Consulting Firm First to Market with New Hospital Price Transparency Strategy Service
Go-to-Market Strategy executed in 10 days. 12 proposals and 3 closed deals in the first 30 days.
When CMS rolled out hospital price transparency requirements effective January 2021, Stroudwater, a national healthcare consulting firm, worked quickly to get the message out to critical access hospitals who were already overwhelmed with COVID-19 cases.
Hospitals would be required to provide an electronic version of their chargemaster (CMD) and make a list of 300 shoppable services easily accessible on their websites.
The result? Consumers will have the ability to shop and compare prices across hospitals, estimate their cost of care, and ultimately, drive down pricing.
Hospital c-suite needed a partner and a plan to activate quickly not only to meet the hospital price transparency requirements but to plan for what’s next.
Solution
Working with our client, we identified a four-part process to optimize critical access hospitals’ pricing strategy to prepare for the new pricing transparency requirements. It incorporated multiple departments and processes including revenue cycle management, payer contracting, and cost report modeling.
As we were already in Q4, our team worked with urgency to deliver the message to the right people at the right time.
In less than 10 days, ROOT3:
- Identified the target audience and key decision makers
- Developed a lead-optimized landing page
- Executed an email campaign with a strong call-to-action
The campaign touched on the most important information for the audience; what’s going on and what it meant for hospital leaders and their organizations.
Results
Our team used the client’s Marketing CRM to send the email campaign and access the data and intelligence needed for lead qualification calling and appointment setting. In first 30 days:
- 12 marketing qualified leads translated into 3 closed deals
“ROOT3 worked quickly to get our message to the right people at the right time,” said Stroudwater Managing Director Jeff Sommer. “Because we were a first mover, we were ahead of the competition. We immediately saw results, and within a month had 12 new proposals and 3 closed deals.”
