Is it Time to Experience Your Own Moment of Magic?
By TOM NOLAN
Partner
[September 6, 2022] – Most hard-working professionals toiling in the vineyards of sales or business development call them “buying signs” before matters ramp up to “the ask” and later “closing the deal”. And I guess at its fundamental level, those are all accurate descriptors assigned to various phases of an ancient process whereby one party has a need, another has a solution and, together, they attempt to reach a midpoint where all involved walk away better off, smiling and believing they were treated fairly.
“The art of the deal”, right?
Personally, I see these back-and-forth interactions as something more profound, especially when they take place in the healthcare arena and peoples’ well-being [if not their lives] are at stake. And it goes even deeper than that since the right transaction at the right time involving the right parties enables and empowers a healthcare professional to deliver a significantly higher level of treatment that yields improved patient outcomes. So, in addition to walking away “better off, smiling and believing they were treated fairly”, as mentioned above, let’s add a deeper dimension of knowing you helped make a significant difference in many more lives than you’ll ever know.
That moment when the planets, the purpose and the parties align is pure magic.
“It’s a subtlety,” says my colleague Dave Finley, also a Partner at Excellent Consulting. “Magic begins when info becomes more freely dispersed and interactions become more conversational and everyone realizes and respects the fact we all have our unique areas of expertise and we can all contribute to ‘the greater good’.
“When we check our egos at the door, listen lavishly, and collaborate on strategy and goals, we get a better, more efficient plan-of-action which provides faster results and greater satisfaction to patients and healthcare professionals. That’s magic.”
What Dave speaks of, to me, is when all involved come together to identify exactly what the value proposition is for a specific healthcare innovation that one of our clients or potential clients has developed, tested, proven and is now seeking to commercialize. During our early discussions with the client/prospect, Excelerant is silently asking questions like …
- Is this something one of our Group Purchasing Organizations or Integrated Delivery Networks would truly be interested in?
- Is this something truly unique, viable and special or is it just another entry in an already crowded marketspace?
- Have we clearly identified the unique point-of-differentiation and why it’s superior to existing products?
- If there is interest among GPOs or IDNs, can the client/prospect realistically keep up with anticipated demand, avoid supply-chain backlogs, and be able to support the product in all ways necessary?
Excelerant is able to identify any weaknesses or gaps in your current business model and help you address them before making your pitch and ideally gaining entry to the marketplace. When the right answers to these types of questions surface and there’s consensus, wow, everyone involved just feels it. It’s magic.
A Critical Step Missing in ‘Cradle-to-Cradle’ Technology
Back in 2017, I experienced this magic in a most profound way. Out of the blue, I received a call from a huge, Taiwanese electronics manufacturer that had zero experience in the U.S. healthcare industry. [And BTW, I had zero experience in technology.]
They’d taken note of an unmet need in the U.S. market that Dell Founder Michael Dell often mentioned, a gap in the notion of “cradle-to-cradle” technology. That gap had to do with discarded tech devices after organizations had upgraded their IT systems [everything from servers to desktops, laptops, smart devices, you name it]. What do you do with the outdated hardware?
“Mothball” it like military equipment? Toss it in already overburdened landfills, creating an environmental hazard? Donate it? Or something better …? Part of the company’s business model involved purchasing [or crediting] outdated equipment as part of the deal to sell its new technology to U.S. organizations in all major business verticals, including healthcare which is why they called me. In healthcare, these IT upgrades take place every 2-3 years which is astonishing in itself. Today’s “gee-whiz” tech device is tomorrow’s boat anchor or door stop.
After meeting with the manufacturer and discussing their vision and business goals, I better understood their unique value proposition: Enter all major U.S. verticals, sell their new hardware and offload outdated technology as part of the sales deal. They would ship the outgoing devices to a Dallas-area facility where the it would either be reconditioned and repurposed, or broken down and sold off for parts. No landfills, no environmental hazard, a “green” solution in a world begging for more green solutions.
I knew right away there was something there, a clear need in the market, and I knew the right people in the right organizations to contact and make introductions. Immediately, GPO and IDN reaction was favorable. When the largest for-profit healthcare system in the country [180 hospitals] said, “We’re in!”, it was a home run for everyone.
The moment of magic occurred after we’d sat and discussed their vision and goals, including their unique offering, and I was able to pair it with organizations in a “need state” for just such a service. By consistently delivering on exactly what they’d originally promised, the company’s arrangement with the major healthcare system is stronger than ever.
Yearning for Your Own ‘Moment Of Magic’ …?
“It’s so important to be open and collaborative and make sure everyone brings something unique to the table when you’re having discussions and trying to identify a unique value prop,” my colleague Dave Finley says. “Experience, expertise, insight and few bumps and bruises along the way help us know how to safely navigate and avoid the landmines in the journey to market. Without that knowledge, a company with a truly promising new innovation can be very quickly thrown off-track.”
If you have a promising innovation you believe meets an existing unmet need in the healthcare industry, let’s chat. Let’s discuss your product, your business model, your goals, and let’s work to identify your unique value proposition. Then let Excelerant make the right introductions so you can successfully commercialize your innovation and make a meaningful difference in patient outcomes, improve healthcare providers’ ability to deliver higher levels of treatment, and positively impact everyone’s bottom line.
Your moment of magic. Contact us today!
info@excelerantconsulting.com
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ABOUT TOM NOLAN -- Tom is an accomplished Senior Account Executive with a solid track record of driving sales for small-and mid-size medical device companies and has vast distribution experience in acute and non-acute verticals. He has worked with start- ups to Fortune 500 companies, and founded his own consultancy that connected suppliers with corporate customer channels. Tom excels at driving sales share gains through insightful market analysis and contract structure tactics and has longstanding, trusting relationships with C-level executives at major Group Purchasing Organizations [GPOs] and Integrated Delivery Networks [IDNs].
Before joining Excelerant, Tom was Senior Vice President at Essential Healthcare Management (EHM); Vice President, Long-Term Care, GPO Market at McKesson Medical-Surgical; and Vice President, Health Systems, Cardinal Health. He was also President & Founder of Corporate Contracts, Inc. and Director, Corporate Sales at AMSCO International (now Steris Corporation). He is also experienced in cloud-based software solutions as well as disposable products and capital equipment supply.
Tom earned his Bachelor of Science in Political Science at Gannon University in Erie, PA, and did post-graduate MBA studies at Incarnate Word University in San Antonio. He serves on the Board of Corporators, UPMC Hamot Health Organization, and holds a United States Coast Guard Captain’s License.
tnolan@excelerantconsulting.com
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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]. Our clients rely on us to enhance their product positioning, navigate corporate contracting opportunities, and provide sales support to accelerate sales growth.
For more info, contact Excelerant Consulting at info@excelerantconsulting.com.