Understanding MedTech
MedTech Lingo Cheat Sheet
The vocabulary you'll hear in interviews, networking calls and on the job: roles, sales types, buying structures, reimbursement, FDA approval and funding, each in a sentence.
MedTech Lingo Cheat Sheet
The vocabulary you'll hear in interviews, networking calls and on the job: roles, sales types, buying structures, reimbursement, FDA approval and funding, each in a sentence.
Breaking into MedTech can feel overwhelming at first because the industry has its own language. The goal of this cheat sheet isn't to memorize every definition. It's to help you recognize the language and feel confident when you hear it.
- Use it before interviews
- Use it to optimize your resume language
- Use it to ask better questions
- Use it to sound like you belong
Core sales roles
- Associate Sales Rep
- Entry level. Supports the main rep: heavy lifting, case coverage, logistics.
- Sales Rep / Territory Manager
- Owns a territory. Responsible for hitting quota.
- Regional Sales Manager (RSM)
- Manages reps.
- VP of Sales
- Oversees national sales strategy.
Types of sales
Capital sales
- High dollar ($50K to $1M+)
- Long sales cycle (12 to 18 months)
- Multiple decision-makers
- “Hunters”
Disposables
- Lower cost, high volume
- Recurring business
- Relationship-focused
- “Farmers”
Surgical / implant sales
- In the OR
- Case coverage
- Highly relationship-driven
- Commission heavy
Enterprise (SaaS / software)
- No physical product
- Long contracts
- Often RFP-based
Key sales vocabulary
- Quota
- Your revenue target.
- Call point
- The person you're selling to: surgeon, nurse, administrator and so on.
- Case coverage
- Being in the OR supporting product use.
- KOL (Key Opinion Leader)
- An influential doctor who advocates for your product.
- Buy & Bill
- The provider buys the drug upfront and bills insurance later.
- RIF
- Reduction in force: a layoff.
Hospital and buying structure
- IDN (Integrated Delivery Network)
- A group of hospitals under one system.
- GPO (Group Purchasing Organization)
- Negotiates bulk contracts for hospitals.
- VAC (Value Analysis Committee)
- The committee that approves new products.
Reimbursement basics
- Reimbursement
- The insurance payout to a hospital for procedures and products.
- DRG (Medicare Part A)
- A fixed payment for a hospital procedure.
- Medicare Part B
- Outpatient reimbursement, per code.
- Value-based care
- Hospitals are paid based on outcomes, not volume.
Major specialties
- Orthopedics
- Bones and joints.
- Cardiology
- Heart.
- GI
- Digestive system.
- Oncology
- Cancer.
- Urology
- Urinary system.
- ENT
- Ear, nose and throat.
- OBGYN
- Women’s health.
- Interventional radiology
- Imaging-guided procedures.
Healthcare IT terms
- EMR
- The internal digital chart.
- EHR
- A sharable digital record across systems.
- PACS
- Stores medical images.
- HL7
- A software communication standard.
- HIPAA
- Protects patient information.
FDA and approval
- 510(k)
- A device proven similar to an existing device.
- PMA
- More rigorous approval for high-risk devices.
- Class I, II, III
- Level of risk. Class III is the highest.
- Clinical trials
- Human testing before approval.
Funding and growth
- Private equity
- Invests in growing companies.
- Venture capital
- Funds early-stage startups.
- IPO
- The company goes public.
- Acquisition
- One company buys another.
- Consolidation
- The industry merging together.
W2 vs. 1099
- W2 employee
- A full-time or part-time employee of a company. Taxes are withheld from each paycheck, and the company typically provides benefits such as health insurance, retirement plans, PTO and expense reimbursement.
- 1099
- An independent contractor, not a direct employee. Taxes aren't withheld from pay, and the rep is responsible for managing their own taxes, benefits and business expenses.
Keep going.
Candidate FAQs
The questions candidates ask FloodGate most: what roles we fill, whether to apply to everything, working with more than one recruiter, and what it takes to break into device sales.
Career Transition Guide for Medical Device Commercial Executives
Seven phases, from shaping the ideal position to leaving your current employer well: how to run a search on yourself when you haven't had to in years.
Understanding the Different Paths in Medical Device Sales
Capital vs. disposable vs. SaaS vs. implantable: not all medical sales roles are the same, and knowing the difference is the first thing that sets a candidate apart.
Talent decisions compound over time, for better or worse.
Ready for the next step, or the first one?
Get into the network. A Talent Advisor who knows the corner of MedTech you're aiming for will reach out when there's a fit.