Going Vertical

Each time I meet with a new service provider, we discuss whether or not they should focus on a specific vertical based upon their previous success in that area. Without a doubt, going vertical can help your organization focus its attention, which begins with developing a plan for the new line of business (such as healthcare).  The key to success will be in how well aligned your resources are for that market.

Let’s take a quick look at the needs of the healthcare market and see if your company is ready to enter or expand services in that area. Do a quick check of your organization’s capabilities and answer these questions

1. Do you have experience with HIPPA or other compliance regulations?


2. Are your people trained in the current healthcare technology and software solutions?


3. Is your organization partnered with software providers with this specialty?

If you answered ‘Yes’ to any of these questions, then you are on the right road to developing your vertical market; but let’s discuss some other factors you’ll need to consider. Over the last few years, many small medical practices (5 doctors or more) have been joining management groups, or outsourcing many of their administrative functions such as billing to them. These groups typically provide a turnkey technology solution that includes infrastructure to their cloud solution, billing services, and EMR applications–basically it’s a subcontracted office managed service.

So where is the opportunity if there is already an outsource agreement in place? This is where many small solution providers hit the wall.

Don’t be discouraged; find the outsourcer and the PARTNER! Many of the contractors provide the equipment, as well as the service, but have grown so fast that they are unable to provide the full managed service or responsiveness that a doctor’s office requires.

Make a visit to the outsource company, find their pain points and see if your services are a solution! The right technique will pave the way for a great relationship and provide an entry point to the healthcare market. It will also allow you to develop your expertise while generating revenue. Collaborate with the outsourcer to find new areas of opportunity with shared clients and prospects. Use your field teams to find deficiencies in their systems and solicit extra service revenue to solve those needs. What a great lead generation toolset.

If you haven’t noticed, a common thread in my advice is to always start with a plan. This gives you and your team a clear path to follow and allows each individual member to understand where the organization is headed.  Now go find a good partner to collaborate with and grow your healthcare vertical!

Pete Busam is the Chief Balancer for Equilibrium Consulting, an independent firm that consults with technology vendors, distributors, and solution providers on business process, channel management, sales and marketing activities. He can be reached at pete@equilibriumconsult.com.