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Trying to build a business in today's marketplace is difficult. The experts tell us that the rate of change is higher than ever before, and the change is coming from so many areas.
9/11 Tragedy. When the Twin Towers came down, all Americans felt it even if they had never been to New York. If those landmarks could be destroyed, what else could happen? Then the unemployment resulting from the loss of businesses in and around the area sent ripples throughout the states. When even FAO Schwartz, the ultimate toy store, faces bankruptcy, many businesspeople wonder if it could happen to them.
Uncertainty about Iraq. Add to this the uncertainty of what Saddam Hussein would do. Are we going to war? What countries could help us? What would it do to our economy? The country is almost paralyzed as it considers the answers to these questions. No one wants to commit fully to any direction because it might be the wrong direction.
President Bush. We also have a new president, with a new agenda. The nation is constantly arguing—budget, tax cuts, Medicare, security, war—seemingly with no agreement or direction. President Bush is proposing health care and retirement changes—new Retirement accounts; extension or expansion of MSAs; $500 FSA rollover, cash-out, or transfer to MSA; and making MSAs eligible under a 125 plan.
IRS/Treasury Regulations. HIPAA added the privacy rules to all the IRS/Treasury changes in regulations, creating an enormous workload to keeping documents updated, employers informed, and employees educated. Add to this the new world of consumer-driven health plans and health reimbursement accounts, and the change is immense.
Technology. Perhaps the greatest change is in technology. With computers in over 60% of the homes, the demand for web services increases daily. Now we have the Application Service Providers (internet-based administration), a completely new concept. Something new comes up almost weekly.
Competition. The competition is coming from unexpected directions, for instance mbi and Evolution Benefits. When competition changes, a new approach is needed. The game is changed, and so is the terrain..
How do we deal with it all? First of all, remember that where there is change, there is opportunity. Opportunity that can be achieved by anticipating the changes and be ready to react to them. As the opening sentence says, “The only thing that doesn't change is change itself.” There will always be change—it's a fact of life. Maybe there is more change now then in the past, but we can handle it.
DataPath's traction in the new marketplace depends on our users' traction. We cannot do well unless you do well. So our job is to anticipate the change and to react to it with new products and services so you can stay at the front of the line. For instance, we have the first stand-alone HRA administrative system in the marketplace, and we are coming out this spring with myResourceCard®, a Card totally in compliance with claim adjudication rules.
Since we first started shipping a POP 125 administration system, we have spoken about the Chinese character for Crisis. It is composed of two symbols representing danger and opportunity. In any language, the crisis in healthcare today contains both Danger and Opportunity. A crisis exists whenever the status quo no longer works and everyone is searching for solutions to stabilize the situation.
If those affected by this crisis are unable or unwilling to change the way they do business, they face even greater danger. However, if they are willing to change, they are facing great opportunity. DataPath is working hard to give you the resources you need in this changing time.