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On this episode of Healthcare Market Matrix, host John Farkas is joined by Mike Mosquito, an advisory board member at Ratio and a pioneering leader in healthcare innovation and technology development. Mike shares his extensive experience with companies like McKesson and Allscripts and his role in leading innovation centers. He discusses how this background equips him to develop maturity models that enhance patient outcomes through technology. He emphasizes that healthcare technology companies must understand the specific problems they aim to solve, rather than just promoting their technologies’ features.
Mike also delves into the critical importance of technical and cyber infrastructure in successfully implementing new technologies within health systems. He highlights the necessity of robust governance models tailored for healthcare, addressing connectivity issues, especially in rural areas, to ensure effective technology deployment.
Throughout the conversation, John and Mike explore the governance, readiness, and affordability considerations that health systems must take into account when adopting new innovations. They stress the importance of healthcare providers flawlessly executing proof of concepts to become preferred vendors, cautioning against "innovation theater" that can erode trust and resources. John and Mike also discuss the evolving responsibilities and strategic importance of Chief Innovation Officers (CIOs), highlighting the long decision-making processes and integration challenges posed by regulatory compliance and budget constraints.
Show Notes
(1:05) Introducing Mike Mosquito
(6:48) Analyzing Innovative Solutions for Change Implementation
(11:48) How to Approach Conversations about Change
(16:26) Qualities of an Innovation Organization
(22:37) Strategies for Catching a Health Tech CIO’s Attention
(25:43) Meeting Consumer Mandates of Healthcare Technology
(35:31) Exploring the Need to Be Flawless
(38:21) Cautions Surrounding the Idea of Innovation Theaters
(41:52) Addressing the Failure of Delivering Solutions
(50:02) Advice for Venturing into the Innovation Ecosystem
(52:33) Closing Question
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Summary
On this episode of Healthcare Market Matrix, host John Farkas sits down with Spencer Honeyman, chief commercial officer of Vi Technologies, a company using artificial intelligence to enhance the health outcomes and financial returns of healthcare organizations. John and Spencer dive into how AI-driven solutions are alleviating workloads and improving efficiency for healthcare professionals by optimizing tasks so they can prioritize patients first and foremost.
Additionally, Spencer explores AI's role in engaging high-risk populations by leveraging third-party data for comprehensive views and utilizing optimization frameworks for rapid testing in marketing, underscoring the necessity for de-identified data in marketing endeavors. This emphasizes the industry’s shift towards value-based care and the strategic use of paid media for member engagement. Furthermore, Spencer explains how the implementation of AI-driven solutions can simplify time-consuming administrative tasks like appointment scheduling, claims processing, and data entry, allowing healthcare professionals the ability to focus more on quality care.
Throughout the episode, Spencer outlines Vi Technologies’ approach to demonstrating value by validating key performance indicators, highlights Vi Technologies’ most recent report, and shares a case study of a regional behavioral health clinic utilizing targeted media to significantly reduce acquisition costs and boost conversion rates.
Show Notes
(1:05) Introducing Spencer Honeyman
(5:00) A Deep Dive into Vi’s Recent Report
(6:31) Exploring AI Opportunities in Healthcare
(10:13) How AI Has Alleviated Administrative Tasks
(13:32) Employing AI to Increase Patient Engagement
(20:39) An AI Success Story
(24:15) The Awareness vs. The Adoption of AI
(32:21) Closing Question
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On this episode of Healthcare Market Matrix, host John Farkas is joined by Dr. Jennie Byrne, an advisor for healthcare innovators, like LunaJoy Health and PsychNow, and co-founder of Belong Health. Additionally, Dr. Byrne is an established author, writing two important books, Work Smart, a guide on leveraging brain and behavioral science to enhance productivity, and Moral Injury: Healing the Healers, which is shedding light on the pressing clinician crisis that’s surrounding the American healthcare system.
As a board-certified psychiatrist with an MD and a PhD in neuroscience, Dr. Byrne offers a unique perspective on the biological and psychological aspects of human behavior and health. Throughout the episode, John and Dr. Byrne dive into the pervasive erosion of trust within the healthcare system among patients, practitioners, and administrators. Dr. Byrne highlights the concept of moral injury, a deeper issue that goes beyond burnout, where healthcare providers feel unable to give proper care due to systemic barriers.
Today’s discussion underscores the misalignment between clinicians and administration, outdated technology, and staff shortages, effectively exacerbating trust issues. Dr. Byrne advocates for technology companies to shadow healthcare providers to gain genuine insights into their challenges, promoting a culture of empathy, creative collaboration, and informed technological solutions. She also emphasizes the use of common language to bridge the gap between tech developers and clinicians, suggesting that tech companies build trust through ongoing education, peer-led learning, and active listening.
Show Notes
(1:43) Introducing Dr. Jennie Byrne
(4:57) About Dr. Byrne’s Background and Her Writing Journey
(9:56) Weighing the Fear Factors Associated with New Technology
(17:37) Systemic Factors That Contribute to Moral Injury
(26:36) Factors That Influence Trust
(36:11) BUilding Bridges of Understanding Between Clinicians and Tech
(42:05) Embracing Technology in Healthcare’s Innovative World
(48:49) Closing Thoughts
Links
John Farkas
Ratio
Dr. Jennie Byrne, MD, PhD
Belong Health
Work Smart
Moral Injury: Healing the Healers
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On this episode of Healthcare Market Matrix, host John Farkas is joined by Aaron Hillman, an Advisory Board Member at Ratio and the Sr. Director of Global Client and Industry Engagement at Philips. Aaron brings almost two decades of expertise in healthcare IT and client engagement, sharing his insights into the art and science of orchestrating successful event engagements in the healthcare industry.
We explore the crucial elements that make or break event strategies, including the importance of a well-prepared longitudinal plan, securing organizational buy-in, and creating meaningful connections in the market. Additionally, Aaron shares his knowledge on early planning for major events like HIMSS and the necessities of marketing evaluation to understand the true value of these gatherings. We'll also discuss the significance of tailoring product launch strategies, utilizing consistent key performance indicators (KPIs), and fostering purposeful interactions at in-person events post-pandemic.
Join us as we unravel the complexities of event marketing, from building a narrative and driving engagement to communicating effectively within and beyond your organization. Whether you’re a healthcare marketer or a vendor, this episode is packed with actionable advice to help you create buzz, measure outcomes, and ultimately, build strategic partnerships that propel your organization forward.
Show Notes
(1:24) Introducing Aaron Hillman
(6:03) Changes in Engagement Post Pandemic
(10:06) Aaron’s Backstory and Journey
(16:47) Prioritizing and Being Intentional with Engagement
(24:21) The Challenge of Aligning Marketing and Sales
(38:31) How to Approach Event Planning
(42:31) Optimizing Shows for Product Launches
(49:04) Closing Thoughts
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On this episode of Healthcare Market Matrix, host John Farkas is joined by Trish Rivard, CEO of Eliciting Insights, a healthcare technology market research and strategy company, and Ben Reigle, CEO of Tarpon Health, a community of providers that are building their own internal automation.
Trish is an accomplished ROI-driven leader and consultant specializing in healthcare technology companies, and boasts an impressive fifteen year record of success. Her expertise lies in steering EBIDTA improvement and fostering market share growth within the healthcare and payment industries. Trish is widely trusted for her exceptional consultative skills, which she employs to prioritize IT projects, enforce ROI accountability, and streamline resource allocation to meet ambitious timelines. Drawing upon her extensive experience as a Healthcare Revenue Cycle Executive, Trish excels in helping companies position themselves for growth, and at guiding them through the process of clarifying their vision, validating market receptiveness for their goals, charting a strategic roadmap, and optimizing resources for optimal outcomes in the ever-evolving healthcare marketplace.
Additionally, Ben has dedicated the majority of his career to the healthcare sector, with a significant focus on revenue cycle management over the last decade. Observing that the revenue cycle had remained unchanged for years, he embarked on a mission to challenge the conventional approach by initiating two groundbreaking projects. In November 2017, Ben launched the RCM Leaders Forum, an exclusive event designed to gather leaders in healthcare revenue cycle management for focused discussions without distractions. Furthermore, Ben has fostered a sense of community through his video podcast “My Good Friends,” which features interviews with event participants and professionals from various fields. Throughout the episode, Ben and Trish expand on the recent Change Healthcare cyber data breach, how the implications of the breach will impact the industry, and how the healthcare ecosystem as a whole will need to proceed going forward.
Show Notes
(0:41) Introducing Trish Rivard and Ben Reigle
(5:34) Analyzing the Recent Cyber Breach
(16:18) About Change Healthcare
(24:59) Impacts of the Cyber Breach
(34:41) What Healthcare Marketers Need to Know about Data
(38:43) Revenue Implications of the Cyber Breach
(43:54) Closing Thoughts
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Welcome to the debut episode of our exciting new monthly series on the Buyer Matrix, brought to you by goratio.com! In this episode, we unveil our innovative approach to understanding and engaging with key players in the healthcare technology sector through our newly launched Buyer Directory. Join us as we delve into the intricacies of the Buyer Matrix methodology, designed to provide invaluable insights into some of the most sought-after healthcare technology buyers. Whether you're a seasoned industry professional or just starting out, this series promises to offer enlightening discussions and actionable strategies for engaging with the healthcare market. Hosted by John Farkas, alongside Jess Head, we'll explore how the Buyer Matrix℠ empowers companies to navigate the market with precision, empathy, and trust.
Show Notes
(0:42) Introducing the New Monthly Series
(4:54) Defining the Buyer Matrix
(15:07) Effective Marketing Communication for Teams
(23:49) Highlighting the Core Challenges CIOs Face
(26:49) Closing Thoughts
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On this episode of Healthcare Market Matrix, host John Farkas is joined by Mark Donnigan, virtual CMO and go-to-market consultant at Growth Stage Marketing, a company that builds sustainable marketing strategies while executing go-to-market plans that yield real business results by being rooted in first principles thinking. Mark has extensive experience working alongside sales, product, operations, and finance to ensure his client’s objectives are always exceeded. As an accomplished storyteller and expert content marketer, Mark believes the modern marketing function is built on the foundation of content publishing with category design, ABM, SEO, conversion rate optimization, email outreach, and paid advertising tactics. Throughout the episode, Mark shares his vast knowledge around the importance of leading with value during go-to-market efforts and analyzes a recent product launch that failed to effectively and easily convey its value proposition to its buyers, ultimately leading to its downfall.
Show Notes
(1:47) Introducing Mark Donnigan and Growth Stage Marketing
(10:12) Understanding Where to Start from the Nature of Go-to-Market
(18:21) Leading with Value in a Constrained Healthcare Climate
(31:19) Analyzing Humane AI’s Recent Launch Failure
(45:15) Asking Hard Questions during Go-to-Market Efforts
(56:34) Closing Thoughts
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On this episode of Healthcare Market Matrix, host John Farkas is joined by Christopher McCord, Managing Director at Healthcare Growth Partners (HGP), an investment banking and strategic advisory firm exclusively focused on transformational Health IT. HGP combats breakdowns between stakeholders in the traditional banking model and our healthcare system by aligning with its clients through engagement design, client transparency, and its fundamental desire to do right by those who put their trust in them. Additionally, Healthcare Growth Partners’ passion for healthcare inspires them to generate broad, overarching improvements to the functionality and sustainability of health by delivering customized guidance to select clients looking to execute high value health IT, health information services, and digital health transactions. Throughout the episode, Christopher expands on the culture of investment banking and engages in a discussion on the current healthcare market and what one can expect from it in the future.
Show Notes
(1:17) Introducing Christopher McCord and Healthcare Growth Partners
(18:36) Healthcare Growth Partners’ Approach to Partnerships
(34:44) An Analysis of the Current Market and Its Horizon
(51:55) The Future of Healthcare Sectors
(1:07:36) The Culture and Expectations of Investment Banking
(1:13:31) Closing Thoughts
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On this episode of Healthcare Market Matrix, host John Farkas sits down with Mac Davis and Dr. Ramon Jacobs-Shaw from Belong Health where Mac serves as the VP of Digital Product and Data and Dr. Jacobs-Shaw is the Chief Clinical Officer. Belong Health delivers a more compassionate, straightforward insurance experience for Medicare-eligible individuals by partnering with regional health plans to help them launch or grow market-leading Medicare Advantage and Special Needs Plans. Additionally, Belong Health believes high-quality health care should be accessible to all, and local, regional health plans are best positioned to serve their communities as their trusted health insurance partners.Throughout the episode, Mac and Dr. Jacobs-Shaw expands on how Belong Health is doing a phenomenal job at addressing and finding solutions for care gaps in the healthtech industry.
Show Notes
(1:21) Introducing Mac Davis and Dr. Ramon Jacobs-Shaw
(13:01) How the Culture of Healthcare Systems Impact Consumer Transformation
(22:21) Leveraging Technology to Address Care Gaps for Underserved Populations
(36:48) Frustrations and Shortcomings within the HealthTech Sector
(45:46) Closing Thoughts
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On this episode of Healthcare Market Matrix, host John Farkas sits down with Mitch Holdwick, Director of Consumer Transformation at Innovaccer, the number one platform for value-based care that unifies patient data across systems and care settings, and empowers healthcare organizations with scalable, modern applications that improve clinical, financial, operational, and experimental outcomes. With over fourteen years of experience with a healthcare marketing focus, Mitch has an honest approach to consumer engagement strategies and has successfully led teams working to drive volume with business and service line priorities. Throughout the episode, John and Mitch discuss how Innovaccer is unifying patient records and patient data and how Innovaccer is marketing in the health systems.
Show Notes
(1:12) Introducing Mitch Holdwick and Innovaccer
(8:30) The Unification of Patient Records and Patient Data
(16:21) Rediscovering the Joy of Medicine
(18:18) How Innovaccer is Marketing in the Health Systems
(23:02) Delineating between Target Markets
(31:33) Measuring Success with Proactive Engagement Strategies
(37:21) Customer Relationships and Engagement Initiatives
(50:15) Innovaccer’s Newer Products and Offerings
(54:06) Closing Thoughts
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There is a clear distinction between individuals who seek to promote themselves by advancing technology in healthcare and those that seek to move healthcare forward by advancing meaningful technology. Bill Russell, Founder & Podcast Host of This Week Health is undoubtedly the latter. Formerly the CIO for St. Joseph’s Health, Bill oversaw a $6.5 billion healthcare system with sixteen hospitals, and he has contributed to IT advancements such as agile cloud development in healthcare. On this episode of Healthcare Market Matrix, Bill joins host John Farkas to discuss the unique challenges CIOs face, adopting healthtech solutions, AI’s impact on healthcare, and much more.
Show Notes
(1:11) Introducing Bill Russell
(3:29) The Unique Challenges of the CIO Role
(7:29) Tips for Pitching to CIOs
(13:53) What Problems Are CIOs Solving Today?
(17:29) Finding New Tech Solutions through Other Health Systems
(21:48) Bill on Failed Implementations
(26:35) Partnering with Health Systems
(28:22) Bill’s Expectations for AI’s Impact on Healthcare
(34:22) The Need for AI Policies in Healthcare
(42:24) AI’s Impact on Other Industries
(45:32) Bill on Why Healthcare Needs to Integrate Quickly
(48:06) Bill’s Favorite Transformative Ideas in Healthcare
(52:14) The Importance of Quality Leadership
(57:44) Closing Thoughts
Read a transcript of this episode: https://goratio.com/podcast/the-cio-journey-from-information-to-innovation-in-modern-healthcare
Subscribe to Ratio's Insights Squared newsletter: https://goratio.com/newsletter
Links & Resources
This Week Health
Health Lyrics
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On this episode of Healthcare Market Matrix, host John Farkas sits down with Andy Flatt, Senior Vice President and CIO of National HealthCare Corporation, or NHC, which is the oldest and among the largest publicly traded, long-term healthcare companies in the nation. Andy has 40+ of experience in a combination of public and private healthcare organizations, including more than twenty years as a CIO. Throughout the episode, John and Andy discuss the scope of NHC, Andy’s leadership approach working in a high-pressure environment, and the role Andy sees technology playing in the future of NHC.
Show Notes
(1:25) Introducing Andy Flatt and National HealthCare Corporation
(7:32) A Look into Andy’s Position at NHC
(11:45) Critical Concerns in the Eldercare Space
(22:56) Challenges with Implementing New Technology
(26:20) Partnering with Solution Providers
(34:59) What NHC If Looking For with Solution Providers
(44:56) Anticipating NHC’s Future Development
(51:25) Closing Thoughts
Subscribe to Ratio's Insights Squared newsletter: https://goratio.com/newsletter
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On this episode of Healthcare Market Matrix, John Farkas is joined by Aaron Hillman, advisory board member at Ratio, to discuss the intricacies of marketing products and solutions to healthcare enterprises, specifically with a consultative approach. Throughout the episode, John and Aaron emphasize the importance of getting out into the field to gather intelligence in order to effectively meet the market’s unmet needs. And with almost twenty years in the industry, Aaron shares his thoughts on how to assert value propositions through strategic and targeted content.
Show Notes
(0:20) Introducing Aaron Hillman
(2:39) Unifying Growth Efforts with a Consultative Marketing Approach
(8:00) Stewardship as a Consultative Marketer
(13:04) Critical Interactions in the Translation Layer
(25:13)The Importance of Intelligence Gathering
(32:34) Meeting the Needs of the Market
(40:56) Asserting Value Propositions through Content
(52:28) Closing Thoughts
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On this episode of Healthcare Market Matrix, host Jessica Head is back for another episode in her Applied Learning series. Jessica is joined by Kyle Numann, design and development director at Ratio, for a conversation about how marketers and their teams can build digital platforms designed for growth and scale. Together, Jessica and Kyle cover the importance of making data-driven solutions when introducing a brand, the power of the buyer matrix, and designing for diverse populations.
Show Notes
(1:18) Introducing Kyle Numann
(3:16) Making Data-Driven Solutions When Introducing a Brand Digitally
(6:27) The Buyer Matrix
(9:38) Designing for Diverse Populations
(12:41) Closing Thoughts
Subscribe to Ratio's Insights Squared newsletter: https://goratio.com/newsletter
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On this episode of Healthcare Market Matrix, host John Farkas sits down with Reed Smith, Chief Consumer Officer at Ardent Health, for a conversation about Reed’s role with Ardent and his thoughts on the state of the healthcare marketing industry. Reed has spent twenty years in healthcare marketing, serving in prominent positions for the Texas Hospital associations and working with the world’s largest healthcare brands and providers as a strategist. Throughout the episode, John and Reed discuss Ardent’s approach to AI, the importance of a clear value proposition, and what Reed looks for in providers.
Show Notes
(1:04) Introducing Reed Smith and Ardent Health
(7:08) Reed’s Role at Ardent
(15:17) Ardent’s Main Partnerships
(22:41) Engaging with Different Consumer Segments
(27:42) Ardent’s Approach to AI
(30:49) Reed’s Three-Year Outlook with Ardent
(36:47) The Importance of a Clear Value Proposition
(42:38) Looking for Innovation at Conferences
(45:34) What Reed Looks For on Provider’s Websites
(48:54) Closing Thoughts
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On this episode of Healthcare Market Matrix, John Farkas is joined by Taylor Underwood, Content Director at Ratio, to discuss the top three problems the healthcare industry faces today. Having completed the fall healthcare conference season, John considers the industry’s goals and priorities for 2024. How is healthcare addressing the clinician shortage? How can we improve payment processing and payer-provider relations to create less friction? How can we enhance the patient experience?
Show Notes
(1:16) Introducing Taylor Underwood
(2:36) John’s Takeaways from the Fall Conference Season
(8:47) The Healthcare Industry’s Near-Term Priorities
(16:58) Artisight, a Transformative Tool
(20:58) How Technology Is Solving the Clinician Shortage
(25:20) Payer-Provider Relations and Payment Processing
(29:53) Improving Patient Experience
(37:42) The Challenges of Point Solutions
(40:14) Closing Thoughts
Subscribe to Ratio's Insights Squared newsletter: https://goratio.com/newsletter
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On this episode of Healthcare Market Matrix, host John Farkas is joined by Tod Fetherling for an astute conversation about the growing role of data and analytics in healthcare. Tod is Huron's managing director of data and analytics and global products, and he has spent over three decades building a comprehensive understanding of the importance of the smart use of data in healthcare. Throughout the episode, John and Tod discuss healthcare's changing approach to data, the importance of data literacy in healthcare today, and several of the emerging trends in healthcare data analytics.
Show Notes
(1:14) Tod’s Healthcare Journey
(8:16) Healthcare’s Changing Approach to Data
(13:25) Taking Data-Informed Action
(18:33) Educating the Target Market on the Practical Benefits of Data
(23:06) The Importance of Data Literacy and Security
(30:54) Emerging Trends in Data Analytics
(37:27) An Overview of Huron
(39:31) Upcoming Healthcare Trends
(49:02) Closing Thoughts
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On this episode of Healthcare Market Matrix, host John Farkas sits down with Haden McWhorter for an insightful conversation about Premise Health and the future of direct healthcare. Haden is the chief information officer at Premise and has spent the better part of a decade driving meaningful change as a leader in the healthcare ecosystem. Throughout the episode, John and Haden discuss the importance of member engagement, Haden’s unique value equation, Epic’s BFF program, and much more.
Show Notes
(1:42) Haden’s Accidental Journey to Healthcare
(11:02) An Overview of Premise Health
(17:22) Haden’s Role with Premise Health
(22:36) Promoting Member Engagement
(27:15) Haden’s Value Equation
(35:34) Using Data to Improve Engagement
(42:16) Epic’s BFF Program and Other Premise Health Partners
(51:42) Haden’s View on AI
(54:55) Closing Questions
Read a transcript of this episode:
Subscribe to Ratio's Insights Squared newsletter: https://goratio.com/newsletter
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Our healthcare systems will never experience the transformational changes they need unless we consider the system-level solutions that are capable of leading to widespread change. Luckily, Stephanie Lahr and Artisight are on the frontlines of this industry-wide battle. Stephanie began her career as an internal medicine physician, but she was always fascinated by the intersection of health IT and care delivery. Now, several years later, Stephanie has leveraged her experience as a physician to uniquely excel in multiple administrative roles that are not commonly occupied by physicians. Her unique experience and background lay the groundwork for the fascinating conversation she had with host John Farkas, in which they discussed several best practices for creating systematic change in healthcare.
Show Notes
(1:46) Avoiding Traditional Career Paths and Looking To Solve Problems
(7:28) Joining Artisight and Creating Transformation in Healthcare
(11:06) How Hurricane Ike Led Stephanie to a Career in Medical Informatics
(16:11) Bridging the Gap Between Clinicians and IT
(18:32) Why CMIOs Are Impactful Strategic Leaders
(23:09) Stephanie’s Experience Transitioning from CMIO to CIO
(30:25) The Do’s and Don’t’s of Pitching to a CIO
(39:38) Utilizing Empathetic Authority to Solve Problems
(43:05) Prioritizing Solving over Selling
(45:30) Systematic Issues That CMIOs and CIOs Face
(51:18) Closing Thoughts
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On this episode of Healthcare Market Matrix’s Applied Theory Series, host Jessica Head is joined by Peter Smith, co-founder and President of Ratio, for an insightful conversation about RevOps, customer success, and how those two elements inform the ROI of a company’s marketing strategies. Peter is the master of operational and financial functions at Ratio and has worked with countless clients over the last twelve years, helping to craft KPIs and corresponding budgets to meet marketing goals. Throughout the episode, Jessica and Peter discuss building a team equipped for marketing success, recommendations for marketing executives building a 90-day plan, and Peter’s favorite tools for mapping KPIs.
Show Notes
(1:09) Peter Smith on Cofounding Ratio
(5:09) Peter on the Struggle of Properly Appreciating Marketing Efforts
(12:43) Building a Team Equipped for Marketing Success
(19:43) Peter’s Recommendations for a Marketing Executive’s 90-Day Plan
(27:01) Favorite Tools for Mapping KPIs
(31:06) Resources for Those Evaluating RevOps and Closing Thoughts
Read a transcript of this episode: https://goratio.com/podcast/applied-theory-series-crafting-revops-funnels-and-building-high-performing-teams
Subscribe to Ratio's Insights Squared newsletter: https://goratio.com/newsletter
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