Innovative Market Making - Creating better outcomes & loyalty in Provider Base | adam HTT
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14.08.2019

Innovative market making

Do you know how well you are supporting your local provider economy? Are your providers as well informed, motivated and engaged as you think?  Do they fear you? Are they secretly thinking ‘enough is enough’ – ready to walk away from the service they’ve put their heart and soul into for years?

 

It’s happening all over the country. Is it happening for you? Don’t know?

 

Having a well-informed, engaged and motivated provider base is key – not only for ‘market-making’ but also to ensure you’re meeting the need to procure at least 1 in 3 services from your local SME economy.

 

Yes, commissioning teams need choice and competition – combined with their own sensitive and skilled touch when it comes to demanding keen costs – in order to shape their provider market to their means.

 

Your providers are not asking for charity. In the same way that you make demands on providers to participate – so they will want to participate in the ‘conversation’ too.

 

The way of working needs to be ‘two way’. Keeping open critical lines of communication with your providers is the answer – and further, to facilitate collaboration in order to meet the needs of individuals.

 

How do you do that?

 

With high performance provider relationship management technology.  

 

To help busy people, working with busy people, get the best out of a partnership.   A place where communication and collaboration can happen – but crucially – with focus, clarity and without the interruptions of meetings, calls, and unread emails.

 

Our own health & social care clients know that effective management of provider markets is fundamental to remove risk and maximise commissioning results.

 

Busy teams with scarce resources need to feel in control – and getting the best outcome for the individual means getting the best providers to engage all the time.

 

SRM is where both ‘sides’ review, document, manage and communicate. You need to be able to communicate with, view and control the compliance and outputs of your provider base. You need the functionality to help create an individual-level, balanced scorecard view of your entire provider ecosystem.

 

You need to be in it together: by working with providers – provider relationship management tools should enable ‘two way’ working to help deliver performance improvements. Successful operations work together – commissioning teams need to feel respected, and not be perceived as insensitive, out of touch tyrants poised to bankrupt everyone around them.

 

Likewise, providers need to have a platform where they can use their depth of knowledge to participate, input and help shape markets and improved wellbeing.

 

Ultimately, we do all this for one thing - and that is to help improve the wellbeing of individuals.

 

 

Effective provider relationship management in 8 areas

 

  1. Consolidate: Use the consolidating power of SRM – Have one place to communicate, collaborate, store and report everything – keep it out of inboxes and away from tiresome meetings
  2. Standardise: Introduce processes to standardise your approach across regions and categories – helping save time, simplify onerous tasks and bring all parties ‘in line’
  3. Engage: Drive engagement and best performance with providers; share best practice - and innovate
  4. Craft: Shape your provider market: whether it needs niche providers, large numbers of providers competitively bidding, or diverse and complex ecosystems – and, support your the local economy
  5. Get proactive: set up alerts to help early intervention (ie. risk of provider failure or performance)
  6. Automate to save: Save time by creating automated processes (ie compliance checks) – perform required duties with the fewest inputs
  7. Stay informed: Query data and report on anything (ie. market trends, anomalies or outliers)
  8. Perform: Improve individual wellbeing: get more competitive offers, more of the time, faster than ever

 

 

 

A note about adam SRM functionality :

 

One place to collate, monitor and report data

One place to manage provider tasks, interactions & communications

One place to drive stronger provider relationships, collaboration, participation and engagement

One place to manage performance balanced scorecard views

One place to view market insight & shape provider markets

One place to control provider accreditation & compliance

 

And just one tab – to drive it all…

 

Read more in our SRM Spotlight here

Find out what managing provider participation looks like to adam here 

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