RealTime Medicare Data (Birmingham, AL) used AchieveIt’s strategy development and execution management tool to develop a powerful vision statement, craft a purposeful strategic plan, and then used the AchieveIt software to track and maintain the plan. Thanks to AchieveIt’s focus on transparency and accountability, RealTime Medicare Data has been able to accelerate execution. Read more below from Curtis Spraitzar, Director of Research and Analysis, RealTime Medicare Data.
AchieveIt Guides Strategy Development Process
“When you think Medicare, you think RTMD.” With that vision statement, we started our strategic planning process at RealTime Medicare Data in the fall of 2012.
Although we had already developed a successful niche in the healthcare informatics market—specializing in current, non-modeled, and comprehensive Medicare claims data—we had not undertaken a formal strategic planning process in recent years. Now, with plans to expand our reach to the entire nation, the need to launch such a process became apparent.
In developing our strategic plan, we were very methodical in our approach. We conducted SWOT analyses, made frequent use of AchieveIt’s software, and held company-wide meetings. When completed, the strategic plan set forth several goals for the coming year. Notable among these was the goal of “Building Brand Awareness”—to help distinguish ourselves from other vendors who view data as a mere commodity, rather than as a valuable resource to help organizations identify growth opportunities and efficiencies or help reduce their risks.
In all, the strategic planning process took about two months to complete, and no doubt, was a beneficial one. It allowed us to have a robust internal debate about who we were, where we were going, and how to get there. It also helped us crystallize our collective thinking and reach a solid consensus concerning our company’s goals.
What We Learned
The healthcare market is dynamic and therefore requires a fluid response. Initially, though, in our planning, we had focused significant resources on developing strategies that tried to anticipate almost every conceivable change.
This lesson was brought home to us when the Centers for Medicare & Medicaid Services (CMS) announced its new price transparency initiative in May 2013. Interesting as this development was, the hospital data that CMS released was for fiscal year 2011. To us, it highlighted the need for current data (our strength). But to capitalize on our currency, we had to make execution a top priority.
To that end, we placed less emphasis on having the “perfect plan” and more emphasis on accelerating our results. We focused on what was most important and getting it done.
Using AchieveIt’s software, we have been able to:
We are confident that with our company’s continued focus on execution, we can serve our clients better and, in addition, contribute timely and accurate information to the national conversation about healthcare costs.
Serving more than 275 clients in 42 states and South America, AchieveIt helps organizations transform vision and goals into tangible business results by executing smarter, faster, and better. Through its suite of cloud-based strategy development and execution management applications, AchieveIt accelerates transformation through enhanced accountability, transparency, and execution. The company provides an innovative set of online tools to develop, monitor, and implement strategic and operational plans, performance and quality improvement projects, and leadership and management programs. A national thought-leader on strategy development and execution management, AchieveIt offers free webinars and white papers on its website at AchieveIt.com.
About RealTime Medicare Data
RealTime Medicare Data was founded in 2002 in Birmingham, Alabama. Its core mission is to provide comprehensive, non-modeled, and the most current Medicare claims data that allows healthcare organizations to develop and support strategic business initiatives. It is the only company that provides Medicare claims information that is 90 days post adjudication. The company now serves a Medicare beneficiary area consisting of 17 states and the District of Columbia, and intends to expand nationally. RealTime Medicare Data recognized that healthcare administrators typically make decisions from data that is incomplete, forecasted, or out-of-date. Using RealTime Medicare Data’s analytics platform, healthcare organizations can compare themselves to other providers in their market, including physician level data, thereby better positioning themselves for success in this era of healthcare reform. For more information, please visit www.rtmd.org.