Dalene Bartholomew, Vice President of VRC Investigations talks about the risks, rewards and getting positive results of strategic business partnerships.
She explains how organizations utilize outsourcing of service providers to reach their goals.
Specifically for the insurance industry, the team is built around their staff so outsourcing service providers builds value, and by leveraging its advantages and flexibility becomes vital for strategy.
By outsourcing a variety of providers it allows insurance to focus on their competencies. Some examples of service providers frequently utilized are third party administrators, medical bill review services, defense council, investigation agencies, copy services, MSA arrangements, and continuing education.
Dalene breaks down the difference between vendors and business partnerships, the positives and negatives of multi-partner models and preferred vendor relationships, the five points why preferred vendor relationships are on the rise as well as the solution to balance out the pros and cons is by creating a core of providers but keeping the process open.
She provides her top three tips for an organization to get create mutually beneficial out relationships:
Clarity around goals, mutual commitment
Communication that’s frequent, transparent and collaborative
Selecting the right provider and the best long term
