Medical Device CRM: The Key to Accelerating Sales with a Virtual Sales Model | Penrod

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Medical Device CRM: The Key to Accelerating Sales with a Virtual Sales Model

If there's one thing that the Delta variant has shown us, it's that virtual selling platforms will continue to be vital for medical device companies.

Many medical device companies are managing patients, referrals, and other aspects of their business in antiquated point systems or spreadsheets. Meanwhile, referrals from providers are often delivered via fax and email, leading to additional manual work, errors, and poor physician experiences.

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As more medical device companies take steps to prepare for a virtual reality, it’s becoming clear that those who don’t change will probably be left behind. However, the process for augmenting traditional in-person selling strategies with a cloud-based, remote platform is more accessible than ever – and the ROI generated by secondary benefits, like unifying processes across sales, marketing, and operations is clear.

What are virtual medical device CRM solutions?

Virtual selling solutions for medical device companies took the customer relationship management (CRM) model perfected by retail businesses and applied it to provider, broker, GPO, IDN, and patient management.

Because the medical device CRM is the single source of record, it’s simpler to create meaningful relationships between data points, or in CRM terminology – objects. These can represent accounts, providers, leads, patients, cases, and more. Consider inventory control based on real-time demand, engagement based on patient communication method, and referral sources based on provider type. All of these connections can be made in real-time, allowing sales reps to be productive anywhere.

Provider-facing Portals: Improved Service for Providers 

A medical device CRM also virtualizes the clinical, billing, and reporting operations of a provider, making it easier for physicians to submit device orders. Physician facing portals allow physicians to submit referrals through a secure web form, making faxing a thing of the past.

Furthermore, authenticated physicians can access real-time patient, financial, and operational data with on a secure dashboard. The medical device CRM also has intelligent tools that ensure regulatory compliance and optimize business processes. The result is a system that processes medical device orders quickly and remotely. 

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Process Automation

The centralized data processing in a medical device CRM empowers medical device reps to collaborate virtually across the healthcare ecosystem and sell more effectively to providers, suppliers, and patients. It also promotes collaboration by centralizing key data across sales, marketing, operations, and IT. This means that sales data, inventory, RX, and financial systems can be viewed in a single dashboard, enabling better decisions. 

Increased Revenue 

Cloud-based medical device CRM solutions empower individual reps with sales management tools that enable them to perform better remotely. The platform keeps track of daily sales, provides data analytics, and even publishes reports, which enable them to make intelligent decisions on who to target. The visualized reports also help remote sales managers interpret different types of data and make virtual interventions with their teams.  

Informed marketing
Medical device CRM solutions increase revenue by capturing important customer data that the sales team can use to inform marketing decisions. By analyzing data on metrics such as purchase by channel, the sales team can determine the devices that sell fastest and use the information to generate more sales by targeting the right personas. 

Better virtual relationship management
Sales reps can also use CRM data to develop insights on what prospects value most and use the information to create better relationships. The team can also use feedback to understand the most vital issues and execute tactics to solve them. Better virtual engagement drives repeat sales, increases customer lifetime value, and converts customers from shoppers into brand ambassadors. 

The centralized data enables sales reps to track the prospect’s journey from the point they made the first query, to their present status in the sales cycle. The system is useful for tracking patients with chronic conditions because they use devices regularly and need personalized support. The sales staff can perform all these tasks virtually with built-in video conferencing, leading to increased revenue. 

Penrod’s Final Take

A medical device CRM can transform your business with a virtual platform that centralizes data and automates many manual processes. The result is a platform that increases collaboration, improves referrals, and generates definable ROI.

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