SHAPING THE FUTURE OF THE MED-TECH INDUSTRY
The Med-Tech industry in the US is undergoing a rapid transformation with its market size set to reach $208.1 billion (a tenth of the US automobile Industry) by 2026. Innovations in AI-powered devices, digital health, and diagnostics are driving this rapid progress. The US med-tech sector’s rapid pace of innovation is reflected by the statistic that the US-FDA approved a record-breaking, 110 new medical devices in 2023 alone. This rapid surge has not only created opportunities for enterprises for faster market entry and access to new revenue streams but also has led to a very fierce and competitive market. With over 6,500 US med-tech companies, retaining customers has become more critical than ever.
For business leaders to tide over this competitive and evolving marketplace and achieve high enterprise valuations, a strategic reboot across critical business functions like financial operations, customer engagement, and sales & marketing is required. This is important to improve efficiency, reduce customer churn, increase customer lifetime value, deepen customer engagement, and safeguard long-term enterprise value.
SERVICES
Delivery model
1
Define
In the Define phase, the focus is on developing strategies that improve operational efficiency within the medical technology sector by capturing the current status. Customer success develops engagement models that provide personalized experiences for healthcare providers and patients, promoting retention and trust. Sales and marketing focus on increasing awareness about medical devices and innovations, attracting new clients, and optimizing revenue models that incorporate sales and service contracts. FinOps builds financial frameworks that sustain revenue growth through product sales, partnerships, and healthcare system reimbursements.
2
Deploy
The Deploy phase is about executing the strategies defined earlier. Customer success uses CRM tools and patient data to improve service delivery and enhance satisfaction. Sales and marketing implement campaigns, distribute educational content, and track the effectiveness of outreach programs aimed at healthcare professionals and institutions. FinOps enacts financial processes, such as pricing strategies, resource allocation, and budgeting, to ensure sustainable revenue and cost management across product lines and service offerings.
3
Deliver
In the Deliver phase, the outcomes from the design phase are measured. Customer success tracks retention, patient outcomes, satisfaction, and long-term relationships with healthcare providers. Sales & marketing assess key performance indicators such as market share growth, brand awareness, revenue generation, and ROI on clinical partnerships. FinOps focuses on optimizing financial performance by managing cash flow, profitability, and the strategic use of resources to maintain stability in the competitive healthcare market. Insights gained in the Deliver phase are fed back into the Design phase to drive continuous improvement in both product offerings and customer engagement.
why choose nextaccel
- Subject Matter Expertise: NextAccel has team of global experts including industry leaders from the Med-Tech Industry who have been pioneers and have led these business functions and have illustrious industry experience
- Strategic Impact: Each service is designed to directly contribute to revenue growth, profitability, and operational excellence, driving valuation.
- Regulatory Expertise: Prior expertise in navigating complex compliance landscapes, including FDA and HIPAA regulations, to reduce risks and maintain market access.
- Measurable Impact: Clients achieve improved customer satisfaction scores, higher lifetime value, and enhanced retention rates.
PATH TO SUCCCESS