By partnering with Compression Solutions as an independent orthopedic rep, you can offer a larger portfolio and higher value proposition.
Challenges Continuously Rise For Device Reps
A career as a medical device sales orthopedic rep is strenuous. Working for a mid-sized to large orthopedics company such as Stryker, Medacta, or Conformis means hours spent in surgery each week. And, for those working for smaller orthopedic companies it means balancing relationships and dodging security in order to meet with a surgeon. But regardless of the size of your employer, you know each day entails long hours and unique challenges.
Hospitals are becoming less popular for surgeries, which has been a signal of hope for many durable medical equipment reps.
This is good news working as a medical device representative as business should increase in a world with less red tape and obstacles that hospitals continuously present. But, the foot race is on when trying to compete for a surgery center’s business.
There is a solution to help device representatives rise above the competition. By partnering with Compression Solutions as a 1099 independent sales representative, you have the opportunity to add PRO-MAPP to your product portfolio, which could be the key to beating competition in surgery centers.
This software is made for surgery centers to help automate workflow processes and organize big data. A patient begins using this software at check-in, then it’s utilized during surgery to create bill sheets and record post-operative dictation, and then used after surgery for patient evaluation surveys.
It’s a tool that all surgery centers need, but the majority do not have access to use this tool yet. This is something that can help an independent rep, or a rep with a medium-sized ortho company win more business at a surgery center.
Whether the majority of your clients are in a surgery center or a hospital, diversifying your portfolio of offerings will help produce steady income over a long period of time.
For reps with the capacity to handle five or less high-caseload clients, losing business is detrimental. This is why some medical device reps have chosen to work as an independent device distributor or contract to sell a few products outside their suite.
Choosing to diversify your income can help you hold onto established clients. This is because you have more products to offer than what your current employer can provide. For example, for a full-time rep selling knee implants, you can add on-home DVT prevention devices to your product list and grow your income while providing higher value to your surgeons.
However, another way to increase revenue is to target high-claim facilities. When working with a surgery center that takes high-claim insurance patients, device reps will see more commission as reimbursement checks will be higher. Examples of high-claim insurance companies include worker’s comp insurance, TRICARE, or Blue Cross Blue Shield. in states such as Texas, Illinois, Michigan, Pennsylvania, or Florida.
Struggles with ASP Decline
Actual selling price of knee implants is decreasing, causing commission rates to follow suit. In a study released by PubMed, over 7,000 TKA surgeries were evaluated and it was concluded that overall implant costs decreased by nearly 17% from 2019-2020. In addition, all individual knee component costs decreased by 11%. Note that this study took place prior to the COVID-19 pandemic. But, many implant reps are noticing the decline of ASP especially with regards to their commission.
While this represents cost-savings for the hospital, it is directly affecting big orthopedic reps.
This trend is yet another case in reasons to diversify income in order to offset the decline of implant price.
Working With Compression Solutions
Taking on additional products in addition to a full-time job with a medical device company is a big commitment. However, we offer dedicated territory reps to offer support and questions when you sign on with Compression Solutions. In addition, you will receive 24/7 customer support team to assist with product questions and troubleshooting.
Seasoned sales reps with an entrepreneurial spirit will be the best fit as partners. Some active representatives that add Compression Solutions onto their current portfolio see an increased commission of $50,000 each year.