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Success Stories - Medical

PROBLEM

The leading non-profit online resource for the field of cardiothoracic surgery needed to create a business model that would allow the site to become self sustaining. The site and its staff had been originally organized and funded by the three leading professional medical societies in thoracic surgery, but this funding was scheduled to end soon. Membership feedback had already indicated that charging a fee for membership would not be well received, so other revenue channels needed to be developed.

SOLUTION

The web site itself was on its way to becoming the most well respected and heavily trafficked site in the specialty of cardiothoracic surgery. The medical professionals in the specialty and the suppliers of surgical devices to the field already enjoyed a close and mutually productive working relationship, with device manufacturers relying heavily on surgeons for input to new or improved devices and supplies. The manufacturers also supported a wide range of medical education on surgical techniques and issues in the specialty. The clear solution was to find a way to channel these existing activities into a profitable web delivery mechanism.

IMPLEMENTATION

The first step was to set up an “Industry Forum” product catalogue showing products from device manufacturers with varying levels of detail at different catalogue price points, coupled with a “Featured Product” banner ad placement option on the site’s home page available for a premium price. The second step was to create opportunities for the manufacturers to contribute to the educational mission of the web site by sponsoring existing or newly created educational sections of the site. A price schedule was drawn up based on the demand for information within each section of the site and sponsorships were offered as exclusive or partial for one year periods. Sponsorship was further divided into three levels. The highest level included membership in the “Round Table”, a group of senior surgeons and manufacturers who meet periodically to work through issues in the specialty that affect both surgical care and manufacturer capabilities.

BUSINESS IMPACT

Over a period of approximately fifteen months these business efforts raised over $1 Million in annual revenue from companies such as Bayer Corporation, Genzyme, Guidant, and St. Jude Medical, thus allowing the web site to achieve self sustainability.