MedTech innovations save lives every day and help make our healthcare system more efficient and effective. But driving that incredible pace of innovation is hard work, and with more hospital consolidation, increased competition, and fewer resources in this economy, advancing MedTech is more challenging than ever.
We founded AcuityMD four years ago to build a commercial platform that can truly accelerate the adoption of medical technology. We knew that software could take vast amounts of data and transform them into intelligence to power commercial decision-making. MedTech companies deserve software that is as meticulously designed for their business as the products they build for patients.
At our inaugural Flywheel Conference, our customers showed that converting data into easy-to-use, actionable insights creates momentum that not only simplifies workflows – it propels their business.
You’ve Shown Us What a Flywheel Can Do
Value creates value, and in working with our customers, we’ve seen how AcuityMD enabled a commercial flywheel for them. With AcuityMD, marketing teams get better visibility into their ideal customer profile and define targeting strategies to maximize growth. That work helps sales teams better target and prioritize opportunities so they can drive revenue. In turn, commercial leaders calibrate resource allocation and goals to better execute their strategy. As they measure outcomes, they’re able to learn and improve. With each converted healthcare provider, commercial teams get deeper visibility into their ideal customer, which continues to drive the commercial flywheel.
The Critical Role of MedTech Reps
We began Flywheel with a panel session of five esteemed surgeons who discussed the evolving role of sales reps in MedTech. They emphasized the shift away from typical sales functions to a more strategic role where reps can provide valuable information to health care providers (HCPs), including referral patterns, the local HCP landscape, and operating room support. They also shared insights on how to navigate the Value Analysis Committee process, and the tricky skill to get physicians to notice – and respond to – reps' emails. Overall, they stressed that reps must understand a doctor’s specific needs and preferences to earn trust and build a strong partnership.
Success with Data-driven Commercialization
Anne Cadillo, Director of Strategy at BD Peripheral Intervention, talked about how her team scoped an M&A opportunity and quickly assessed a new market more deeply. By building a new market model that leveraged AcuityMD as a key source of intelligence, she was able to swiftly support strategic decision-making at all levels in her organization. Anne shared a wealth of learnings on utilizing commercial intelligence to drive marketing strategy, from estimating market share and sizing to driving product development. She inspired the group to think about how marketing can turbo-charge the flywheel by utilizing data in a more accessible and actionable way.
Michael Fleming, VP of Commercial Operations at Olympus, shared how their omnichannel strategy empowers their field team to be more effective. With this strategy in place, Olympus can accurately target opportunities and invest in more successful channels. Michael shared advice on leveraging AcuityMD to better understand customers across channels, including finding HCPs using similar products to convert larger deals, learning about newer HCPs, diving deeper into KOLs, and then building more internal data science models to predict propensity to purchase. This enables reps to utilize up-to-date information, maintain continuity with customers across different touchpoints in their omnichannel journey, and improve customer relationships.
Jake Carr, Director of Strategy & Sales Enablement at NICO Corporation, a neurosurgical company focussed on minimally invasive tumor and ICH stroke, shared how leaders can empower their sales teams and drive adoption of new technology. From identifying user champions early, to setting metrics and goals to measure success, Jake delivered a masterclass on sales enablement. He also dived into the details around incorporating AcuityMD into onboarding, showcasing immediate value and consistent information sharing.
Jeremy Laynor, Senior VP of Global Sales at Providence Medical Technology, a medical device company focused on cervical spine disease treatments, shared strategies around optimizing territories to effectively scale their sales team. After outlining clear goals for a territory redesign, he showcased how he transformed data into actions with a gap analysis and then overlaid internal sales data with AcuityMD, including pricing, current product utilization, and contracted hospitals and systems. He was then able to look for the concentration of high-volume targets that had existing contracts with favorable pricing and place reps there. Providence ultimately thoughtfully transformed data into actions by optimizing their hiring plans, territory management, and team structure.
Building the Future of Commercialization with You
At Flywheel, we also announced the launch of our latest module, Pipeline, within AcuityMD. Pipeline lets you visualize and manage your sales opportunities easily within our platform and act on gaps between targets and your goals, so you can better manage revenue and growth. Pipeline is a step closer to our vision of a commercial flywheel that helps drive the commercialization of MedTech, and we are so excited for innovative MedTech companies to use it to power their growth.
Rob Delp, VP US Sales at Anika, a joint preservation company, highlighted their journey as an early adopter of Pipeline. Instead of using a generic CRM, Anika had a vision for a MedTech-specific sales process on one platform. Their desire to build something that transformed “internal chaos” into a single, end-to-end view of their sales pipeline made them ideal early adopters. Anika has directly contributed to the AcuityMD product and roadmap with their incredible partnership and feedback, enabling more strategic targeting and product-level opportunity management.
We are excited about the opportunity to build the commercial flywheel alongside our customers; their feedback directly informs our roadmap. We also took the opportunity to share our roadmap at Flywheel, along with new features to maximize sales rep time on the road, drive visibility for contracting teams, and improve commercial strategies, all while keeping an easy-to-use interface at the core.
Meeting many of you in Boston at Flywheel was a highlight of our year, and we couldn’t be more thrilled that you’re on this journey with us. We’re especially grateful for the valuable learnings and accomplishments that our speakers shared to help others accelerate the adoption of medical technology.
We can’t wait to see you next year at Flywheel 2024!
Mike Monovoukas, Co-founder and CEO, AcuityMD