Analyze: HIMSS Analytics Expands Contracts and RFPs Offering
It's no secret that the sales cycle in the industry of healthcare information technology is a long, complicated process. Health IT buying decisions are often made by committees of multiple stakeholders, and with increasing budget cuts, healthcare organizations are more conscious than ever of where they're directing their resources. For vendors of healthcare technology, this means that having as much information as possible about provider organizations' needs, challenges, budgets, selection processes and more is a huge advantage.
That's where HIMSS Analytics comes in. Recently, we've expanded our Contracts and RFPs offering to nearly 10,000 Certificates of Need, RFIs, RFPs, RFP responses and executed contracts that we have collected for over a decade. This gives vendors access to invaluable competitive intelligence about the buying and selection process of provider organizations, fueling a more informed guide for their engagements with providers, and can give providers access to typical vendor pricing so they can better negotiate when the time comes.
Let's dive deeper into this competitive offering.
An Overview of the Expanded Contracts and RFPs Offering from HIMSS Analytics
The total value of all documents in Contracts and RFPs, adds up to more than $45 billion, and the average contract price is $7.6 million. These documents cover numerous technologies, the most common being professional services and consulting, inpatient and ambulatory EHR, HIE and PACS. Specifically, Contracts and RFPs includes:
Over 4,200 executed contracts.
Almost 50 percent of the offer includes contractual documents. By diving into the information collected within these contracts, vendors can better understand the terms and conditions and the pricing strategies of competitors. These contracts will tell vendors how their competitors, as well as their buyers, approach deals. Additionally, vendors can analyze the specifics of fully-signed and executed agreements, including any differences in services they offer.
Over 3,100 proposals.
Proposals make up about 36 percent of the offering. The deal details contained within these proposals give vendors the extra insight they need to improve their negotiation strategies with providers. Vendors can use these proposals to compare their competitors' technology pricing strategy to current market benchmarks, and they can review the number and breadth of proposals that particular provider organizations have received.
1,300 RFPs and RFP responses.
Of the documents contained in the expanded offering, about 10 percent are requests for proposals and almost 5 percent are request responses. These RFPs and competitor RFP responses give vendors access to key competitive information, such as pricing details and decision-making criteria that takes responses to signed deals. Researching these RFPs allows vendors to adjust their negotiation and pricing strategy to not only better meet market expectations, but also have better, more informed conversations with provider organizations.
Key Competitive Intelligence to Guide Your Engagement with Providers
With over a decade's worth of contracts, proposals and RFPs at your disposal, you can shine light on your prospects, your competitors and the market as a whole. The HIMSS Analytics market intelligence platform allows you to search for similar products and segment organizations demographically, giving you greater insight into your target market. You can answer essential questions like:
- What does the market expect in terms of costs for your services?
- Where do your competitors stand in terms of price?
- How do provider organizations make buying decisions?
- Which details and service offerings are more likely to close deals?
With information like this, you can make smarter decisions about your pricing and go-to-market strategy. Your sales and marketing teams can lead with data, putting them at a greater advantage over competitors without this information. Bottom line: Failing to unlock the value within these documents would be a mistake for any vendor. Better pricing and more meaningful conversations with prospects mean more closed deals and better results for your organization.