A leading software vendor in the healthcare industry enlists T2C’s expertise and perspective for its product strategy plans.
One of the nation’s largest healthcare software vendors needed to develop a strategy to ensure short and long term business success in the changing healthcare environment. They sought to evaluate their current product portfolio and identify new opportunities in their goal to simplify and bridge the payer-provider gap and prepare for current and emerging industry and technology trends such as accountable care, value-base reimbursement, and consumerism. Seeking industry expertise and external facilitation to support the development of this strategy, T2C was engaged to lead the strategy definition.
The strategy process was complex. Over 15 individual product strategies needed to be synchronized along with corporate growth and margin targets. Strategy definition needed to involve leadership from each business unit and product team.
In addition, previous attempts to define the strategy with a different consulting firm had produced limited results. Senior leaders were frustrated with the strategy process and the quality of industry research and insights from prior attempts.
T2C worked closely with stakeholders across the business to facilitate an update of the organization’s mission and vision, summarize market trends, identify new opportunity areas, and complete a competitive analysis. T2C acted as trusted advisors and part of the client team by leading and participating in the entire process across the organization and with individual business units. Across two phases of work and at various levels of the organization, the strategy was developed to align with the needs and direction of individual product, corporate goals, and market demand. T2C performed the following activities:
- Utilized subject matter expertise to review client’s current strategies, test underlying assumptions, and provide insights gained from working with customers in target markets
- Analyzed current market trends, current product portfolio, and competitors
- Facilitated the development of individual product and business line plans
- Identified technology enablers and requirements for continued growth
- Identified potential market opportunities across the business
- Developed a unified financial model to measure the size and impact of newly identified opportunities on the core business
- Performed detailed market research interviews to refine the concepts, capabilities, requirements, and market demand for the new solution opportunities
The healthcare industry is extremely complex given current policy reform, new players and technology, and changing market segments. T2C consultants brought invaluable strategic thinking and expertise as well as intimate knowledge of the industry to help the client adapt to a changing environment and bring needed solutions to market.