Gain Traction in the Healthcare Tech Market

This article & video were originally published on our website here on 01/15/2024.

How do you Gain Traction in the Healthcare Tech Market?

One of the biggest mistakes startups make when trying to gain traction in the healthcare tech market is hitting the sprint button, aiming to onboard as many clients as possible for MRR goals. Healthcare is a complex marketplace and requires time especially with your first few clients to figure out training and onboarding, engagement and utilization, bug fixing, and real specific numbers for value creation.

Understanding how your software fits into an existing clinical workflow helps overcome barriers that could hinder utilization and engagement. Utilizing initial clients can help you get specific on ROI so you can demonstrate value effectively to prospective clients with past performance examples.

Once you have a firm foundation of training/onboarding process understanding barriers to utilization & demonstrating value – then move onto scaling strategies like sales, demos etc. All these steps will help gain traction in the healthcare tech market! So take care of those 3 things before moving on to scale up once you have good firm foundation.

Gaining Traction in the Healthcare Technology Market

Gaining a foothold in the healthcare technology market, especially as a startup, can be quite challenging. It’s not just about getting clients onboard and trying to hit your Monthly Recurring Revenue (MRR) goals. The healthcare sector is much more complex than most industries such as retail sales, which makes it crucial to adopt a strategic approachwhen bringing on new clients.

I always advise my clients that rather than rushing into things, take some time with your initial set of customers – say about 6-12 of them – and focus on three key areas; training and onboarding, engagement and utilization, and value creation based on specific numbers.

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Training & Onboarding: Building Robust Clinical Workflows

Clinicians are often stuck in their way of doing things. They have their workflow which they’ve grown accustomed to over time. Any disruption or alteration to this flow can often be met with resistance even if the proposed changes promise improved convenience or effectiveness.

This is where effective training comes into play for health tech startups. Ensure your solution fits seamlessly within existing clinical workflows while providing added benefits. By addressing these concerns from the outset, you’ll easily overcome potential barriers down the line when it comes to engagement and utilization of your software by clinicians.

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Engagement & Utilization: Ensuring Optimum Software Usage

If clinicians find interfacing with your technology cumbersome or if there exists any stumbling block no matter how trivial it may seem – chances are high that they won’t use it at all leading to lackluster results for you as an entity serving them.

To avoid this problem scenario figure out step one i.e., Training & Onboarding properly so that step two Engagement & Utilization becomes a breeze.

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Demonstrating Value: Providing Solid ROI

Once you’ve navigated the first two steps successfully, it’s time to get granular about the value your solution creates for your clients. It’s always more convincing when you can demonstrate real Return on Investment (ROI) in dollars and cents.

To do this effectively, use data from your initial client base – those half dozen or so customers who’ve been with you since the beginning. Show potential future clients concrete examples of how you have improved outcomes for similar clinics in terms of numbers – nothing speaks louder than past performance!

Navigating these three areas will provide a solid foundation for gaining traction in the healthcare technology market. Once this is achieved, scaling up will become easier as all other business development strategies – sales conversations, demos etc., will naturally fall into place.

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What are some strategies you’ve found to help differentiate yourself in healthcare technology?