Lumedic – Revenue Cycle Management Start-up
Product Marketing Strategy and Proof of Concept
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The healthcare system is rife with friction. Insurance companies and healthcare providers process an egregious volume of paperwork, mostly done manually, to patients with care.
A fintech start-up had a vision to leverage blockchain technology to optimize provider claims processing and revenue cycle management. They partnered with Smashing Ideas to engage a small team of strategists and designers to define the value a blockchain solution would deliver to the healthcare market, develop a proof of concept of their core product offering, and product marketing website to support the company launch.
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Outcomes
Communications strategy - Our team delivered brand messaging, product positioning and strategy, and executive presentations to support partnership conversations and conference speaking opportunities.
Product definition - Designed and developed of the product proof-of-concept.
Company acquisition - The result of our work supported partnership conversations and contributed to the company being acquired by one of the largest healthcare systems.
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My Contribution
Led a team of researches, strategists, designers, and content strategists over 6 months to support the company’s go-to-market launch.
Conducted stakeholder interviews, market research, and crafted research insights presentation to increase the client’s baseline of knowledge of the healthcare market.
Co-led and facilitated brand and product value proposition workshops.
Directed the content, design, and development of marketing materials
Designed the product user experience and partnered with a visual designer to apply brand look and feel.
Market Research
Conducted desk research to analyze the revenue cycle value chain across insurance payers, healthcare providers, and patients, to uncover forces driving market changes.
Research Notebook
Collected market research citing industry trends across healthcare organizations, blockchain revenue cycle competitors, and competing and adjacent healthcare organizational priorities.
Healthcare Trends and Forces
Identified industry trends: As costs rise, margins shrink, and the market consolidates. Healthcare companies are forming innovative partnerships, investing in technology, and exploring new incentive models to manage population health.
Target Audience Definition and Prioritization
As part of a 3-person strategy team, I conducted informative interviews with healthcare providers, administrators, and insurance brokers to understand their needs, priorities, and assumptions when processing claims and billing patients.
Audience Profiles
Audience profiles, similar to personas, were crafted to communicate the goals, needs, and pain points experienced by each target audiences. These deliverables were used to inform the product messaging strategy.
Audience Prioritization Map
A prioritization map provided Lumedic direction which roles within an organization would be most important to reach in business development and sales conversations.
Research Insights
As a team, we developed a research insights presentation to ground Lumedic in the current-state challenges and industry trends driving healthcare and insurance companies to innovate.
Key insights:
Payers and providers have a long history of distrust
Private sector companies bridge the rift between payers and providers through technology
Many efforts have yet to reach full potential because they focus on individual players in the system
The way to win:
Address operational inefficiencies
Set up analytics that empower decision making for all players
Facilitate the implementation of alternative payment models
Executive Summary
Ecosystem Value-Exchange Map & Messaging Spectrum
Value Proposition Workshop
Our team planned and facilitated a co-creation session with Lumedic’s product leadership team to generate brand, product, and offering messaging, and began structuring the skeleton of an executive presentation storyline. We utilized research insights as “brain fuel” to direct workshop stakeholder to a common vision and strategy for their product offering.
Press release headlines activity
Participants wrote quotations anticipating the successful of their company. This activity aligned stakeholders to potential impacts and outcomes of a successful company launch.
Value proposition activity
Participants shared the anticipated value their product offering delivered and how it helped industry players address their challenges.
Superpowers activity
As a group, we brainstormed the “superpower” abilities of each component of the products overall solution. This activity converted technical product feature descriptions into audience-driven benefit messaging.
Storyline activity
Brand, product, and offering messages were organized into a narrative sequence to appeal to prioritized target audiences.
Executive Presentation & Proof of Concept
Working in partnership with a designer and illustrator, we created an executive presentation to support partnership and funding conversations and conference speaking engagements. In tandem, I designed a proof of concept to showcase the utility of a blockchain product solution for processing claims and reducing healthcare administrative tasks.
Executive Presentation
Proof of Concept
Successes & Lessons Learned
Continuation of Agency Services - As a result of our successful partnership, Smashing Ideas was awarded a one-year extension to continue to augment Lumedic’s team with additional strategy, design, and development team members.
The Startup Mentality - I admire the boundless enthusiasm and optimism of Lumedic’s founders! As a hired partner providing strategy and design services, I learned the importance of maintaining both a short- and long-term perspective on the work I was leading and producing. It was commonplace to begin tasks and reprioritize my work queue as higher priority needs arose.
Content Strategy - Product strategy, product design, and product marketing all shared a focus on understanding and supporting the target audience’s goals and needs. Throughout the project, I leveraged personas, market research, and messaging frameworks to bring consistency across both the product experience and marketing communications.