consulting firms, we have taken care to ensure that our own brand is synonymous with integrity and reliability. 

3. Drive Patient Empowerment 

Good brands resonate with patients as well as healthcare providers. They cultivate patient trust by keeping a close eye on their needs through market research and patient advocacy, then implementing key insights from their findings to better reflect patient needs. They also build a reputation for transparency and trustworthiness, providing patients with all of the information they need to confidently direct the course of their treatment.

4. Contribute to Financial Security 

Even the biggest healthcare companies may see sales numbers dip from time to time. However, a strong brand has staying power that outlasts small roadblocks. People will always gravitate to brands they know and trust, even when budgets are tight. This means that products from strong brands are often some of the last line items to be cut in times of crisis. 

5. Confer Power During Mergers and Acquisitions 

Effective branding can also be an excellent asset during mergers and acquisitions. A company with an established brand has significantly more negotiating power in these propositions. If you are interested in an acquisition, you can command a higher price for the sale. You can also count on the strength of your brand to deter low-quality offers that are not in the best interest of your company; bigger brands are perceived as more difficult targets, even when the company behind them is relatively small. 

Build Your Brand with Quality Training Initiatives 

A strong brand starts with an exceptional team. You can home your staff’s sales, strategy, and interpersonal abilities with advanced professional courses from The Brooks Group. 

Here are some popular training courses we conduct for healthcare executives - 

Executive Level Presence - https://thebrooksgrouponline.com/training-programs/healthcare-executive-training-program/

Excellence in Account Management - https://thebrooksgrouponline.com/training-programs/large-account-management-training/

Get into Pharmaceutical Sales - https://thebrooksgrouponline.com/training-programs/get-into-pharmaceutical-sales/

Managed Care 101 - https://thebrooksgrouponline.com/training-programs/managed-care-101-training-seminars/

Contact us and let us help your team upgrade your company branding today.

This blog was originally posted in https://thebrooksgrouponline.com/2022/03/its-time-to-embrace-branding-as-a-necessity/