By Bill O’Connor, President and CEO, OC Reilly Inc.
(Jan. 22, 2018)—How many times have you heard this: “That sounds like a good idea, but we don’t have the people or the expertise to carry it off. It might work great, but it’s too complicated for us.”
Nonsense. In health care or any other industry, maximizing revenues and lowering costs, while never sacrificing quality, offers the best path to sustainable success. It is shocking the amount of work we engage in that relates to opportunities we identified months and years before. The result of which is significant negative impact to the bottom-line and the ability to run efficiently. The smartest organizations admit when they lack the resources to adapt a new idea – but they don’t stop there. They figure out a way to still make that adaptation work within their limitations.
Payer-provider contracts represent one such concept in modern health care, but are hardly alone in complexity and challenge to established organizations. But, again, that shouldn’t mean ideas like this cannot be incorporated. In other words, don’t run from the complicated – embrace it.
“Payer-provider contracts can be quite complex, especially when they are managed care or risk-based,” according to an article, “Strategies for Readying the Revenue Cycle for the Future,” in the September 2017 edition of HFM magazine. The piece goes on to read, “There is an entire discipline and skill set required to understand and interpret these contracts…For this reason, some providers outsource their contract management to a third party or opt to participate in networks that offer these services.”
As with any business decision, it comes down to an analysis of risk versus benefit. If the long-term outlook produces a positive return on the initial investment, then the decision becomes a lot easier.
Finding that trusted third-party to handle the complexities of new systems or products should be based on history, longevity, proven expertise, and how well that provider has built a legacy of trust among its existing clients. Health care organizations can reach out to independent advisors to meet this need.
Operating your business is complicated enough, but passing up opportunities to make that business even stronger – just because of the complexities it may represent – could turn into a decision you later regret.
Find a trusted third-party to make it work for you. Don’t run from the complicated – embrace it!
Copyright 2018 OC Reilly Inc.