A Product Strategy That Makes Sense

Written by Frank Fortner, President of Iatric Systems

Iatric Systems Analytics on DemandSome companies’ products seem like they were always meant to be, making perfect sense. One such example is Apple’s iPhone, which, like its iPod predecessor, is essentially a small computer made up of hardware running an OS with various applications. These are the things Apple was always good at. Technically, the actual “phone” is just another software application that accesses specific hardware for cellular (or WiFi) communication. So it shouldn’t be a surprise that a leading computer company found success making a small, handheld computer that runs communication software as one of its many applications. It was a very natural extension of something they already did well.

On the other hand, some companies’ products don’t seem to make a lot of sense. For example, were you aware that Pfizer once released a Ben-Gay aspirin line or that Coors once sold spring water — both in the 90s? It’s true. Even worse, back in 1982, the Colgate toothpaste brand launched a line of frozen dinners. Well, you probably won’t be surprised to hear that each of these failed because (pardon the pun) consumers just weren’t "buying" it. Likely, they couldn’t get past the pre-conceived images and emotions that these existing brands conjured up. Gee, I wonder if anybody thought mint-flavored stir fry sounded appetizing? But I digress...

At Iatric Systems, when we consider a new product line, we go through a structured process that includes, among many other criteria, whether or not the offering itself is a “fit” with our mission, our strategy, and our distinctive competency (i.e. what makes us different). For us, that translates to our diversity (people, products, and strategic partners) along with our deep experience in solving complex healthcare challenges. For more than 25 years, this powerful combination has provided us with a comprehensive understanding of healthcare data, EHR technology, interoperability, patient privacy/HIPAA, and various quality reporting measures — often fueled by regulatory requirements. Given what we do well, some products (say…toothpaste) wouldn’t make any sense for us to bring to market. Others, just like Apple with its iPhone, make perfect sense because they are a natural extension of the things we already do well. 

One such product, to be released in early 2016, is a new analytics platform called Analytics on Demand™. In many ways, Analytics On Demand is a logical evolution of what Iatric Systems has been doing for more than 25 years: from data extraction and reporting, to interactive, intelligent dashboards. As the healthcare industry continues its journey to value-based care, the tracking, managing, and reporting of quality metrics and key performance indicators will become mission critical to proving quality outcomes and receiving maximum reimbursement. In order to quickly deliver value, Analytics On Demand will include pre-built modules for Clinical Quality Measures (inpatient, outpatient, physician quality reporting), Meaningful Use, and Value-based Purchasing. Other modules will help with the tracking and management of sepsis, HACs, and 30-day Readmissions. From there, we will continually add new modules along with the option to build custom, user-defined modules — I think of these as “DIY Dashboards."

So while I might personally enjoy the challenge of developing an exciting new line of microwave dinners, aspirin, or spring water, we’re going to take a play from Apple’s playbook and stick to the things we do best, which, in our case, means delivering solutions that enhance existing investments in healthcare IT. 

I hope you can stop by booth #7730 at HIMSS next month in Las Vegas, NV for a quick look at Analytics on Demand!

Topics: Value-based Care, Regulatory Compliance, Analytics, Quality Management

Subscribe to the Analytics blog.

Receive the latest articles directly in your inbox.
Enter your email address and click SUBSCRIBE:



I’ll Be Back: Return of AI and Machine-Based Learning

I was reading an article that was published on February 3, 2015 by Bloomberg Technology, I’ll Be Back: The Return of Artificial Intelligence, and definitely can relate to the title of the article....Read More

The What, When, and How of eCQM Reporting

It’s hard to believe QTR 4, 2016 is well under way. Hospitals are starting to validate QRDA data for reporting electronic Clinical Quality Measures (CQM). The alignment of CQM reporting for the EHR...Read More

Top Challenges Faced by Hospitals Implementing eCQMs

If you are a nurse or involved with quality at your healthcare organization, you know that quality reporting is complicated. Your primary responsibility is to provide the best quality care, but you...Read More

QRDA-1 for eCQM to QNet...it's GREEK to me!

As a nurse, I’m used to interpreting patient orders full of abbreviations & jargon. Acronyms, Latin abbreviations, and documentation shortcuts coined by nurses in the world of paper charting; one...Read More

Uses of Technology in 2016 for Value-Based Care

After my Internet was down for a week and I had to use my iPhone® Hotspot to do demonstrations for hospitals, it got me thinking about the relationship of technology regardless of the...Read More

Three Reasons To Track Your Readmission Rate

The Hospital Readmission Reduction Program (HRRP) is a key quality standard reviewed by CMS. Below are three reasons why your healthcare organization should be tracking and analyzing this important...Read More

What killed Patty Duke?

I am sure we were all sad to see actress Patty Duke die as a result of sepsis from a ruptured intestine. According to the Centers for Disease Control and Prevention, sepsis is the body's...Read More

The Use of Analytics and Algorithms for Sepsis Management

For the last several years, Iatric Systems Visual SmartBoard™ has been helping healthcare organizations detect the early signs for sepsis. Identifying sepsis requires examining multiple clinical...Read More

A Product Strategy That Makes Sense

Some companies’ products seem like they were always meant to be, making perfect sense. One such example is Apple’s iPhone, which, like its iPod predecessor, is essentially a small computer made up of...Read More

Transitioning to Value-Based Care

In December of 2010, our company started a project to track for the Meaningful Use program. We had many years of prior experience with a RAC tracking tool and this was just another CMS program —...Read More