“The MMS ROI tool demonstrates we have the most appropriate solution, the best-fitting features and differentiates BD from the competition”
Becton, Dickinson and Company, aslo known as BD, is a global medical technology company that aims to advance the world of health by improving medical discovery, diagnostics and the delivery of care.
BD leads in patient and health care worker safety and the technologies that enable medical research and clinical laboratories.
The company provides innovative solutions engineered to advance medical research and genomics, enhance the diagnosis of infectious disease and cancer, improve medication management, promote infection prevention, equip surgical and interventional procedures and support the management of diabetes.
The company partners with organizations around the world to address some of the most challenging global health issues. With more than 65,000 associates across 50 countries, BD works in close collaboration with its customers and partners to enhance outcomes, lower health care delivery costs, increase efficiencies, improve health care safety and expand access to health.
Automated medication dispensers are an integral solution for health systems and medical facilities outside of the hospital, as Account Executive Joe King understands firsthand. The specialist in Pyxis dispensers for the Care Continuum market joined the BD team two years ago.
While many healthcare facilities recognize the benefits of automating processes, tighter budgets in facilities of all sizes means that projects are closely scrutinized before approval.
Traditionally, automated solutions are often presented simply as widgets, with clear features and benefits.
“A lot of times that is enough for the customer to see that the solution might be helpful in their scenario,” adds Joe. “However, it’s often not enough to captivate all of the stakeholders involved in the decision-making process.
Because it could take one person to choke the process, BD’s management team knew they needed something “rapid” and “playable” to captivate stakeholders and ensure engagement.
The team turned to The FiscalHealth Group (FHG) for a solution. Formed in 2007 to respond to the growing demand to understand the financial impact and return-on-investment (ROI) of healthcare solutions, the company is dedicated to helping healthcare vendors quantify the financial value and ROI of their solutions.
Working in close partnership with BD’s team, FHG created a customized sales tool to help its team communicate their value during the sales process.
The MMS (Medical Management System) ROI tool supports those working on the frontline, including Joe – helping to illustrate the clear advantages of their prospects choosing to partner with BD.
FHG’s tool has transformed the decision-making process. Joe feels it has been most “impactful” for greenfield opportunities, those sites not already benefiting from automation.
He expands: “Without any point of reference, you need to show them why they should invest in technology they have never utilized before.”
“It’s also useful where a customer is expanding software solutions, like inventory optimization or logistics. The tool lets you demonstrate a profound reduction in the pharmaceutical spend – using their own data.”
In Joe’s experience, basing ROI on a healthcare facility’s individual or group data delivers more accurate and captivating results – particularly for sites that are not large hospitals.
Joe recalls: “Recently, we were promoting an IV automation solution for a large, closed-door pharmacy based in Fort Lauderdale.”
By requesting a range of metrics from the customer, including average cost per unit, volume used, annual spend, inventory levels and time of manual labor; Joe used the tool to populate the ROI tool to generate a defensible return on investment.
“The MMS ROI tool showed that the prospect would see a return on their full investment in just 12 to 14 months. It helped get them over the hump and justify this technology for patient safety and to help improve their operational efficiency.”
Metrics like these have helped Joe and his colleagues at BD shorten the ‘deal time’.
Joe continues: “It can show a measurable cost of delay and how much they stay the same by improving their operational efficiency every month. Once those dollars are forfeited, they’ll never get them back.”
The MMS ROI tool demonstrates we have the most appropriate solution, the best-fitting features and differentiates BD from the competition.
The tool allows customers to see why it makes sense to budget for something that cannot be seen, felt or even realized they needed and has been especially impactful with greenfield opportunities.