C-Suite Resources recently worked with a relatively young company with about $40 million in annual revenue that provides revenue cycle management and outsourcing services for the healthcare market. The company has been extremely successful, particularly in providing complete outsourcing of accounts receivable that were previously thought uncollectible. In addition, they provide many of the more traditional revenue cycle management services such as resolution of claims denial, etc.
The company was interested in assembling a CEO panel of industry leaders to gain insights into several areas:
- A general assessment of the healthcare industry, particularly hospitals and health systems
- Specific understanding of how CEOs gauge the importance of revenue cycle management services
- Evaluation of the company’s outsourcing services and how important CEOs would view those services
- Ideas on how the company could differentiate itself from other revenue cycle management companies
The company was interested in assembling a CEO panel of “industry thought leaders” to provide these insights. They were not interested in merely getting the views of a group of chief executives, but rather those chief executives who were or had been in positions of national leadership in the healthcare industry. The challenge was that the company wanted a full day session and needed to do it within a matter of weeks.
C-Suite Resources assembled a panel of healthcare industry leaders, including:
- The former chief executive of Blue Cross-Blue Shield Association of America
- Three former health system chief executives, each of which had been chairman of the American Hospital Association
- Two Healthcare Hall of Fame members
The panel was assembled within a three-week period and the company, represented by their Chairman & CEO, plus three vice presidents, met with the panel in a session which began at 9:00 a.m. and was completed at 3:30 p.m.
As a result of the session, the company gained many insights to the healthcare industry and what senior executives think regarding key trends and issues. They also learned some key aspects of marketing and selling revenue cycle management services that led to actionable improvements in their approach to the market. One of the C-Suite Resources panel members prepared a written presentation on “Environmental Assessment of U.S. Healthcare.” After the session, the client expressed great appreciation to C-Suite Resources for assembling industry leaders in such a short period of time and indicated a desire to have a second panel and the possibility of creating an ongoing company advisory council.
Since this session C-Suite Resources has conducted three additional focus groups and the client has found them all to be valuable.