Last week I had the privilege of taking part in the Wall Street Journal’s 2019 Health Forum in Washington, D.C. What a fabulous opportunity to gain knowledge and vision from a wide swath of representatives within the healthcare industry, including influential business leaders, policy makers, thought leaders and industry experts.
As I reflect upon the forum, the key takeaway is that no matter the issue being presented (and there were many) the one theme that impacted every topic covered, was healthcare costs. Whether a session was addressing a topic such as drug discoveries, innovations in disease diagnosis and treatment, healthcare access, employer issues, or something else; the one issue central to every discussion was cost.
Leaving the forum, I have a heightened level of resolve to position Signature Performance as a leader in the quest to further reduce healthcare administration costs, while simultaneously driving greater overall value. Delivering higher-level value, combined with lower costs, increases Signature’s relevancy and ability to provide greatly needed outcomes to those we support and serve. Making continued progress in this area can set us apart within the healthcare industry.
I’m excited to be in this arena at a time when the very industry we are dedicated to truly needs transformation. To have the opportunity to influence and make a dynamic impact in healthcare, an industry which should inspire each of us to reach higher and ask more of ourselves, is a gift.
Be assured Signature will double down on our commitment to be a positive disruption as we face the challenge before us. We have a real opportunity to create strategic partnerships that can provide even greater value to our clients.
Strong collaborations continually boost healthcare innovation on the clinical side, such as within the pharma industry. As an example, Pfizer worked with the Cystic Fibrosis Foundation Therapeutics (CFFT) – a nonprofit drug discovery affiliate – through a research collaboration that ultimately boosted the speed of therapy discovery and development. For this project, the pharma company working with an organization to leverage its knowledge-base and supplement Pfizer’s expertise to generate more powerful results in treatment.
Applying collaboration within the healthcare administration sector will similarly provide progress towards the further reduction of costs by creating smarter processes and efficiencies. Collaboration is so much more effective than working independently – and enables us to reach new heights. Tapping into the unique value of each company within a strong partnership creates breakthroughs that aren’t attainable singularly.
The healthcare system within the U.S. is in a precarious position. The intensity of our industry’s challenge to rein in costs while delivering exceptional care should be an inspiration to constantly evaluate and assess, ensuring we are always focused in the right direction. Within our industry we have an opportunity to create more value for those in healthcare by harnessing and utilizing the great wealth of data, as well as optimizing systems and processes to create solutions..
There is a great need to make our citizens healthy and we are part of that conversation. The focus on cost reduction should be centered around cutting waste and improving efficiencies in administration, allowing for budgets related to research and care delivery to remain strong. Our ultimate goal is for each person to have access to affordable and quality care. Signature Performance and our allied partners’ role in curtailing costs and/or improving value can lead to improvements in healthcare, providing higher quality and accessibility for consumers.
Allen Fredrickson is the Chief Executive Officer and President of Signature Performance Inc., in Omaha, NE. Signature Performance is an industry leader in reducing healthcare administration costs for private and public healthcare sectors. Our unmatched experience in serving both the payer and provider side of healthcare financial management allows us to implement innovative solutions for every administrative demand.