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8 Essentials of Contract Law in Healthcare Equipment You Need to Know

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Healthcare is one of the most heavily regulated industries in the country. 

Every action related to healthcare involves some type of written contract—whether between doctors and patients, suppliers and hospitals, nurses and doctors, and so on.

As a supplier or manufacturer, you deal with contracts between all parties in one form or another.

Understanding the intricacies of contract law in healthcare is key to avoiding massive problems and keeping healthy relationships.

What Types of Laws Impact Healthcare Equipment and Technology Contracts?

Regulations impact everything from pricing and expirations down to locations and usage. 

Stark Law

On the surface, Stark Law seems easy to avoid. Stark Law prevents conflicts of interests, prohibiting physician self-referral anywhere the physician might have a financial interest. 

Different clauses fall under Stark Law as well, such as the Anti-Kickback Statute. 

Dig deeper and you’ll find Stark Law covers a wide range of scenarios—including some relating to equipment and leasing. 

HIPAA

HIPAA contracts and regulations protect patient information. Years ago, HIPAA was the last of worries for most equipment suppliers and manufacturers. The explosion in digital records and smart equipment, however, has changed the game. 

Certificate of Need

Certificate of Need laws require a hospital or physician office to prove there’s a legitimate market need before expanding, building, or even acquiring new equipment like beds in some cases. 

CoN laws vary widely by state. Meanwhile, some states don’t even have CoN laws on the books. Although tempting to assume the burden falls on your buyer to establish need, it’s smart to familiarize yourself with the laws in states you operate. 

What You Need to Know About Contract Law in Healthcare for Equipment and Facilities 

41% of people already don’t trust brands to remain truthful. The stakes are especially high in industries like healthcare supplies and equipment where trust is literally a matter of life or death.

Physician and hospital reputations also depend on your knowledge of regulations and contract law in healthcare. Look at the auto industry: The Takata airbag recall sent shockwaves through every major manufacturer’s reputation. 

Similar mishaps with healthcare equipment or supplies happen all the time. 

Keep the following essentials in mind to protect yourself and build trustworthy relationships with your partners.

1. Outsourcing Your Contracts Could Earn You a Violation

When you outsource your contracts, you’re also outsourcing compliance. Keeping your contract work in-house ensures transparency. You’ll always have control over the details.

2. Automatic Renewals Can Work Against You

Some types of contracts require renegotiations or inspections. In these cases, auto-renewing your contracts could put you in violation of Stark Laws or other compliance regulations. 

3. Unsecure Technology Puts You at Risk

Equipment with smart software that integrates patient records poses a huge risk with data breaches. Make sure to review how HIPAA applies to your technology and which contracts in healthcare to work out with physicians and hospitals in terms of responsibility and data sharing.

4. Certain Technology Requires Licensing Fees

Commercial licensing violations are extremely costly. Depending on the copyright law, both suppliers and physicians could be responsible for paying licensing fees or royalties. 

5. Innovative Equipment Might Require a Certificate of Need

Hospitals have huge legal teams to manage CoN laws. Doctors at small practices, however, rely on your knowledge to make smart decisions. Set yourself apart from competitors by doing the research yourself and helping buyers navigate the local regulations.

6. Marketing Matters

Influencer marketing might be tempting, but tread carefully. Healthcare influencers like physicians could create a huge conflict of interest and violation of Stark Law, although currently a legal gray area.

Likewise, how you market your products, the language you use, and the conditions you treat all require careful configuration. The FTC cracks down on false claims and subtle marketing language in healthcare all the time. You don’t want to put your contracts in healthcare at risk from a simple marketing mishap.

7. What About Repairs?

As a healthcare supplier or manufacturer, you deal with high-value contracts. Losing a contract for a hospital system, for example, could be a disaster. 

Imagine a hospital assumes repairs are covered for a year and a $20,000 piece of equipment breaks down. Not negotiating contract terms for things like repairs and maintenance could ruin that relationship forever.

8. Comprehensive Writing is Key

When legal issues arise—no matter the entities involved—you don’t want anything left to interpretation. 

If there’s any uncertainty in terms of pricing, relationships, shipping, or maintenance, always assume it could be used against you. For example, who holds the burden of risk if a physician harms someone while using your equipment? 

You need a team of writers and law professionals on your side to draft proper contract law in healthcare.

Enhance Your Sales and Marketing with Comprehensive Content

Useful and relevant content shows your audience that you’ve done your research and you understand their biggest concerns. In an industry like healthcare supplies, building authority is key to earning trust. 

Doctors and hospitals are busy. Don’t wait for them to research your organization’s history and expertise. Show them right away with high-quality thought leadership content in your industry.

At Share Moving Media, we provide regular healthcare content tips, research, and advice backed by decades of experience. Sign up for our Marketing Minute to stay updated.

Should Healthcare Leadership Be Overconfident or Uncertain?

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Confidence is an important aspect of leadership for medical suppliers. While you might be someone who tends to step back from the spotlight, your team won’t follow a wishy-washy leader and you’ll have difficulty inspiring top performance. 

However, being too confident often results in rash risks that may come off arrogant and frustrate direct reports or shareholders. The most successful leaders know that while confidence is important, you need to embrace uncertainty as well. 

With evolving business practices in the healthcare industry, leading with uncertainty doesn’t mean a lack of confidence, but rather allows you to search for a middle ground and examine a range of possible options to make the most informed decisions. Uncertainty allows you to communicate more effectively, listen to key stakeholders, and avoid the bad judgment that is often caused by overconfidence.

What’s your healthcare leadership style? Let’s dive deeper into the differences between leading with uncertainty instead of overconfidence. 

The Consequences of Overconfidence in Healthcare Leadership

Only 18% of enterprises believe that their leaders are “very effective” at meeting business goals. Making the wrong decisions in a healthcare leadership position can be the difference between growing your bottom line or losing a valuable deal that jeopardizes your quarterly earnings. 

What does it mean to be an overconfident leader? Consider these behavioral traits that negatively affect your performance:

  • Mistrust: Your peers won’t trust your decisions or authority
  • Arrogance: Overconfidence often leads to you resisting change and feedback
  • Weak relationships: Your direct reports may feel underappreciated by your communication or decision-making skills
  • Integrity: You are unlikely to honor commitments 

Additionally, leaders that lead with sales confidence are often blind to innovation and are misaligned with the company, leading to a weak sale or marketing strategy. 

Confidence Traits that Positively Affect Leadership 

However, as long as you don’t cross the threshold into overconfidence, confident leaders are still successful in leading teams for your brand’s vision. For example, confident leaders have the following positive traits:

  • Dominating projects and marketing themselves
  • Having the courage and willingness to make bold changes
  • Increased levels of energy and inspiration
  • Ability to positively represent your company to customers

Healthcare Leadership Self-Check for Overconfidence

So, how do you know if your leadership style is confident or overconfident? Consider asking yourself the following questions: 

  • Does your organization trust you?
  • Do you ask others for feedback and make an effort to implement it?
  • Do you care about others’ issues?
  • Are you balancing other perspectives? 
  • Are you a role model?

How to Use Uncertainty to Your Advantage in Healthcare Leadership

77% of employees believe that leadership trust is a key motivating factor. How can you instill a motivating work culture through effective healthcare leadership?

Uncertainty. 

Uncertainty isn’t a sign of weakness. It’s the ability to be self-aware, emotionally intelligent, and practice servant leadership to drive a successful healthcare organization. While you don’t know all the answers, you are willing to ask the right questions to make an informed decision.

Consider the following steps when implementing uncertainty in your healthcare leadership style:

1.Identify What You’re Uncertain About

Where is your uncertainty stemming from? What specific part is causing concern? Your uncertainty is often associated with an upcoming event, decision, or action. Depending on your brainstorming style, consider writing down your thoughts in a notepad and creating an actionable list to help you make an action plan. 

2.Select Actions that Will Propel You Forward

Once you have your thoughts laid out, you’ll want to develop a strategic action plan. Your action plan shouldn’t be just built on your assumptions, but instead, use real-time data and other perspectives to determine how your decision will affect your healthcare organization’s objectives. Don’t be afraid to hold meetings with other key stakeholders to dive into the scope of the project more deeply before making the call.

You’ll also want to consider who or what your decision impacts and any long-term implications. It’s wise to think about the timeline, resources, budget, and even a testing strategy to ensure your decision drives the best results. 

3.Measure and Repeat the Process

If you’ve implemented your action plan, you’ll want to measure the success of your decision and the impact you made on the project or company growth. Do you feel confident in your decision? Did your decision propel the company or your team? You can drive real results by holding follow-up meetings to breakdown the success of the project or analyze metrics that showcase positive growth.

Elevate Your Healthcare Leadership Strategies

To drive innovation and growth, your medical supply brand needs both confident and uncertain leadership. While it’s important to be a confident leader that can inspire your company, you also need to lead with uncertainty to ensure you’re not taking unnecessary risks. 

Ready to feel confident in your content marketing? Contact Share Moving Media today.

A Guide to Choosing a Content Marketing Agency in Healthcare

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As a medical supplier, you can leverage content marketing to increase your market share and drive profits. The healthcare supply field is highly competitive. Being able to provide consistent, client-centric messages across a range of media channels ensures you stand out from the crowd.

Whether you’re distributing diagnostics equipment to integrated delivery networks (IDNs) or selling exam room supplies like latex gloves to doctors’ offices, the right marketing agency can craft a tailor made content creation plan to reach your desired audience.

The first step is choosing a content marketing agency in healthcare that meets your unique needs.

5 Steps to Choosing a Content Marketing Agency for Medical Suppliers

Trends in healthcare marketing suggest that content will continue to play a valuable role – however, that content needs to deliver value. More than ever before, quality takes priority over quantity. You need a content marketing agency with the knowledge, experience, and skills to meet that need.

1. Define Your Content Marketing Goals

Before you start searching for content marketing agencies, write down your goals. Of course, the end aim is to earn more money – but think specifically about what content will help you get there.

Here are some possibilities:

  • Attract more subscribers to your email newsletter and increase newsletter engagement (opens, clicks, and downloads).
  • Ramp up website traffic and engagement, such as page views, backlinks, unique visitors, and conversions.
  • Increase your business’s ranking in search engines like Google. Of all Google searches, 5% are health-related. Don’t ignore search engine optimization (SEO).
  • Enhance your profile as an industry expert, building trust in your professional community.

Content marketing covers an array of media, from vlogs (video blogs) to whitepapers. Having an idea of where you want to focus your energy ensures you select an appropriate agency. Some agencies prioritize social media content while others concentrate on SEO, for example, and others are all-rounders.

2. Look for Subject Matter Expertise

Content marketing agencies have different areas of expertise. A smaller boutique agency might focus on one select field, like fashion or food, while a larger agency will cover multiple verticals. When choosing a content marketing agency in healthcare, subject matter knowledge is more important than size.

Look for either a boutique agency that exclusively serves the healthcare market – or better yet, the medical supply market – or a larger agency with a dedicated healthcare vertical.

3. Ask for a Portfolio of Previous Work

Anybody can claim to be a subject matter expert. When choosing a content marketing agency in the healthcare supply space – a very niche area, you want this claim to be backed up by data. Ask for a portfolio of previous work, ideally work done for clients with a similar profile to your own.

As you review the portfolio, you will also see what sort of content the agency works with. This is your chance to confirm that they have knowledge of not only the medical supply space but also the media formats you want to prioritize, ensuring they will deliver the type of valuable content you want.

4. Discuss Your Specific Goals and Needs

Never hire based on the portfolio alone. Have a chat face-to-face or via video to talk about your potential project. This is an opportunity for you to present the priorities you wrote down in the first step and to confirm that the content marketing agency in question can help you achieve those goals.

This is also an opportunity for the agency to pitch you ideas. Say you want to draft a series of thought-leader articles in healthcare online magazines, for example. You could ask whether they have ideas for topics to cover and what publications they would recommend targeting.

5. Clarify the Content Marketing Agency’s Working Processes

Your face-to-face discussion with the content marketing agency should also cover practical points – namely, what a working relationship with the agency will look like. You want to make sure you are on the same page in terms of collaborative style.

Here are some topics to touch on:

  • Point of contact: Who will be handling your account? Is it the person you are currently talking to, or will it be someone else?
  • Outsourcing: Does the agency outsource any of their content creation? If so, ask for a sample of the contractor’s work to make sure it meets your standards.
  • Understanding your brand: Do they know your company, your product, and the end-user you are trying to serve?
  • Timelines: How long will they need to deliver the content you’re looking for?
  • Communication: What communication channels will they use to keep you abreast of content updates?

Ask these questions now to clarify expectations and avoid frustration on both sides down the line.

A Full-Service Content Marketing Agency for Medical Suppliers

Share Moving Media is a full-service content marketing agency that caters to professionals in the medical supply sector. We create personalized webinars, eBooks, infographics, and more. With our in-depth understanding of the field, we will help you increase your market share.

Sign up for our newsletter to learn more about healthcare content marketing. Ready to create a content strategy for healthcare that will make your business grow? Contact us today!

In-house vs. Outsource: What’s Best for Healthcare Content Creation?

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Healthcare distributors and suppliers can’t afford to skimp on content quality. 

In the competitive healthcare supply chain industry, you need to squeeze every ounce of trust and authority as you can from your content.

With so much riding on your healthcare content creation, what’s best: in-house or outsourcing? 

You might assume hiring inhouse is the answer – why let content slip out of your control? However, outsourcing often gives you leverage over the competition while reducing costs.

64% of manufacturing marketers and half of B2B marketers outsource at least one content marketing task. Of those who outsource, 84% to 87% outsource their content creation. 

Here’s what you need to know to make the best decision. 

In–house vs. Outsource: What to Choose for Healthcare Content Creation?

Healthcare distributors and manufacturers need content for several market segments and stages of the buyer’s journey. 85% of buyers say they would consider dismissing a company that doesn’t personalize the initial touchpoint. 

That’s a lot of risk and pressure.

Creating effective content requires technical knowledge of your product and the industry, end-users, healthcare professionals, and marketing in general. 

Your content marketing directly reflects your company’s value, expertise, and professionalism. On that note, it would seem like hiring a technical content creator is the only choice.

Should You Hire an Inhouse Healthcare Content Creator?

First things first. Hiring a single technical writer to cover your content production won’t get the job done.

If you want to keep your content creation in-house, you’ll need to hire an entire team. Writing copy for blogs, eBooks, and marketing material is more than a full-time job for one individual – and writing is only one small part of content creation.

Creating effective healthcare content requires a team of creators, strategists, and analysts:

  • Graphic designers for infographics, social media posts, and custom website graphics
  • Video technicians for instructional videos, tutorials, and social content
  • Technical editors and fact-checkers 
  • Social media managers
  • Analysts to track the ROI of your content

Plus, in–house content writers have implicit bias. You don’t want overly promotional content. Your content should be helpful, useful, and actionable – not salesy. An in-house content creation team reports directly to shareholders so they might have trouble overcoming this issue.

7 Benefits of Outsourcing Your Healthcare Content Creation Needs

Outsourcing isn’t synonymous with detachment and low quality. Quite the contrary! 

Entire agencies specialize in creating technical content – the technical yet engaging and digestible content your industry demands. 

1. You Get Access to Leading Talent

Healthcare content marketing agencies specialize in one thing: creating healthcare content. They hire the best writers in the business. 

They’ve already put their team through a thorough vetting process to ensure they can produce the content you need. 

Plus, they handle the editing and quality control, so the burden is totally off your shoulders. 

2. You Can Spend More Time on Strategy

Content creation is time consuming. Behind a single blog, you’ll find hours of keyword research, topic development, copywriting, and editing.

Outsourcing frees up thousands of hours each year. Instead of getting bogged down with content, your marketing team can focus on strategy, audience research, and tactics.

3. Outsourcing is Cost-Effective

Remember, you aren’t hiring a single creator. You need an entire team. 

Glassdoor says the average business spends $4 thousand and 24 days to hire a new worker. Recruitment technology, assessments, job postings – these all cost time and money. 

If the relationship doesn’t work out, it could cost you 200% of the worker’s salary to find a replacement.

4. You’ll Produce Content Consistently

HubSpot recommends large blogs publish up to five pieces of content per week. Those who prioritize their content are 13x more likely to enjoy higher ROI from their efforts.

An outsourced team has the time and resources to publish high-quality content consistently. 

5. Outsourcing Provides Easy Access to Metrics

A specialized healthcare content agency wants you to see ROI from your content investment. They have on-staff analysts tracking your content’s metrics. 

They’ll help you visualize your content’s performance with charts and have all the info ready to go for shareholders.

6. You Can Seamlessly Scale Your Healthcare Content Production

As we’ve seen with COVID-19 vaccine production, healthcare distributors must scale instantly when necessary. Outsourcing your content lets you seamlessly scale up or down as your needs and budget change. 

You don’t have to go through the trouble of hiring during a surge, evaluating, and laying off if things slow down. 

7. Outsourcing Gives You Access to the Latest Technology

Hiring costs are one thing but tools are also costly. Enterprise packages for SEO, social media, and content can cost thousands every month. It’s just one more thing marketers must make their case for to shareholders.

Outsourcing your content means you already have access to the industry-standard tools and emerging technologies. Healthcare content agencies need to stay competitive too.

Start Building Your Healthcare Content Creation Strategy 

At Share Moving Media, healthcare content for distributors is all we do. We’re a full-service agency with industry experts offering everything from eBooks and blogs to videos and podcasts. 

We understand the value of high-quality content. That’s why industry leaders trust us with their content creation. 

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