Introduction

As we step into 2024, NHS buyers continue to wrestle with the financial challenges that have shaped the healthcare landscape over recent years. With the upcoming introduction of the new Procurement Act and a potential general election, an added layer of structural complexity is emerging for suppliers.

In this blog we highlight two essential ways you can use data to cut through the noise to easily identify and target funded, relevant NHS opportunities for your business.

Use NHS funding data to target relevant buyers

In an environment where NHS organisations are struggling for funding, it is essential for suppliers to understand that each procurement decision is a delicate trade-off for buyers.

The procurement of one software system might necessitate cutting back on essential staff or medical devices. Therefore, it's crucial to focus on buyers with funding specifically earmarked for the services you are providing - which can differ dramatically from region to region.

In Stotles recent NHS Supplier Masterclass webinar, Uko Umotong emphasised the importance of understanding the unique strategic goals and funding for different NHS Integrated Care Boards (ICBs).

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With 42 ICBs in England, each overseeing multiple NHS Trusts – totalling 215 – the landscape is complex. Each ICB functions independently, making it crucial for suppliers to pinpoint where funding is allocated and identify the key procurement decision-makers within these entities.

Within this diverse and decentralised landscape, using data to identify where funding has been allocated is necessary to uncover target accounts for your business. To assist suppliers in this endeavour, we consolidated all 2023/2024 Integrated Care Board funding allocations and business cases into one comprehensive NHS Budget Directory, previewed in the table below.

By downloading the full NHS Budget Directory, you can identify total funding, budget allocations, and confirmed business cases for  any Integrated Care Board or Trust in England. Read it in full for free here.

Key actions for suppliers:

As we approach the new NHS financial year in April, suppliers should be actively engaging with target accounts to identify any unspent budgets or incomplete business cases before the year's end. These opportunities are likely to be limited, so it's crucial to simultaneously pre-engage over anticipated business cases and funding for 2024/2025.

Stay tuned to Stotles for the latest updates on 2024/2025 NHS budgets and plans as they are released, ensuring you're always a step ahead in the procurement process.

Identify upcoming NHS contracts using procurement data

Our research into contract award patterns across 2023 has revealed that the most active months for NHS contracts to be awarded to suppliers are between March and June, with a notable surge in March.

This pattern is closely tied to the NHS's financial year start date in April.  The finalisation of the previous financial year's deals predominantly happens in March, while the refresh of budgets in April creates a period of heightened new contract activity for the following three months.

This insight is vital for planning your engagement strategy, particularly during the quieter months of January and February, where you should be busy planning for this March-June peak period.

Target expiring contract set for renewal

To effectively identify opportunities for this busy period, focusing on expiring contracts can provide early signals for contract renewal or downstream opportunities

Analysis of the 2024 contract expiries reveals that a significant number of NHS contracts are set to expire in March.

This period leading up to March serves as an ideal window for suppliers to engage with buyers and identify which contracts are likely to renew or generate downstream opportunities between March and June.

Next steps for suppliers

By leveraging Stotles' procurement data and AI driven signal settings, you can dive deeper into these awarded and expiring NHS contracts to easily identify which represent potential opportunities for your business. Once you've pinpointed the right contracts, you can use our contract data to qualify previous supplier involvement, identify key decision-makers and engage over potential downstream opportunities.

'Stotles helps you bypass the complexity and identify the right person to contact.' Uko Umotong, Co-Founder of UB Healthcare

To take the next step in simplifying your NHS sales, sign up for a free Stotles account today.

Conclusion

In summary, the NHS landscape in 2024 presents challenges for suppliers, but lucrative opportunities await for suppliers able to develop a proactive and data-led approach. To thrive, suppliers should leverage data-driven insights and proactive engagement strategies, aligning closely with NHS priorities and operational guidance. Stotles plays a pivotal role in this journey, offering critical insights and tools to effectively identify NHS contract and build lasting relationships with key decision makers.

To set yourself up for success in the NHS, get started with Stotles for free or book a demo with the links below.

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