If you are a medical ancillary sales rep you are likely an independent contractor, which means you are essentially a business owner.
As a business owner, mitigating risk is essential to your long-term financial stability.
In the medical ancillary sector, there is no shortage of risk. Programs routinely fall in and out of favor due to externalities like changes in insurance coverage or new technologies that usurp current testing or treatment methods. Not to mention, unreliable vendors and countless middlemen who muddy the waters can also increase your risk. Combine these factors with flaky doctors and it’s no wonder so many medical reps become discouraged with this sector.
Nothing is more disheartening than not being paid for your hard work. Top-earning reps are not immune to not getting paid, but they do a much better job of risk mitigation than low-earning reps.
How do the top-earning reps stratify risk? Two methods…they sell a diversified portfolio of programs, and they contract directly with the vendors who are providing the service.
SELL EVERYTHING
It’s tempting to take a riffle approach, meaning to focus all of your energy into one program that may be paying you the highest amount. This approach can definitely be effective to get those specific sales, especially in the short run. However, this means your entire portfolio could be wiped out instantly. If you don’t believe me, talk to people who were making big money in compounding or various laboratory programs that were paying high commissions.
The top earners sell a portfolio of services, because they understand that keeping a long-term relationship with the doctor is paramount to their success. Not only that, they do not risk having their entire income wiped out because of a change in insurance coverage or a vendor shutting down.
These top earners form relationships with 8-12 practices and provide for all of their ancillary needs. By presenting a full portfolio, they can become more of a consultant, and show providers how the different services dovetail together.
Best of all, this creates multiple streams of income for the rep, so the loss of a single program will not devastate them.
SELL DIRECT
Top earners rarely work through distributors. Why? Because even if they are promoting a diversified portfolio, if it’s all done through a single distributor, there is still a risk of a catastrophic collapse.
Sadly, distributors burning sales reps is not unheard of.
Not to mention, often times distributors are not direct themselves, and are contracted with other distributors who may be contracted with a vendor.
One sales rep who routinely makes over $100k/mo conveyed a story to me recently that taught him to always go direct when possible. This rep had a lucrative laboratory deal through a distributor he trusted inherently. He was being paid around $50k/mo for this account consistently for a few months. However, one month the payment did not show up. In speaking with the distributor, he came to find out that the distributor’s relationship was NOT directly with the laboratory, but it was with another distributor, who was under another distributor, who was under the master distributor.
In case you lost count, that’s 4 layers of distributors he had to go through to get his money. It’s a miracle he ever got paid! Sure enough, one of the layers of distributors decided to close down their business and run off with the money.
This is not an isolated case. The more you examine the inner-workings on the medical ancillary space, the more it begins to look like multi-level marketing.
Risk is logarithmic. If there are 4 layers between you and your money, that’s not RISK x 4, it’s RISK4. That means, you have a 16x greater risk of not seeing your money.
REDUCE YOUR RISK
Everyancillary.com is a tool to help medical ancillary sales reps create multiple streams of income while decreasing the chances of not getting paid.
Through the Every Ancillary platform, we make it easy for you to run a turnkey ancillary business, giving you the ability to connect directly with dozens of medical ancillary providers with NO MIDDLEMEN.
Plus, we give you the tools to be successful. In addition to connecting directly with ancillary vendors, the platform has extensive training on dozens of medical ancillaries and other resources to help you stay on top of the latest industry trends. Full members will also receive a personalized website with extensive pages for each solution, as well as our Comprehensive Ancillary Portfolio.
Register today and receive your FREE Medical Ancillary Sales Playbook.