Guest post by Karyn Mullins, executive vice president and general manager, MedReps.com.
From artificial intelligence developments to updated EHR technology, the future of health IT looks brighter with each passing year. As new developments and new technologies rise to the forefront of healthcare, health IT pros — new and accomplished — will need to do the same.
While medical sales remains a challenging and demanding career, my company’s 2017 Medical Sales Salary Report found sales reps are being rewarded for their efforts. Of course, there are a few different factors playing into a each reps’ earning potential.
The topics we examined are: product, market, job title, travel, and location.
With technology careers are in high demand, my team wasn’t surprised to find health IT sales reps are in the top three of the highest average total compensation category.
Whether you’re hoping to get started in the field, are still considered a ‘newbie,’ or are a veteran looking to kick your career up a notch, our report has key insights that can take anyone to their highest earning potential.
Here’s what the future of health IT sales looks like and how you can get to the top:
What they’re earning
The earning potential for any medical sales representative is impressive to most job seekers. To top off their large salaries, bonuses, and commissions, they’re also receiving added benefits like expense accounts, company cars, quality health benefits, and even 401k matching.
Topping the charts are those in health IT and software sales.
These reps make an average of $176,012 a year. To break it down, around $108,750 of that is base salary with an added average of $68,157 in bonuses or commissions. Biotechnology and medical/surgical devices were head-to-head for second and third place with average total compensations of $162,544 and $159,130.
How they’re doing it
There is no set mold for any particular medical sales job — and health IT is no different.
The MedReps report found many different factors affect the success of any medical sales job. Aside from the product category, market segments largely impact reps’ paychecks.
We found surgery/OR, pharmacies, and hospitals are all close competitors for those wanting to earn top dollar. Surgery/OR came in at the top with a total average compensation of $160,991, with pharmacies at $159,293, and hospitals rolling in closely behind in third with $158,155.
As most of us already know, medical sales is a challenging, but rewarding market for many reasons. Getting acquainted with products, learning the jargon, and gaining the trust of your customers takes patience, time, and dedication.
That’s why those who stick it out for over 20 years earn an average total compensation of $168,983, versus $101,175 for those with less than two years of experience.
Another challenging, but necessary, part of the job is putting in the miles — literally. We found the medical sales reps who spend at least 50 percent of their time traveling, average $169,669 in total compensation.
How you can be a top earner
With so many earning potential factors and numbers to compute, it’s difficult to understand exactly what you need to do in order to excel in a health IT or other medical sales career. Aside from knowing how much time, travel, and effort is needed, it’s also crucial to think about what will make you satisfied with your work.
Find a company that matches your own cultural fit and expectations. Look to their mission statement, values, and even current employees’ social media pages for clues on what’s important to their company, culture, and team.
Most importantly, find a health IT career selling something you’re passionate about. Spending time on the road, putting in the years, and building strong relationships depends on your connection with a product.
Use your interests and passions to drive your career decisions forward to a path of future success.