Our own experiences in the healthcare space and many conversations with our customers have made it clear just how difficult contract administration and management is for MedTech companies. We’re also well aware how critical contracts are for driving revenue and shortening sales cycles. We recently partnered with MedTech Dive on an in-depth survey that revealed a majority of MedTech companies get over 70% of their revenue from contracts, and all sales leaders plan to increase that number in the next 3-5 years.
Contracts are also becoming more important for IDNs as purchasing decision power shifts towards healthcare administrators. At the same time, MedTech contracts with IDN and GPOs have gotten increasingly complex due to the nature of the market. Continuing consolidation through mergers and acquisitions mean that existing contracts must frequently be amended and updated, but nearly all MedTech companies rely on manual methods like spreadsheets, emails, and calls for updating their contract rosters and communicating changes to their sales teams.
Part of our mission is to help MedTech companies cut through red tape – no matter what the market brings – so we can help accelerate the adoption of medical technology. Which is why we’re so excited to announce our newest solution for general availability: AcuityMD Contracts.
AcuityMD Contracts is the first and only contract management solution built to help MedTech companies maximize contract revenue. It puts contract intelligence directly in front of sales teams to focus on high-yield opportunities and close deals faster.
This solution will completely change how MedTech companies build strategies around contracts. But not only is this product launch a change for the industry, its development was also a change to our approach. We purposefully ran a longer incubation period for this solution so we could intensively study the root causes of this problem and the best solutions for them. We then found early adopters who would be able to detail what gaps existed in the MedTech contract space, and provide incisive and actionable feedback in a controlled environment. This was a different approach than we’ve taken on previous solutions, where we launched a fully-formed solution to market and then quickly iterated on real world usage metrics and feedback to shape the product.
In this case, the insights of our ICPs were critical for our early prototyping and scoping of the solution. Working hand-in-hand with this small group, we realized early on that creating a contracts solution can’t be done without a strong foundation of data and workflows already in place. Contract management is a nuanced workflow that requires established credibility and resources in order to go deep and deliver impact. This thoughtful and collaborative approach took us to a place that neatly integrates with AcuityMD’s Targeting, Pipeline, Markets, and Territories offerings to give MedTech companies a 360-degree view of their contract penetration, available whitespace with a provider or IDN, and where they can strategically focus their sales and marketing efforts for the best results.
AcuityMD Contracts gives reps all the context they need in one place so they can focus on opportunities with faster sales cycles. By deeply integrating critical contract intelligence with our industry-leading Targeting module, the solution is extremely intuitive; sales reps understand how to use it instantly. Executives and managers can see the benefit immediately through a central dashboard where they can track contract performance and work closely with their sales teams to increase contract penetration.
We’re so excited to be opening this new vector for companies of all sizes, and the opportunity to continue to innovate and expand on tools that will really help MedTech companies succeed in all aspects of the commercial lifecycle.
To learn more about how Contracts can help you accelerate revenue and increase contract penetration, contact us today.
Mike Monovoukas
CEO and Co-founder
AcuityMD
