Wednesday, November 7, 2012
I’m fresh off The 2012 OPEN MINDS Technology & Informatics Institute and all the talk about technology enhanced services has got me thinking about the revenue diversification pressures facing health and human service organizations – and how new technology offers great opportunities for service “reformulation.”
If you need a quick refresher, revenue diversification is a risk-reduction strategy that involves spreading assets across a mix of service lines, consumer groups, and payers. Why is this important? Because many organizations I work with have more than 30% of their revenues from a single service and/or a single payer – always a risky situation. What struck me during the many presentations at the Institute was that new treatment technologies can be used to “extend” the life of existing services by adding new attributes that reposition them for new consumers or new payers.
What do I mean? There are a range of new treatment technologies – both new neurotech offerings and new telehealth offerings – that can “update” the clinical service model that you deliver; expand the options for how your reach consumers; and increase the payer value equation.
The key is to use a structured three-phase process in evaluating your options in the selection on new technologies to enhance your diversification efforts – a process that was presented in detail in my colleague Monica Oss’ presentation, Which New Tech Is Right For You? How To Competitively Position Your Organization & Gain The Most Value From New Treatment Technologies .
For more on these new neurotech options, check out these presentations from our recent institutes:
For more on the new service models using ehealth and remote monitoring technologies, check out:
As these examples illustrate, there are many options for leveraging new tech to diversify revenue streams. And as I think of the challenges of moving from idea to practice, I’m reminded of the quote by marketing guru, Theodore Levitt, “Creativity is thinking up new things. Innovation is doing new things.”
John F. Talbot, Ph.D.
Executive Vice President, OPEN MINDS
For another free resource, see: A New Service Without Innovation Is A Pointless Exercise all members
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