Promises are Promises but Only Performance is Reality
It is no secret that relationships are at the heart of any company’s success — in its simplest form, a company is a partnership between the business and its customer. The hard reality that many businesses face in building successful relationships though is that it is challenging to focus on growing both their and their customer’s businesses simultaneously. As a result, the customer’s end of the relationship over time begins to lose out to quarterly targets, shareholders, personal priorities, buyouts, etc.
Founded in 1975 as the originator of medical bill review software solutions in the workers’ compensation, auto liability, and general health community, Medata understands and believes in the power of business relationships/partnerships. So too does the TRISTAR Insurance Group who, since its founding in 1987, has focused on continually improving its products and services to ensure the best value for their clients. As a provider of risk and benefit services for property and casualty, employee benefits, and managed care, TRISTAR believes that intellect and ability can be applied to their entire range of products. With their joint beliefs and values, Medata and TRISTAR became business partners in 2009. While both companies believe in relationships, they also jointly believe in Harold Geneen’s (President of ITT Corp) premise that, “It is an immutable law in business that words are words, explanations are explanations, promises are promises but only performance is reality.”
As noted by Medata’s CEO Cy King: “TRISTAR is a great partner. The Medata technology is only as good as the company and people who use the software and through our trusted partnership TRISTAR and their management have become an expert with the software maximizing their clients savings and managing their clients costs by continuing to strive for perfection.”
This belief is echoed by Tom Veale, President of the TRISTAR Insurance Group: “Medata technology has allowed us to move our bill review process to the next level. We can now provide our clients with significantly greater fee schedule and overall savings, faster bill turnaround due to higher auto adjudication rates, and a more thorough review of bills with expanded routing rules.”
Mary Ann Lubeskie, Vice President of Operations for TRISTAR Managed Care, is an industry executive with over 25 years of claims and managed care experience as well as being a registered nurse who holds an MBA. Mary Ann also knows what she is talking about when it comes to achieving performance outcomes and has recognized that: “Through the partnership between TRISTAR Managed Care and Medata, we’ve seen the savings for our clients grow from 65 to 68 percent. While three percentage point growth might not sound like much, it represents over $78 million dollars of additional savings over the past five years for our customers.” Mary Ann further noted: “It is important to recognize that the work being completed by both TRISTAR Managed Care and Medata is being done domestically and not somewhere overseas. Additionally, our product is not simply a commodity of just the application of a fee schedule or usual and customary reductions but rather is the result of the use of industry expertise and enhanced medical guidelines to ensure that those injured receive quality medical care and that our clients only pay what’s appropriate.”
Working as partners, Medata and TRISTAR have developed a combined workflow that ensures providers are quickly and accurately receiving the appropriate considerations while simultaneously assuring high levels of service and results. This (as noted by Chip Bell in Customers as Partners) can be done so effectively because, “Partners don’t spend their energy looking over their shoulders, but instead take a leap of faith and rely on the relationship.”
When was the last time you asked yourself, “How are my critical business relationships and results?” or “Am I willing to go on record and publicly support my individual business relationships and results?” Medata’s customers are willing to go on the record about a business partnership/relationship that goes beyond words, explanations, and promises to performance and results. Don’t you want and shouldn’t you have the same?