Medical Device Education: Cost-cutting Strategies for Professional Education

The doctors were delighted, the educational session was flawless and the venue and staff support all met expectations at your important event. So why are you feeling a bit anxious? Your boss has asked you to once again sharpen your pencil and reduce costs…yet you are still accountable for even higher productivity. Something’s got to give!

Clarify the Problem
A common reaction is to locate vendors that can provide services at a lower cost, but is this really the best approach? A reduced-cost vendor may have a lot of unexpected or hidden pass-through expenses, that result is a much higher cost in the long run. Companies are often not fully aware of how much they are actually paying for a meeting because they only considered the fixed costs, such as facility fees and fees for procuring tissue. It’s the pass-through charges, however, that can really add up. What is the cost of food and beverage per person? Is there a separate charge for personal protective equipment (PPEs), tissue disposal and clean up?

Vendor travel is also an area where cost can easily get out of control. Booking air travel early can result in huge savings, but there is no incentive for a vendor to do so if it’s a pass-through cost. Make sure you are examining all the costs, fixed and hidden, as well as the vendors’ policies, procedures and their general culture and values of how they do business.

Initial savings with a reduced-cost vendor can result in a failed event if the vendor is unable to properly implement your event. Tissue that is not of sufficient quality to achieve the educational objectives of the program will leave a negative impression with the doctors. Also, mistakes that result in legal or safety concerns can be potentially devastating to the health of your attendees and the reputation of your company. In the end, is it worth cutting costs when quality and safety are concerned?

Take control
If you are working with vendors that have served you well in the past, ask them to sharpen their pencils. Are they willing to consider a reduction in fees in exchange for a guarantee of greater business volume? Volume discounts are a win-win for clients and vendors alike. Make a list of expenses that commonly spiral out of control and have a conversation with your vendor about your concerns. Request bundled fees when possible. Science Care has recently moved to a model where staff support fees are fixed (including staff time, airfare, lodging, meals, and local transportation. In general, this results in a significant savings to our clients and guarantees that they know the final cost of their event, up front.

Reaching Success
You and your company can mitigate potential risk by being assured of the highest quality and safety standards. Working with a high quality and ethical partner will achieve your desired results every time, and you may also enjoy a reduced cost for your event.

The views expressed in this Blog are my own and do not necessarily reflect the views of Science Care.

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