What Can You Learn From Logic? Part 1: Buying Plans
For vendors of healthcare information technology, it can be difficult to uncover new market opportunities. Understanding your market share, your competitors and your audiences is key to gaining a competitive advantage, but doing so requires juggling a massive amount of data. Luckily, HIMSS Analytics offers a solution that does this for you.
Logic is a market intelligence platform for health information and technology. Drawing on more than a decade of historical data — and updating that data daily — Logic provides insight into what technology healthcare organizations are using, how they're using it and what decision makers have planned for the future. Everything from the organization's EMRAM score to their early (pre-RFP) buying intentions is collected and organized in our clear, easy to digest platform.
But what can vendors learn from Logic, and how can they use this information to make better, more informed decisions about sales opportunities? In this series, we'll dive deeper into what kind of information you can pull from Logic and how it gives you an invaluable sales advantage.
The first thing you can learn from Logic is:
Buying Plans of Likely Prospects
Logic can help you look at the broader market share for certain technologies and name the top vendors in the market. When you pair this insight with the prospective buyer score (PBS) feature, you can see which U.S. hospitals are most likely to make technology investments, whether it be a first-time purchase or an upgrade to their existing technology. It includes the organization's score on a scale of 1-5 stars, which technology they're most likely to invest in and even highlights the self-reported purchase plans of U.S. hospitals likely to invest in this technology.
For example, we recently dove into the market share for patient engagement solutions like patient portals. We found that the top three vendors for this technology were Epic, Cerner and Meditech, and that 64 U.S. hospitals had purchase plans to buy patient engagement technologies for the first time or to replace their existing patient solution.
If you're a vendor selling patient engagement solutions, then you're probably already talking to some of these hospitals in the market for technology investments. But if not, the PBS feature is a great way to create a list of leads and decide who you need to reach out to.
In many cases, healthcare organizations are more transparent with HIMSS than the vendor community until they're ready to make a purchase. But by that point, they may already have vendors in mind that they're speaking with — and it may be too late for you to get into the mix.
The Logic platform lets you know early on which hospitals already have intentions to purchase a particular solution, so you can approach them when they're in the market. Our buyer plans have given vendors the opportunity to bid on a piece of business with organizations they hadn't been talking to, just because Logic put that organization on their radar. Using Logic information tactfully gives vendors a greater advantage when deciding who to reach out to and when to reach out to them.
Furthermore, if you see that an organization has a buying plan laid out for a technology that isn't yours, but one that your technology is interoperable with, then that's an opportunity to reach out as well. The PBS feature can supplement your lead pipeline and give you a place to start.
Build a Smarter Sales Plan With Logic
Logic gives the vendor community the opportunity to learn more about the market, other top vendors and the technology landscape within different healthcare organizations. Ultimately, this makes conversations easier and more informed, stoking your lead pipeline and boosting the likelihood of contracts.
Use Logic to approach the right decision makers at the right time about the right solutions.
Stay tuned for more in our "What Can You Learn from Logic?" series. Read Part 2 here!