Medical sales incentives could help control costs

There have been a number of changes in the medical landscape over the last few years. Increases in HIPAA standards, more technological mandates and heightened security requirements are creating a complex and expensive landscape for businesses to try and cope with. The majority of sales compensation management programs are trying to focus on helping representatives manage their contacts and create better offers than the competition, but these same applications could also help with regulating prices overall, making essential medications more available to those who need them most.

The Washington Times wrote that pushing for medicines and treatments that deal with the most likely causes of illness will drastically reduce the total amount that patients have to pay each year. Sales reps that are responsible for showing doctors the benefits of targeted treatments could be instrumental in driving less defensive medicine, according to the source.

The practice of defensively ordering more tests, reviews and additive medications is part of what has made treatment so expensive in modern times, the Times reported. By encouraging driven sales of the most applicable medications, ones that can handle a slew of different ailments or are most likely to be effective for certain diseases, business leaders can help improve medical care by aiming incentive compensation toward the quality and quantities purchased, rather than just getting cursory fulfillment with new and established clients. Meeting quotas can be accomplished by increasing the number of customers, but none of these participants would therefore be buying up any significant portion of product.

Changing the face of enterprise
Reducing base pay and increasing compensation can encourage a more balanced workforce, according to the Tampa Bay Times. Specifically, rewarding those who show the highest levels of success in a more tangible way can save the company money and help push for better performances from individuals. As the source detailed, some organizations have gotten bogged down and are becoming stagnant thanks to older reward and salary schedules that predate modern medical laws. Considering the way that government guidelines will limit medication availability, increase consumer costs and turn individuals away from organized medicine, businesses involved in the sales aspect of this scenario need to come up with ways of making their products more appealing.

That means thinking outside the box on everything from pricing to the kind of products offered. Creating different kinds of incentive compensation is also an important factor in this mix, the Tampa Bay Times wrote. The source listed a number of new bonuses that some sales teams are offering in exchange for better performance from medical reps, including car allowances and paid vacations.