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Value-based selling is essential for sales representatives to help their healthcare customers meet their goals: higher quality care, lower costs, and a better patient experience.

Even if sales reps aren’t seeing their customers in person, they still need to know how to offer solutions that support these key tenets of value-based care.

Value-Based Care and COVID-19

Value-based care is a payment approach that rewards healthcare providers (such as physicians and hospitals) based on the clinical and financial outcomes they achieve. Patient satisfaction is also important in many value-based payment models.

For years, providers have been gradually transitioning to this new payment approach and moving away from traditional, fee-for-service payment. During this transition, some hospitals and physician groups have created accountable care organizations (ACOs). An ACO is a care delivery model allows providers to share savings and risk based on how well they manage population health.

Because of the added stress of the COVID-19 pandemic, providers in ACOs will be facing even greater financial challenges in the months ahead, even if they receive some government assistance.

Many customers without ACOs will also struggle from the added financial pressure of the COVID-19 pandemic, even if they receive government aid. The American Hospital Association estimates that hospitals will lose more than $202 billion due to lost revenue and COVID-19 expenses in four months. Meanwhile, physician practices have seen their revenue cut by 55%, according to the Medical Group Management Association.

Fortunately, many of the same strategies your team can use to support customers moving to value-based care will also help them deliver value to providers during and after the pandemic. Consider some of the following strategies:

Value-Based Strategies To Use

Trains reps to let the data do the talking

Customers want value, not a sales pitch. Healthcare economics and outcomes research (HEOR) data is one of the best tools your sales team has to support value-based selling. Make sure your sales reps understand what HEOR data is available to help demonstrate your product’s value. Such data may translate to better quality metrics, lower costs of care or an improved patient experience.

Remember that value-based selling requires empathy for your customers

Your sales reps should be sensitive to the stress that your customers will face in the months ahead. Some physician practices and hospitals may need to furlough staff due to reduced patient volumes. Hospital staff may be burned out from the stress of caring for COVID-19 patients. Be sensitive to these issues, and try to offer solutions that demonstrate real value in difficult times. Taking a consultative approach can help identify opportunities to address customers’ pain points.

Offer solutions that improve population health

Maintaining high-quality patient care will continue to be the top priority for your customers. But because of the pandemic, many patients have postponed getting treatment for conditions such as diabetes, hypertension, inflammatory bowel disease, and chronic obstructive pulmonary disease. As a result, their conditions may worsen. Your customers will need to step up their population health management efforts to achieve their desired patient outcomes.

If your company offers a product or program to support providers’ population health strategies, your sales reps should let your customers know about it. For example, many providers may have difficulty getting patients to stick with their treatment plan during the pandemic. If your company has a program or resource that promotes better medication adherence or patient engagement, a sales rep can propose this as a potential solution.

Value Selling Training Program: Key Elements

To be effective in the field, sales representatives should be fluent in the language of value-based care and understand the key elements of value-based selling.

CMR Institute offers a that explains why this approach has become so important for your customers. Topics covered include:

  • Fee-for-service vs. value-based care
  • Common forms of value-based payment
  • Various delivery models designed for value-based care
  • Key strategies your account team can use to support your customers

Many physicians, hospitals, and other provider organizations were already struggling to transition to value-based care before the pandemic. Now, providers are facing additional financial strain and uncertainty that could affect their sustainability. Your value-based selling program should train your sales team to recognize these challenges and help their customers prepare for a more stable

Available Value-Based Selling Courses

To help your sales team offer meaningful solutions to your customers, CMR Institute offers a suite of value-based selling courses and other resources. The courses build important knowledge that your sales team can rely on whether they are using virtual selling or meeting with customers in person.

Some of the value-based selling topics include:

  • Value-Based Care and the Changing Healthcare Delivery Model
  • Impact of Value-Based Healthcare on the Sales Environment
  • Major Healthcare Payers and Managed Care Payment
  • Today’s Medical Groups and the Transition to Value-Based Care
  • The Oncology Care Model—Implications for Oncologists and the Industry
  • Strategies for Effective Account Management
  • Selling in a Hospital Environment
  • How Trends and Forces in Managed Care Are Impacting the Pharmaceutical Industry
  • Cost-Containment Strategies in Managed Healthcare
  • Evaluating and Improving the Quality of Managed Care
  • Measuring the Patient Experience: The Connection to Quality

You can find more information about our value selling training courses in our course catalog. We can also work with your sales and training teams to customize the content for your own value-based selling workshop or curriculum.

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We can provide you and your teams with a custom home study program, allowing for opportunities to upskill while you work remotely.