2023 in Review: InterMed
It’s important that we reflect on our year of 2023– what were our goals going in and did we accomplish them, how did we perform on our KPIs, and what were major takeaways from this year? Understanding these helps open the door to setting realistic and achievable goals for 2024. Overall, InterMed’s 2023 can be summed up as a year of change and growth, which is evident in our goals and achievements. Take a peek at our 2023!
Main 2023 Goals
One of our major goals for this past year was to build a new strategy and connection with our financial sponsor. As of December 2022, when the deal officially closed, we have been under new ownership which meant new people and new investors to get to know and understand. However, since this occurred in the last month of 2022, in the holiday season, work on this new relationship fell to 2023. In the start of the year, learning about one another was crucial and, slowly, Cressy & Co. became involved in our strategy and development, primarily on the sales side. Additionally, as the year continued and shifts in our executive suite occurred, they stepped in and widened their involvement, allowing for closer collaboration. Our connection with team at Cressy, as it stands today, is much closer and collaborative than when 2023 began, making this goal achieved.
A second key goal for InterMed for 2023 was to successfully implement our HTM program into Presbyterian Health System (PHS) in New Mexico – our largest account to date. This relationship began in October 2022, making it a priority in 2023. In order to achieve this goal, various steps were taken to ensure successful integration. These steps included: hiring a very experienced manager that works closely with the PHS executives, our executives being hands-on onsite and having regular meetings with PHS executives, and sending national experts – InterMed employees that are national imaging experts – to teach technical skills. Operations support teams and other specialists were also highly involved in the process. Through taking these steps and working with the client to better understand their needs and goals, we have successfully implemented a program that best fits them and are now focused on maintaining and continuously improving.
A third goal, was investing in sales and marketing. This investment was in the form of time, effort, and talent. With the onboarding of our Chief Growth Officer (CGO), Michael Markey, in mid-2022, came a “revamp” of our sales and marketing structure and focus. A new sales mindset was implemented – making sales more deliberate and data driven, strategy was formulated and became the foundation for the growth team. New team members were hired in marketing and sales to support the growth of the company and the strategy of the sales team. In collaboration with Cressy, the growth team has continued to improve, thus it is fair to conclude that this goal was also achieved.
Key Performance Indicators (KPIs)
There is one overarching KPI that is conducted annually at each of our clients’ sites that measures our quality of performance and service. We refer to this as an HTM Site Audit. The audit is a full quality assessment evaluating the level of maintenance, tests, and inspections on all of the medical equipment covered by our HTM program. The results of each audit are quantitative, making setting and achieving goals easy to measure, while also allowing us to compare across sites and understand where there is opportunity for improvement. In 2023, our average score across all 29 sites was an 88.8, which surpasses our goal for the year.
Furthermore, 2023 was an important year for InterMed as our ISO 13485 certification was up for renewal. This certification ensures that we keep the highest quality standards in everything relating to medical devices and reflects our commitment to be the best in the industry. The renewal process consists of a company audit, done by external personnel, of our procedures and systems and ensures we are meeting ISO standards. We are pleased to report that we have successfully recertified our ISO 13485.
2023 Takeaways & 2024 Goals
There are three things to note from 2023 as we start 2024. First, the ability to find talent for the various positions in this industry is a challenge that we are successfully meeting head on through constantly improving our recruitment efforts and strategy – whether that’s hiring our new recruiter or implementing internship programs in schools. Second, we continue to learn and take away lessons from new clients and implementations, such as better communication or adding something additional to the process to have our work be more efficient. Finally, our COO and VP of HR have completed a “Listening Tour,” stopping at many of our client sites and receiving feedback from our front-line employees, so we can act on opportunities to improve and implement positive changes going into next year. This tour is a reflection of our renewed focus on People, Clients, and Shareholders, with the principles of collaboration, commitment, and clarity at the center of each pillar.
Additionally, in 2023, we remained proactive, so we can be the best for our clients. First, we increased our focus on a well-thought-out budget, so we can ensure that our people have the resources necessary to meet the needs of all our current and potential clients in 2024. Second, we reinforced our stance on constantly delivering results to our clients, so they can primarily focus on their patients. By taking these initiatives we ensure positive movement towards even better successes in 2024.
Looking ahead, a major goal for 2024 is implementing our program into a new client we won in November of this year, with sites in California, Washington, and Hawaii. This program presents unique and complex challenges that we are eager to take on. Our first step, like previous implementations, is to understand the organization and create a program to meet their needs. We are excited to see where this implementation takes us throughout next year, and are looking forward to this time next year to reflect on our 2024 successes.