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Innovation, Growth, and the Expense Challenge

With the political landscape littered with fantasy health
care solutions based on financial models no one can
validate, it is no wonder the American public has no
faith in Washington's ability to run a business. The
undoing of AIG, GM, and others provoked similar
concern about the private sector. But as we look at
these times through the lens of many of our clients,
we see hope and opportunity.
There is a line from a Kenny Chesney song that
goes, "Everyone wants to go to heaven, but no one
wants to go now." That seems to sum up where many
people are right now—everybody is hoping
things will get better, but few are willing to make the
tough calls. Health care is expensive and made up of
a complex delivery model. We have to change our
current financial and delivery models to provide health
care for everyone and not go into debt for future
generations. People are unwilling to change, and
those running the show lack the expertise to deliver
the needed fundamental change. And raising taxes is
about as creative a solution to the financial challenges
of universal health care as the approach taken by the
companies that think that trimming travel expenses,
mailing costs, and a few positions is the way to
financial stability.
Preparing for growth in an expanding health care
system while reducing costs is a
challenge—one similar to that facing the
financial services sector. Use this as an opportunity to
look at redesigning your service delivery model and
reducing expenses simultaneously. It can be done!
While some companies are responding by simply
slashing expenses, others are attacking both the
revenue and expense sides of the equation. When we
talk with our clients about improving their service,
reducing their expenses, and growing their market
share, we emphasize a focus on new, innovative ways
to replace what is outdated, unnecessary, or can be
improved with technology.
The winning companies are concentrating on
being the best in their core markets and shedding
unprofitable lines and services. In customer service,
they are developing new, creative, high-quality
solutions. Stripping away redundant infrastructure and
excess management and focusing on core
processing is the path to profitable growth. It is all
about People, Process, and Technology
working together for a brighter future. Now is the time
to prepare for the next boom.
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COMING SOON... Nolan's Life & Annuity Survey Findings Report
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AVAILABLE NOW... Nolan's Service Differentiation Report
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Previous Nolan e-Newsletters Online
Past articles of Trend Line, as well as
Nolan's other
e-Newsletters—Bank
Statement and Nolan Spotlight—are now
available on our website. Follow the link below to
browse the archives.
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