A national provider data technology company wanted to build a product to support electronic funds transfer (EFT) and electronic remittance advice to allow providers to more easily enroll in electronic transactions with multiple health plans across the nation. The company partnered with crankfrog to design product strategy and launch the optimal outcome.
crankfrog facilitated a strategic planning process for the organization’s Board of Directors, comprised of C-suite level health plan executives, to fully assess the market opportunity. crankfrog created a product strategy that included a high-level solution concept, a clear definition of the problem with investment implications, and a roadmap and timeline for product launch. To support the product’s funding, crankfrog obtained participation commitments from the company’s health plan member organizations. Following affirmative Board approval, crankfrog executed the product development cycle, initiated by leading a sourcing process to identify a delivery partner and coordinating the necessary launch activities.
By the end of the engagement, crankfrog delivered an operational product with live customers, a long-term measurement plan for key business metrics, and a P&L business plan for the internal product team. The complete set of deliverables produced included:
- A problem statement with a current state analysis and business case identifying the inefficiencies;
- The product solution, roadmap, timeline and execution strategy;
- A business plan with estimated costs, revenue, pricing and adoption strategy;
- A participation commitment from the founding members with a plan for recruiting additional customers;
- A transition plan.
This effort produced what is now the largest registry of provider electronic payment and remittance advice preferences in the country, serving as the primary enrollment tool for more than 50 health plans, including most national plans.