eNews August 3, 2022The latest news affecting you and your customers… from the Independent Medical Specialty Dealers Association
Surgical tissue closure device is innovative: Vizient
DuraStat LLC, an Austin, Texas-based medical device company focused on surgical tissue closure, received an Innovative Technology contract from Vizient Inc. for its dural repair device for spine and neurosurgery. The device is said to enable fast, atraumatic tissue approximation by eliminating wrist rotation, according to Vizient. Through its Innovative Technology Program, Vizient works with member-led councils and task forces to evaluate products for their potential to bring real innovation to healthcare. Vizient may award a contract to products deemed worthy of the Innovative Technology designation outside of the competitive bid cycle.
Supply chain still clogged: Semiconductors a problem
Supply chain disruptions were up 46% percent year-over-year in the first half of 2022, according to Resilinc, a supply chain risk consultancy. The top five reported disruptions among 8,000 events were factory fires, mergers and acquisitions, business sales, leadership transition and factory disruptions. The life sciences and healthcare industries each saw a 51% increase in events; aerospace disruptions grew 58% and auto companies suffered a 49% spike. The global shortage of semiconductors has impacted businesses across many industry sectors.
New inpatient payment rule
The Centers for Medicare & Medicaid Services issued a final rule that updates the inpatient prospective payment system rates by 2.6% in FY 2023 compared to FY 2022. The increase reflects a 4.1% market basket update, less 0.3 percentage point for productivity, plus 0.5 percentage point required by statute. The update also includes a 1.7 percentage point cut for outlier payments. In addition, CMS finalized decreases in new medical technology payments ($750 million).
From the 2022 IMDA/HIRA Conference
A mindset on growth
How can sales management encourage reps to truly grow? It starts with a mindset. For IMDA member Sovereign Medical, that mindset goes something like this: “We never fail. Instead, we learn.” And it is an integral part of sales training and everyday interactions.
New things (e.g., COVID) are continually happening, and reps must adapt accordingly, Sovereign’s Jennifer Lynch and Chris Lowry told attendees at the 2022 IMDA/HIRA Annual Conference in Itasca, Illinois. Obstacles are opportunities, they said. The manager’s challenge is getting everyone in the company to think in those terms. They can do so through education, collaboration, and celebration.
“We are looking for a marriage of old and new sales practices,” they said. Persistence and the willingness to try new things bring results. And successes should be celebrated. “That’s the fun part,” they said.
Sovereign believes that writing down and referring to a cultural philosophy is important for any successful business. It facilitates clarity and focus, and answers vital questions, such as: “How do we want our company to be perceived by the public, our customers and our own team?” “How do we want our people to feel about being part of this company?”
The cultural philosophy can be an integral part of the mindset of growth.
Watch future issues of IMDA eNews for more reporting from this summer’s IMDA/HIRA conference.