In January 2019, value-based healthcare will take a new step into the future. As UnitedHealthcare and Quest Diagnostics take on a new long-term strategic partnership, the two healthcare giants will provide laboratory services and real-time data sharing to promote personalized care support.
This new partnership is an exciting advancement for both companies and the 48 million people UnitedHealthcare covers. However, in the wake of the announcement Quest lost various exclusive contracts, according to a recent CNBC article.
To medical sales pros, this sounds terrifying — as any change does. However, Quest’s CEO, Steve Rusckowski, is sure of his decision, saying, “It [the partnership] expands our relationship with United which, I will share, is becoming more strategic for us,” he said in a phone interview with CNBC.
Even though Rusckowski is confident in the positive future from this massive change, there are various intimidating changes happening for employees throughout the company. The loss of exclusive contracts and immense growth creates a genuine fear of staying relevant and engaged for medical sales reps.
The best way to deal with this fear is to address it before company growth even begins. By mentally preparing yourself for any changes, you’ll have the strength to power through any surprises your company throws your way.
Here’s what you need to do to start preparing now:
Keep communication strong — all the time
Strong communications are crucial for a successful medical sales career. When company growth is in the pipeline, however, it becomes a lifeline.
Both internal and external communication will help you stay entirely in the loop and remain transparent with customers. That means if you ensure you’re in the know now, you’ll have an easier time staying updated when the office gets a bit chaotic during company growth.
It’s important to remember, if and when company growth happens, it can also leave your clients unsure of the future. When you already have active lines of communication open and healthy relationships with your clients, you can keep them informed, and they’ll feel comfortable opening up about their uncertainties.
Focus on all sales relationships
Massive company growth can result in lost exclusive contracts. But this one negative is surrounded by many positives. After the loss of exclusive contracts, for example, Quest’s stocks surged.
Also, according to analysts, losing exclusive contracts after the announcement means Quest didn’t allow their prices to hit rock bottom to keep clients. Now, the lab company can grow with other insurance companies.
As you prepare for growth, be aware of all your professional relationships. Former, potential and current clients are all up for grabs as your company evolves. You may lose a few current clients during the transition, but this also opens the doors for your dream op.
Cultivate all of these connections, even if it doesn’t mean you’ll make a sale now. These networking opportunities and quality medical sales relationships will have your sales funnel prepped and ready for anything.
Adopt a competition and collaboration mindset
Massive company growth means new hires, or merging employees, will become your new medical sales teammates. And if you’re like the majority of our 2018 Best Places to Work report respondents, this is a pro. In fact, 54 percent said team building and collaboration is the most important value in an employer.
Teamwork, combined with a healthy amount of internal competition, has the potential to drive your sales forward — no matter what new challenges come your way. Before the sales start pouring in, though, your mindset will need to be adjusted.
From now on, it’s not about your sales goals and your clients. Instead, it’s about the team’s performance, what your fellow medical sales reps are doing to hit sales goals, and how you can motivate each other.
Having this attitude with your current team will empower you to quickly adapt to incoming sales reps when massive company growth occurs.
Change is scary. You’re allowed to admit that. When your company is preparing for growth, the healthiest move you can make for your career and mental well-being is sharing that with co-workers and leadership.
This opens the door for others to talk about their fears and gives leadership the opportunity to ease your worries with more in-depth information and tools.
What do you think are the best tactics when prepping for massive company growth? Let us know!