In my last blog I wrote that hospitals are still interested in purchasing, but have a decrease in ability due to frozen budgets and a variety of other factors. In the competitive medtech industry, it is critical for companies to develop products and services that are truly valuable to their clients, particularly in tight times. One of the best ways to do this is to listen to what your clients are saying. By understanding the challenges that your clients are facing and their priorities, you can develop products and services that are truly relevant and useful, and align your message with what your clients want to hear.
Acute care, and hospitals in particular, still represent a large cohort of Medtech’s clients. Hospitals are facing a number of challenges, including:
- Staffing shortages: The healthcare workforce is facing a major shortage, and hospitals are no exception. This is putting a strain on hospitals' ability to provide care to patients. Hospitals are struggling to recruit and retain nurses, doctors, and other healthcare professionals. This is due to a number of factors, including low pay, long hours, and the high stress of working in a hospital.
- Financial challenges: We know this already, and I mentioned it last week, but it bears repeating: hospitals are under increasing financial pressure. In 2022, one system lost over $4.5 Billion. And there were 2 more systems that lost over a Billion, as well. 2023 was always going to be rocky.
- Patient safety and quality of care: Hospitals are always under pressure to improve patient safety and quality of care. Readmissions due to infections, pressure wounds, and other preventable factors have a negative impact on the lives of patients, their families, and caregivers. Also, readmissions cost money, so see the prior point.
- Technology adoption: Hospitals are facing a challenge in adopting new technologies. The high cost of technology, complexity of implementing new systems, and the lack of interoperability between different systems all represent challenges, so keep the end-user in mind during your design phases.
Knowing the pain points your end-users are facing in today’s environment allows you to highlight how your product or service will help them engage clinicians, patients, and the balance sheet simultaneously. Create a tailored eXperience by using real data to show how your product helps your stakeholders:
- Attract and retain staff.
- Improve financial performance.
- Reduce patient safety risks.
- Improve the quality of care.
- Optimize existing workflows.
The most important thing you can do as a medtech company right now is to listen to your clients and understand their needs. Medtech has been invited in the front door of the hospital to partner with cash-strapped systems and facilities to maintain and improve healthcare during a tempestuous time. To create true value for your clients, you need to hear what is valuable to them today. Are you listening?