A Data-Based Foundation Is Your Critical First Step

By ROB FERGUSON

Partner

[FEBRUARY 22, 2024] – Let’s say you’re the proud new owner and captain of a soon-to-be-launched sailing ship. We’ll call her the ON TO GREATNESS because she has all the sleek lines, makings, and markings of a grand voyager.

Before embarking on your maiden voyage, I have no doubt, as Captain, you would do your due diligence and carefully chart a course for your intended destination, taking into consideration critical matters such as weather, wind, wind direction, tides, currents, shipping lines, safety gear, backup plans, proper crewing, and provisioning.

Your goal is a safe and successful passage. After all, you’ve invested your blood, sweat, tears, heart, soul, money and much more to get to this glorious moment. With so much on the line, nobody would ever consider leaving port without first developing a well-thought-out, comprehensive “Float Plan” [as mariners like to call it], right …?

Not necessarily.

In the world of healthcare, there are many well-intended “captains” who are so eager to get their new and promising innovation to market that they either do incomplete assessment, planning, and strategizing, or completely bypass the all-important “up-front” work that absolutely must be done if you and your product are destined to go On to Greatness. To do otherwise is to take the helm blindfolded. And who in their right mind would want to do that?

You’d be surprised.

Data, Data and More Data

So what characterizes sound “up-front” assessment, planning and strategizing? It begins with data, continues with data, and ends with data. And that data must be accurate and current. If you don’t have the most up-to-date, proven data, any efforts to capture the attention [and wallets] of investors will no doubt run aground.

The purpose of gathering rich data is to empower your ability to make what I call Early Phase Assessments, including a careful Gap Analysis and a clearly articulated Value Proposition that will differentiate you from all other competitors in your particular space. Essentially, you’re building a roadmap [or charting a course] from where you are today to where you ultimately aim to be with key milestones established and an accompanying timeline.

Organizations that put forth only a cursory effort at this stage and only do random data sampling [or bypass the stage altogether] will likely find themselves several years down the road with little or nothing to show for their efforts … and likely in need of additional cash to sustain themselves.

Another common misstep is the assumption that if a doctor or group of doctors have endorsed your innovation and invested their money, you’re good to go. Maybe, maybe not. They may or may not have a clear and comprehensive understanding of the existing marketplace. Even if they say they do, it’s best to be safe and conduct a deep- dive analysis to gain a true and accurate assessment, all the way down to favorable market regions to launch in, or healthcare systems to approach first.

Perhaps the best way for me to illustrate the importance of intel-gathering at the outset is to share a real-life example of recent work we did for a healthcare device company eager to commercialize their innovation … but not quite sure what to do or how to do it.

We took a 3-phase approach:

Phase 1: Landscape Assessment & Value Proposition

Phase 2: Customer Segmentation & Voice-of-the-Customer [VOC]

Phase 3: Go-to-Market Strategy, Tactics & Execution

Let’s take a closer look …

Phase 1: Landscape Assessment & Value Proposition

Excelerant recommended a Landscape Assessment, including data analytics on market size, market potential, current/future competitors, likely headwinds, and potential tailwinds.

Next, we conducted a thorough Gap Analysis, enabling us to identify key gaps in data and clinical evidence and, after filling these gaps, we were able to shore up the company’s Value Proposition. This step is algebraic in nature because you must solve one part of the equation first before moving on to the next.

It also allowed us to develop a well-thought-out roadmap based on known and current data and analytics; an Evidence Generation Plan; and, of course, the all-important Value Prop. Additionally, we were able to develop protocols for future studies and value messaging via platforms such as print/online publications, presentations, etc.

Phase 2: Customer Segmentation & Voice-of-the-Customer [VOC]

In today’s increasingly value-based healthcare world, it was critical for our client to understand, develop, prove, and effectively communicate the true value of their product to potential key stakeholders. Value analysis is the ultimate process by which customers and stakeholders assess a new technology for payment and adoption [including healthcare facilities, healthcare systems, Value Analysis Committees, and clinical societies that govern guidance].

It is a business imperative for MedTech companies to have an “up-front” understanding of key value drivers across the value continuum -- from clinical impact to patient outcomes, care delivery, and economic impact. They must also craft customized value messages for various customer segments that have their own unique ways of defining value and weighing clinical evidence.

In Phase 1, Excelerant also clearly identified key decision-makers in the provider setting and then conducted a Voice-of-Customer exercise. The VOC step provided an understanding of the customer’s “pain points” and approval processes, which assisted in developing an accurate and compelling Value Prop.

Phase 3: Go-to-Market Strategy, Tactics & Execution

While completion of Phase 1 and Phase 2 is essential for the company to ultimately go to Phase 3 and implement an appropriate, comprehensive go-to-market strategy, we were actually able to initiate part of Phase 3 concurrently with Landscape Assessment. Excelerant helped assess the best approach to market at each level of the sales matrix — facility, Integrated Delivery Networks [IDN] and Group Purchasing Organizations [GPO] within acute and non-acute facilities.

To ‘jump-start” the process, Excelerant immediately began “softening” the market by engaging leading Key Opinion Leaders [KOL] and potential partners who could help accelerate and lead market adoption. We used our long-running relationships with GPOs, IDNs, and other health systems to gain access to key decision-makers and to determine the best path for securing the contracts necessary to grow sales in targeted markets.

Our goal was to establish partnerships at various levels of the purchasing matrix that would drive commitment to purchase the company’s products. Additionally, Excelerant worked with IDNs, long-term care, and other healthcare groups at the corporate level to grow sales and create momentum in the market.

So how’d everything turn out?

We successfully made our targeted Q4 2023 Soft Launch, resulting in more than $1 million in sales in less than four months. Ongoing negotiations for GPO contractual agreements are advancing, and we expect several major contracts to be finalized by the end of Q1 2024.

Excelerant remains committed to working with the company to help them achieve mutually agreed-upon goals by assisting with ongoing strategy development, planning refinements, tactical support, and sales network improvement programs.

Final Word …

What Excelerant’s Partners, Consultants, and Strategic Partners offer is a virtual ecosystem of skills, expertise, knowledge, and experience in virtually all segments of the healthcare marketplace. We not only have rich relationships within all the major IDNs and GPOs, we are proud of our comprehensive understanding of all steps involved in getting to market commercialization, accelerating your voyage to market growth and meaningful profitability. Let us know how we can help you.

On to Greatness!

info@excelerantconsulting.com

_________________

ABOUT ROB FERGUSON

With more than three decades of expertise across neurology, sleep, cardiac, vascular, and physical medicine, Rob brings a rich reservoir of experience to the healthcare industry. His background encompasses leadership roles as President/General Manager, executive management, sales, operations, and marketing within the medical device commercialization sector. Rob has played a pivotal role in the global commercialization of innovative diagnostic products, demonstrating a deep understanding of emerging trends in patient treatment such as Hospital in Home (HiH), Remote Patient Monitoring (RPM), and Software as a Service (SaaS). His skills also extend to early-stage market analysis and competitive assessments, making him a key contributor to the formulation of effective and successful business plans.

____________________________

ABOUT EXCELERANT CONSULTING

Excelerant Consulting is the go-to organization for med-tech companies that need to position products and services successfully for value analysis committees, contract acquisition, and sales modeling and execution to commercialize the launch of medical devices or services with Group Purchasing Organizations [GPO], Integrated Delivery Networks [IDN], or Regional Purchasing Coalitions [RPC]. Clients rely on Excelerant to enhance their product positioning, navigate corporate contracting opportunities, and provide sales support to accelerate growth and profits.

For more info, contact Excelerant Consulting at info@excelerantconsulting.com