How can you differentiate your infusion organization?
Having access to valuable market data is a great way to ensure you and your team have the most up-to-date information regarding high-potential referral sources in your market. With this data, you and your team can identify high-potential referral sources and create clear, actionable strategies to execute in the field. In this blog post, we’ll explore three effective data-driven strategies to help differentiate your infusion organization and drive growth.
1.) Identifying the top prescribing physicians in your area of the market
To grow your infusion organization, it’s important to research and analyze the top physicians in your market. Your sales team should be familiar with the available data and know how to use it effectively. When your sales reps are analyzing the data and finding the highest-potential referral sources, they need to focus on who is prescribing the highest volume of orders per your area of the business, and to which Infusion organization.
Sorting through large amounts of data can be overwhelming and stressful, so it’s best to have your data organized in a way that makes it easy to find physician and organization targets. You can accomplish this by filtering the data by HCPC/CPT codes specific to your line of business, geography, physician specialty, and referral volumes based on rankings.
With high-quality data and insights, your team can be more efficient and targeted when connecting with high-potential physicians, saving time and energy for those who have more referral activity.
Below, Jay Arnold from Vital Care Infusion Services speaks about how his team has utilized market insights and data:
“The short answer is that referrals are going up. We’re growing well above the industry average by using the tool. We are doing several things, but the Trella solution has had a significant positive impact on our revenues.”
2.) Benchmark against competition
To become a top destination for physicians, it’s important to analyze your competition and benchmark your organization against them. By examining the competitive landscape of your market, you can identify which infusion organizations receive the most referrals and gain insights on how to improve your own organization’s ranking in specific geographic areas.
For example, a few metrics you can add to your competitive analysis are:
- Order rank
- Diagnosis rank
- Percentage of orders to specific organizations
- Organization contribution rank
Once completed, this analysis can help your reps showcase your organization’s differentiation and value when presenting to physicians, especially if your organization ranks lower in volume compared to the competition.
Jay Arnold, from Vital Care Infusion, speaks on how utilizing market insights and data has helped his team to gain more clarity into their market:
“When looking at the Trella data, even the folks that have previous knowledge say ‘Wow, I had no idea this doctor referred this much or that this location did this much business’ or ‘Wow, I didn’t realize this location did so much business with my competitors, I thought I was the only one, so it’s really interesting to see that another company is getting referrals from this physician.’ The Trella solution has really provided us with clarity and a playbook for our franchisee sales staff account executives.”
3.) Build and execute on a data-driven market strategy
To grow your infusion organization, it’s crucial to build and execute on a data-driven market strategy. After researching and analyzing the top referral sources in your market and creating a competitive analysis, it’s time to use these insights to develop an actionable strategy backed by data. Your sales reps can start by grouping target accounts into four categories, ranging from A and B as top targets to C and D accounts that may need a reassessment of strategy. Keep in mind that each territory requires a specific plan and strategy since each referral is unique and has its own considerations.
However, you can create a template for each of your territories based on data accessible to you such as:
- Competitive pharmacy use
- Payer mix information
- Number of referrals received per physician target
Once your field sales team has implemented their strategies in their territory, it’s important to review their strategy and the data accessible to you to ensure that your team:
- Has the correct information
- Is calling the “right” physicians
- Understands what worked and did not work
- Receives feedback
Remember: The plan is never linear but circular. Reviewing with your team constantly ensures that they are not only executing the strategy but fine-tuning areas of opportunity.
John King, from Vital Care Infusion Services, emphasizes the importance of creating a strategy that is data-driven:
“The market data from Trella Health is top notch. The data leads you to the right referrals for referral source growth, which allows our account executives to target strategically and simultaneously build on new market opportunities to expand our business. The solution equips them with the insights they need to ask referral partners the right questions.”
Aligning your sales team for success
While not every Infusion organization has a third-party consultant or data analytics platform where they can easily access the most up-to-date data – it’s essential that your team is leveraging the data for their benefit. To align your team for success and ensure growth throughout the organization, you need to take a data-driven approach and an actionable strategy when connecting with high-potential referral sources and achieving your 2023 goals.
Ready to grow your organization with an actionable data-driven strategy?
Take a personalized look into your Infusion market – Request a Marketscape Insights demo here