Case Studies Market Data and Technology Increase Sales and Create a Competitive Edge for Home Medical Equipment Company

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	Market Data and Technology Increase Sales and Create a Competitive Edge for Home Medical Equipment Company

Market Data and Technology Increase Sales and Create a Competitive Edge for Home Medical Equipment Company

Technology Category	Analytics & Modeling - Predictive Analytics
Applicable Industries	Healthcare & Hospitals Professional Service
Applicable Functions	Business Operation Sales & Marketing
Use Cases	Predictive Replenishment
Services	Data Science Services System Integration
Challenge	Target Medical, Inc. faced a significant challenge when it was disqualified from the DMEPOS Competitive Bidding Program due to a clerical error. This disqualification forced the company to drastically reduce its reliance on the Medicare program and seek ways to diversify its business. As a small business with two locations and 35 employees, Target Medical utilized traditional sales methods but lacked the ability to identify key physician targets, quantify potential opportunities, and create a sales strategy achievable by a limited sales force. The company needed a solution to transform its approach from reaching out blindly to focusing on referral sources that actually prescribe the products they sell. Read More
About Customer	Target Medical, Inc. is a home medical equipment (HME) company located in Memphis, TN. The company operates in the healthcare sector, providing durable medical equipment (DME) and medical supplies. With two locations and 35 employees, Target Medical is a small business that primarily relied on the Medicare program for its revenue. The company participated in the DMEPOS Competitive Bidding Program, which required them to submit bids for selected product categories to earn Medicare business. Target Medical aimed to transform its sales strategy to better target key referral sources and drive growth in a competitive market. Read More
Solution	Target Medical was introduced to LexisNexis® MarketView, a solution that provided claims data for DME products. This data allowed Target Medical to identify key referral sources and drive growth by targeting physicians who prescribe the largest volume of the company's products. By focusing on HCPCS codes billed by DMEs for incontinence products, Target Medical created a sales and marketing plan to target key physicians in its coverage area and track success. LexisNexis® provided precise physician and organization data, including ranks based on the volume of claims and prescriptions submitted. This enabled Target Medical to sort by volume and focus on physicians and clinics with higher growth potential. The data allowed the company to devise a plan to target doctors throughout Tennessee, Arkansas, and Mississippi, significantly increasing their footprint and sales. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Predictive Analytics

Applicable Industries

Healthcare & Hospitals

Professional Service

Applicable Functions

Business Operation

Sales & Marketing

Use Cases

Predictive Replenishment

Services

Data Science Services

System Integration

Challenge

Target Medical, Inc. faced a significant challenge when it was disqualified from the DMEPOS Competitive Bidding Program due to a clerical error. This disqualification forced the company to drastically reduce its reliance on the Medicare program and seek ways to diversify its business. As a small business with two locations and 35 employees, Target Medical utilized traditional sales methods but lacked the ability to identify key physician targets, quantify potential opportunities, and create a sales strategy achievable by a limited sales force. The company needed a solution to transform its approach from reaching out blindly to focusing on referral sources that actually prescribe the products they sell.

About Customer

Target Medical, Inc. is a home medical equipment (HME) company located in Memphis, TN. The company operates in the healthcare sector, providing durable medical equipment (DME) and medical supplies. With two locations and 35 employees, Target Medical is a small business that primarily relied on the Medicare program for its revenue. The company participated in the DMEPOS Competitive Bidding Program, which required them to submit bids for selected product categories to earn Medicare business. Target Medical aimed to transform its sales strategy to better target key referral sources and drive growth in a competitive market.

Solution

Target Medical was introduced to LexisNexis® MarketView, a solution that provided claims data for DME products. This data allowed Target Medical to identify key referral sources and drive growth by targeting physicians who prescribe the largest volume of the company's products. By focusing on HCPCS codes billed by DMEs for incontinence products, Target Medical created a sales and marketing plan to target key physicians in its coverage area and track success. LexisNexis® provided precise physician and organization data, including ranks based on the volume of claims and prescriptions submitted. This enabled Target Medical to sort by volume and focus on physicians and clinics with higher growth potential. The data allowed the company to devise a plan to target doctors throughout Tennessee, Arkansas, and Mississippi, significantly increasing their footprint and sales.

Impact #1	The sales reps' strategy to personally call on physicians who prescribed Target Medical's products increased sales dramatically.
Impact #2	For every $1,000 invested in market data, Target Medical grew its business by $100,000, totaling $750,000.
Impact #3	Within seven months, the sales team received orders from 100 new physician and caseworker referral sources.

Impact #1

The sales reps' strategy to personally call on physicians who prescribed Target Medical's products increased sales dramatically.

Impact #2

For every $1,000 invested in market data, Target Medical grew its business by $100,000, totaling $750,000.

Impact #3

Within seven months, the sales team received orders from 100 new physician and caseworker referral sources.

Benefit #1	For every $1,000 invested in market data, Target Medical grew its business by $100,000, totaling $750,000.
Benefit #2	Within seven months, the sales team received orders from 100 new physician and caseworker referral sources.
Benefit #3	The company achieved a 99-percent return on investment.

Benefit #1

For every $1,000 invested in market data, Target Medical grew its business by $100,000, totaling $750,000.

Benefit #2

Within seven months, the sales team received orders from 100 new physician and caseworker referral sources.

Benefit #3

The company achieved a 99-percent return on investment.

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Overview

Market Data and Technology Increase Sales and Create a Competitive Edge for Home Medical Equipment Company

Operational Impact

Quantitative Benefit