Time to hire a Player/Coach for your Payer Market?

Is it time to hire a Player/Coach for your Payer Market?

By Kevin Thoresen, Healthcare Consultant

Business is going well, but it could be better, it needs to get better and accelerate. You’ve raised an initial seed round or Series A/B, have secured and maintained several clients, but you need more in order to grow your company, and it’s valuation. You need to enter a new segment of healthcare. In addition to selling to providers or directly to employers, you know that you need to grow into the Health Plan market. However, your existing team doesn’t have Payer/Health Plan expertise. Someone who can create the Payer strategy, build a GTM plan, create a pitch deck, identify the value drivers, build a pipeline, sell multiple deals to generate traction, etc. So, let’s hire a player/coach for our Payer segment.?

This person will be responsible for creating the Payer segment. First priority is pipeline growth, close second is selling a few payer deals in year 1 to prove out the segment, gain traction, and setup for significant growth in years 2-3. We need to find a true hunter that has knowledge of the Payer market and a track record of success.?

If this is what you’re thinking . . . you’re not alone, nor are you wrong. Many early stage companies have this need as they grow their businesses. It’s great that you’re willing to admit that you need help and your existing team doesn’t have the experience, knowledge, or expertise to create this Payer vertical. That IS the first step towards creating it. However, the next step is not to hire a player/coach. Let me explain why . . .?

Roles are non-complementary

Although player/coach roles sound complementary to one another, they definitely are not. Yes, both roles are driving growth within the Payer segment, but what’s required to be a successful player (aka sales rep) is very different from what it takes to be a successful coach (aka leader). Here are some examples of those differences.

Skillsets are vastly different. As a player, you need someone with strong external communication skills, organization, deep technical knowledge of the product and it’s applicability to payers (which is not a one-size fits all). Prospecting, discovery, listening, presentation skills, and negotiation skills are all required to be a successful sales rep.

As a coach, some of those skills overlap, but not as many as you may have thought. Coaches need to have an overall understanding of the Payer market, the drivers behind it, and where it’s going. They need to understand the value drivers of your product, how to position them with payers, and how to effectively communicate that - e.g. pitch deck, marketing events to attend, team roles and responsibilities. They must have analytical skills to evaluate, understand, and position pricing, external messaging, and pipeline growth. Most importantly, they need to be able to motivate, train, and lead teams.

Evaluations are difficult for Player/Coaches. As a player/coach, you are responsible for not only selling but also creating all the resources needed to sell. You will need to create, or at the very least modify, a pitch deck because what works in the provider/employer market is not what will resonate in the Payer market - there are different value drivers. You will need to build case studies, create messaging, and identify opportunities such as conferences to meet your buyers. All of this needs to be done before the real selling and pipeline growth can ever truly happen.

So, how are these roles evaluated? Sadly, almost always these people are solely evaluated on what they have sold and how they have grown the pipeline. That is not a fair or accurate evaluation and these people are almost always setup for failure because of it from the start.

What drives a person in each role are non-complementary. As a player, I’m driven by my success. I likely enjoy recognition, love my autonomy, and I am motivated by that next deal to close and the paycheck that comes from it.

As a coach, I’m driven by my team’s success. I don’t crave the spotlight or the recognition for myself. I’m motivated by seeing the people on my team be successful. I’m pumped when they get a big paycheck for their latest deal. I’m the biggest cheerleader (in the back) when they are recognized for their accomplishments. I’m passionate about them hitting their personal and financial goals, growing personally and professionally, and enjoying the journey.

Is there a better approach?

YES! There is a much better approach than trying to find that unicorn who can successfully be a player/coach. Here are some action items you can do right now.

Separate these roles. Understand that you are unlikely to find someone that can be a successful player and coach because of everything we highlighted above.

Identify what role you need now. Depending on your time horizon, growth expectation/needs, financial positioning, and internal resources, whether you need a player or a coach now will be different. If, like most private companies, your time horizon is 12-18 months, then you are likely best served by finding the best hunter/sales rep. Someone that can hit the ground running and will immediately create activity that will lead to pipeline growth and ultimately sales.

Identify what resources you need. If you have come to the conclusion that what you need now is a sales rep, the next step is to identify what they will need to be successful. Do you have a pitch deck, marketing collateral, and case studies? Do you understand who your buyers are and how to engage with them - please don’t just send mass emails and hope for growth? What events or conferences do you need to be at in order to get in front of your buyers? Do you have the resources to attend these events?

Consider outsourcing. You likely don’t have everything you need so your new hire can hit the ground running and be setup for success. That’s understandable and exactly where you should be. However, don’t think that you need to hire a team of people to create and manage all of these resources before you get to selling. Consider outsourcing some of these functions to other companies and consultants that specialize in these areas.

What’s great about outsourcing this work is that these consultants are paid to deliver. You get the expertise of a seasoned professional who has done this before, understands the Payer market, and can quickly deliver the necessary resources so your player or coach can hit the ground running and not spend the first 6-12 months creating what they need.

Further, these should be short-term engagements with clear deliverables each month. You don’t need to commit to these consultants for 6 or 12 months. Depending on what you need, it could be as short as 1-3 months with deliverables set for the end of each month.

Connect with Kevin on LinkedIn to accelerate your Payer growth.?