- Anthony Slonim, MD, DrPH, CPE, FACPE; President and CEO of Renown Health, Reno, NV; Chair, CMR Institute’s Board of Directors
- Jeffrey Farber, MD, MBA, CPE, FACP; CEO, Mount Sinai Care (ACO); Chief Medical Officer, Mount Sinai Health Partners (MSO), New York, NY
Check out this thought-provoking article. There is also an interesting video of Dr. Farber embedded below.
Building a Strong Pharma Sales Approach in the New ACO Marketplace
by Anthony D. Slonim, MD, DrPH, CPE, FACPE and Jeffrey Farber, MD, MBA, CPE, FACP
Healthcare providers are under significant pressure from government payers, commercial health plans, and patients to reduce the cost of care while delivering higher quality—and that changes the game for pharmaceutical, medical device, and related life sciences organizations.
Having the right strategy is critical to successful collaborations with ACOs. ACO leaders are looking for whole solutions from the industry, not simply products. Having value-oriented conversations with your customers that center on the fundamental concepts transforming healthcare today should be a key strategic focus.
Selling to ACOs requires a more educational approach, meaning life sciences companies need to consciously shift from a manufacturer mindset and develop a solutions-oriented outlook. This is going to require pharmaceutical and medical device companies to strategically consider how their products and services fit into the preventative care and value-based models preferred by ACOs. This will also include strategies to sell above the physician-level.
“You have the difficult task of understanding marketplace changes and healthcare reform initiatives, which are rolling out at different rates in different regions, and trying to think like CEOs, COOs, CFOs, and CMOs do,” says Anthony Slonim, MD, DrPH, CPE, FACPE, President and CEO of Renown Health, Reno, NV. Dr. Slonim is also Chair of CMR Institute’s Board of Directors. “If you want to talk to us about your products and services, we certainly need to understand survival rates and complication rates. However, we also need to know how your product will help us fulfill our mission of providing care to the communities we serve with the best quality and service for the least cost.”
To successfully engage with an ACO decision maker and build meaningful partnerships with your ACO customers, it is critical to understand the ACO’s area of focus and how to demonstrate how your product is different from the competition’s.
“Life sciences professionals need to develop a deep understanding of the issues affecting the ACO,” says Jeff Farber, MD, CEO, Mount Sinai Care (ACO), and Chief Medical Officer, Mount Sinai Health Partners (MSO), New York, including:
- What are the “hot button” concerns for CMOs, CFOs, and CEOs?
- How is the ACO organized? Is it managed by a medical practice, a health system, a health plan, or an integrated health system with a health plan?
- How has recent merger and acquisition (M&A) activity affected the structure of the ACO?
- Is the ACO involved in any “soft” alliances with health systems or health plans in the market?
Healthcare will continue to transform. To stay competitive, insightful strategies to meet the changing needs of your customers will be essential to success.
To learn more from ACO execs and physician-leaders on the frontline of this marketplace shift, including Dr. Slonim and Dr. Farber, join CMR Institute’s 3rd annual ACOs and Industry: A Collaboration for Value Conference on March 26-27 in Minneapolis, MN.
CMR Institute is offering Drug Channels readers an exclusive $200 discount. Use code DRUG200 at registration. Register and learn more at http://www.acocollaboration.org or email ACOcollaboration@cmrinstitute.org.
About CMR Institute
CMR Institute educates life sciences professionals and their organizations with relevant and immediate industry information that increases knowledge and understanding of the issues affecting healthcare today. CMR Institute’s training resources are different because they are created with MDs, clinical specialists, and healthcare leaders to provide real-world wisdom, expert insights, and applicable knowledge. Learn more at www.CMRinstitute.org.