Survey Results: Healthcare Payer COOs Say Advanced Operating Models Can Positively Impact Strategic Challenges
Results from research commissioned by Genpact indicate compliance challenges, limited analytics preparedness, versatile value of shared organizational structures, and selectively strong impact of technology
NEW YORK, NY, December 9, 2014 – Genpact Limited (NYSE: G), a global leader in designing, transforming, and running intelligent business process operations, has released the healthcare industry findings excerpted from its survey of 920 senior executives. These insights come from operations leaders at healthcare payer organizations in North America – predominantly large companies with more than 10,000 employees.
This global study reveals how senior leaders across industries are prioritizing key operational initiatives to materially address the critical challenges that their companies face. While 66% of the healthcare executives surveyed see regulatory compliance as a top challenge in an environment of healthcare reform and increased government scrutiny, consumer satisfaction and cost reduction are also among the top enterprise challenges that healthcare COOs must tackle. The majority of healthcare executives rated claims processing and adjudication as having the highest impact on nearly every enterprise challenge, followed by claims recovery, payment integrity, business intelligence, and analytics. Business intelligence and analytics, while important to address these strategic challenges, are considered by most as immature and not yet prepared to evolve.
Healthcare executives see the three levers of operating model transformation – technology, process reengineering, and advanced organizational structures such as shared services and outsourcing – as material levers that many use to generate significant positive impact in healthcare operations. The survey indicates that healthcare executives see advanced organizational structures as more broadly applicable, but technology can generate greater dollar impact. The respondents revealed that advanced operating models have the potential to generate over half a billion dollars in positive per member per month (PMPM) impact every year for healthcare organizations.
“While evolving regulations continue to challenge healthcare organizations, operational efficiencies and consumer satisfaction are now an important focus,” said Jim Mapes, senior vice president and business leader, Healthcare, Genpact. “The industry sees the greatest value in a pragmatic approach that uses technology judiciously and combines it with shared organizational models to address these challenges.”
The executive summary of Genpact’s healthcare study is available at genpact/docs/resource-/transforming-healthcare-operations-through-advanced-operating-models. For the full report, interested parties may access go.genpact.com/COO-healthcare-advanced-operating-models-research14-reg.html, while the infographic can be viewed at genpact.com//docs/resource-/advanced-operating-models-help-cpos-tackle-cost-and-compliance-challenges.
Genpact (NYSE: G) stands for “generating business impact.” We design, transform, and run intelligent business operations including those that are complex and specific to a set of chosen industries. The result is advanced operating models that foster growth and manage cost, risk, and compliance across a range of functions such as finance and procurement, financial services account servicing, claims management, regulatory affairs, and industrial asset optimization. Our Smart Enterprise Processes (SEPSM) proprietary framework integrates effective technology and data-driven insight into the fabric of enterprise processes to help our clients be more competitive. Our hundreds of long-term clients include more than one-fourth of the Fortune Global 500. We have rapidly grown to over 67,000 people in 25 countries with key management and corporate offices in New York City, but our global critical mass doesn’t dilute our flexible and collaborative approach and our management team still drives client partnerships personally. Our clients attribute much of our success to our unique history – behind our passion for process and operational excellence is the Lean and Six Sigma heritage of a former General Electric division that has served GE businesses for more than 16 years. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
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For more information:
Gail Marold (Genpact Media Relations)
Dan Wilson (For Genpact U.S.)
Quintin Keanie (For Genpact Europe)
+44 (0)207 309 1053