BOSTON – Sept. 24, 2024 – AcuityMD, a leading technology provider to the commercial medical technology (MedTech) industry, today announced AcuityMD Contracts, the first contract management solution built to help MedTech companies maximize contract revenue and market penetration. AcuityMD Contracts solves the longstanding challenge of managing multifaceted contracts in an increasingly complex healthcare environment.
AcuityMD Contracts eliminates today’s biggest contract management bottlenecks to empower commercial teams to find untapped opportunities, accelerate sales cycles, increase contract penetration and – ultimately – maximize revenue. AcuityMD Contracts brings together critical contract information in a single, intuitive platform so commercial teams can easily identify and act on on-contract sales opportunities and close faster. National accounts teams can also use AcuityMD Contracts to view all their contracts and networks in one place, helping them assess network penetration, quantify potential revenue, and strategically prioritize future efforts.
“Before AcuityMD Contracts, every one of our sales reps had to contact the administrator to check if a facility was on-contract. It took too long. And it was not scalable,” said Alex McLachlan, Director of Commercial at Intellijoint Surgical, developers of surgical planning and navigation solutions for total hip and knee joint replacements. “AcuityMD Contracts helped us solve two things: first, we were able to stimulate demand we didn’t know existed, and second, we sped up our sales process and are now closing on-contract opportunities 66% faster than off-contract opportunities,” added McLachlan.
A 2024 published study revealed that nearly 80% of MedTech respondents believe that contracts will be a “significant revenue driver over the next five years,” and 100% of respondents reported that potential revenue from those contracts was being left on the table.
"Contracts should guide the prioritization of opportunities, but they don’t do that in an optimal way today," said Ross Feinstein, vice president of product at AcuityMD. “Despite winning contracts, sales teams often have little visibility into which facilities are on-contract. AcuityMD Contracts provides enterprise-wide transparency on all contract arrangements with reliable information embedded into daily workflows, making it fast and easy for MedTech commercial teams to build a path to repeatable, reliable growth."
AcuityMD Contracts is now generally available as an expansion to the AcuityMD platform.
In other news today, AcuityMD announced results of a new MedTech industry survey on contract management where 80% of respondents report that contracts are a “significant” revenue driver, and 100% say poor contract management leaves revenue on the table.
About AcuityMD
AcuityMD is a leading technology partner to the commercial medical technology (MedTech) industry. Thousands of sales and marketing professionals use AcuityMD’s intelligence platform to identify target markets, surface top opportunities, and grow their business. With customers ranging from pre-commercial to enterprise, AcuityMD is committed to delivering rich, high-quality insights in actionable ways to accelerate the adoption of medical technology. Its platform is currently used by six of the top 10 MedTech companies and has resulted in more than 25% sales growth for top active sales reps and over $13 billion in opportunity pipeline.
Media Contact:
Lisa Barbadora, Barbadora INK for AcuityMD
+1 (610) 420-3413
