How To Deliver Value During Times Of Change

Reposted from Forbes.com

Jeff Thomson: The healthcare industry has undergone fundamental transformation over the past few years. What are the greatest challenges the finance department has faced as a result and how are you addressing them?

Erik Wissig: The broad-based cost increases and regulatory uncertainty across healthcare and health insurance has exacerbated two key challenges: 1) anticipating where increases and changes will materialize and getting out ahead of them as an organization; and 2) a revenue model based on a reimbursement or commission environment that is continuously under pressure, where healthcare providers have limited ability to adjust pricing for their products and services provided.

For example, the ACA has impacted everyone in and outside of healthcare in some way. Many organizations are struggling to understand its impact and how best to deal with it. The finance department is challenged with identifying the impact on its business and strategizing about what can be done differently. With benefits existing the way they have for many years – as an extension of health insurance – Hixme has creatively identified the challenges that come with traditional benefits to help organizations find even greater opportunities using a new approach.

Thomson: Did your role as CFO undergo a transformation as well? If so, how?

Wissig: The role of the CFO is undergoing a general transformation, as innovation continues to present more opportunities for efficiency. The ability to adapt to operational needs is becoming more critical. To continually deliver value, CFOs must first understand the broader landscape, and then peel apart the structure of a company to determine where insights can be most beneficial.

While my background is shaped by traditional finance, my perspective on the role of the CFO has evolved, as I have become more versatile and immersed in operations. I have found it rewarding to serve as a resource for other financial officers by relating to the pain points I felt while adapting to the startup environment at Hixme and growing alongside the organization.

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A seasoned investment banker, Erik Wissig is a founding executive and CFO of technology startup Hixme. Erik Wissig’s firm is disrupting the large employer health benefits group model with a new technology driven worker-owned health benefit approach. Hixme’s latest offering is the online Insurer Profile Database Tool. The Insurer Profile Database Tool enables the comparison of profiles on hundreds of insurers that are offering thousands of plans throughout the country. The groundbreaking tool assembles over 100 data points from close to 200 insurers. Information that can be compared includes special program features, operating procedures, technology features, methods of application, networks, and service areas, among others. This is the first instance when all this information is assembled in one location where it is integrated and converted into useful analytics. A treasure trove of insights may be obtained from this data, and awareness of the nuances of each insurance company...

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Erik Wissig | Blogspot

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