We summarized Castle after about 30 days and found common experiences and common ground. I have learned a few more things in the past couple of weeks and I would like to re-summarize.
Castle's sales plan works well in areas that Direct Bill is attractive and there are large volumes of pain prescriptions. This would be in the South in States such as Alabama.
Castle has a very high percentage of Direct Bill customers (95%) at one point.
When the Big labs who were dominant started to fight and lose customer service levels it became easy to compete with them. Since then many small labs such as Castle have started to compete in the marketplace making it much more crowded. This is making it more difficult but not impossible for skilled and knowledgeable sales professionals. This does mean that the sales process is taking more time in some places.
Castle has hired and fired based upon a model that does not apply to the entire Country but rather to a small area. This has caused approximately 60 sales representatives to be hired and then quit or be fired within 60-90 days of employment. This turnover is eroding their reputation.
Recently there were raids on physicians in the South who were taking advantage of the direct bill system and over prescribing to make a profit. Two physicians were indicted. In some states direct bill is not allowed. Going forward direct bill may be a thing of the past putting Castle in a poor position.
Castle needs more experienced leadership to grow if they plan to expand. Castle has increased their sample volume but not even close to what they had anticipated. In order to grow across the nation they need experienced leadership who have experience in the market on a national level.
Castle will also have to invest in the sales representatives and give them time to cultivate their territories. The current KPI system has proven to be ineffective as a measure of effective sales representatives success.
Castle's sales plan works well in areas that Direct Bill is attractive and there are large volumes of pain prescriptions. This would be in the South in States such as Alabama.
Castle has a very high percentage of Direct Bill customers (95%) at one point.
When the Big labs who were dominant started to fight and lose customer service levels it became easy to compete with them. Since then many small labs such as Castle have started to compete in the marketplace making it much more crowded. This is making it more difficult but not impossible for skilled and knowledgeable sales professionals. This does mean that the sales process is taking more time in some places.
Castle has hired and fired based upon a model that does not apply to the entire Country but rather to a small area. This has caused approximately 60 sales representatives to be hired and then quit or be fired within 60-90 days of employment. This turnover is eroding their reputation.
Recently there were raids on physicians in the South who were taking advantage of the direct bill system and over prescribing to make a profit. Two physicians were indicted. In some states direct bill is not allowed. Going forward direct bill may be a thing of the past putting Castle in a poor position.
Castle needs more experienced leadership to grow if they plan to expand. Castle has increased their sample volume but not even close to what they had anticipated. In order to grow across the nation they need experienced leadership who have experience in the market on a national level.
Castle will also have to invest in the sales representatives and give them time to cultivate their territories. The current KPI system has proven to be ineffective as a measure of effective sales representatives success.