“Pressure, pushing down on me/Pushing down on you…” Healthcare payers might well be reminded of the Queen/David Bowie song “Under Pressure.” They’re dealing with healthcare reform mandates, changing market conditions, increasing regulatory requirements, and the need for new revenue streams. There’s pressure everywhere!
To survive—let alone thrive—healthcare payers are looking for ways to grow and diversify while containing costs. To achieve these goals, they need a nimble business and technology platform, one that helps them enter new markets with the insight, resources, and skills needed for success.
This is no easy task. As payers and providers come together to integrate healthcare insurance and delivery, problems arise, including:
What Can Be Done?
Healthcare payers are taking advantage of cloud-based human capital management (HCM) and enterprise resource planning (ERP) applications to solve these challenges. Why? Because as Hashim Simjee, principal in Deloitte Consulting’s Healthcare Practice said in a recent webcast, “C-Level executives are being asked to deliver more for less. Cloud is quickly becoming the solution of choice [because of] the value a cloud solution will provide to the organization.”
Simjee explains that as business models change, payers need HCM and ERP systems that not only keep pace but also drive innovation. Integrated cloud suites allow them to achieve these objectives with flexibility, scalability, and savings. Here are some areas where cloud suites can help.
Attracting and Retaining Top Talent: Employees want to work with modern tools. By giving them easy-to-use social- and mobile-enabled apps, you help them collaborate and do meaningful work, resulting in greater productivity and engagement. For example, tools are freeing HR and financial staff from data reconciliation so they can focus more on analysis.
Reducing Costs and Increasing Agility: By moving HCM and ERP to the cloud, payers can reduce IT costs through standardization and automation of business processes, self-service delivery, and lower total cost of ownership. They also gain the agility to take advantage of new market opportunities such as diversifying into other insurance markets or managing operations for other plans.
Making Data-Driven Decisions: With secure, consolidated HR and financial data in the cloud, healthcare payers gain real-time insight into trends affecting the workforce and profitability. For example, they can identify and address staffing and skills gaps in plan areas including Medicare and Medicaid. Or they can find ways to more closely align profit and loss management to healthcare delivery in order to better manage costs.
Watch our full Modern Healthcare Payers webcast for more information.