The best defense AND a strong offense - Think like a publicly-traded company
We received a number of responses to our March DeltaSigma Insight on the aggressive positioning by publicly-traded Medicaid and Medicare plans. The most frequent question was, how can a non-profit health plan beat a publicly-traded plan at its own game?
From our perspective, well-managed publicly-traded companies focus on two main areas. First they seek to proactively minimize all forms of risk. By anticipating and planning how to counter or prevent potential "worst case scenarios", these companies eliminate as much risk to their image and bottom line as possible.
Second, publicly-traded plans are very assertive in their growth strategies. From targeting acquisition opportunities, to researching and responding to RFPs, to developing detailed marketing plans, these companies take a very deliberate and determined approach to growth. In addition, they take a proactive stance with state legislators and agencies in helping create opportunities for pilot or demonstration projects in which their companies can participate.
Too often, non-profit health plan executives find themselves in a constant crisis du jour of dealing with high medical costs, system problems, key staff attrition, etc., instead of having the time to focus on the future growth of their companies.
We have developed a game plan for non-profit health plans which includes, “The Best Defense”, a number of the risks faced by health plans and strategies for minimizing each and “A Strong Offense”, several aggressive growth strategies. The key for each of these strategies is early preparation, and where vendors or consultants are involved, including them in the pre-planning.
Should you desire an outside perspective as you re-evaluate your company’s current game plan, please feel free to call us. We’d be glad to discuss your options with you.