Discussing the Vendor Climate in Workers' Compensation by Tim Buckley

Orlando, FL, October 23, 2014 (Newswire.com) - Discussing the Vendor Climate in Workers’ Comp

By Tim Buckley, CEO, PriMedical, Inc.  October 23, 2014

The Industry is changing and so is PriMedical, Inc.

Tim Buckley, CEO

 

For the sake of dignity, let’s refer to “vendors” as “service partners” for the next few paragraphs.  The term vendor, although I use it to describe my company often, always feels like we are in the same category as a used car salesmen.  Service partners are people and companies that offer services such as physical therapy, diagnostic networks, transportation/translation, DME and in my case…field case management to employers, TPAs and carriers within the Workers’ Compensation Industry.   While our services are an integral component of the industry, service partners are often viewed as being all the same and in one group together.  Factors such as pricing, technology and sales methodology contribute to how a service partner is perceived.  It is crucial to the survival of a service partner and longevity in the industry, how they enter the market.  In my experience, perception is reality in workers’ comp and first impressions are often lasting impressions.   Here is a question to get your mind going.  Is your service partner really customer service oriented or are they simply a cash cow for hungry venture capitalists?

My culture and background in business is 99% CUSTOMER SERVICE.  Success is a by-product of great customer service.  If we understand our clients’ needs and the service we are offering then the two should come together nicely.  This simple concept is often diluted by too many bells and whistles, size, incomplete integrations, etc.  Yes, we are all in this to make money but are we going about it in the right way?  Many service partners have been acquired from their humble, private dwellings and are now part of public entities or massive conglomerates which offer an array of services.  I think this is one of the main differences between a vendor and a service partner.  With exponential growth and dilution of focus comes a lack in the high-touch execution of services I feel our clients deserve.  Whether I am a one man operation with 4 clients or run an office of 300 staff members with every client on the books, I will always be involved in how our customer service is carried out.  I will always make sure everyone within my organization follows my philosophy.

Now, because of the devouring of service partners, the market sees new faces.  The new, small to mid-sized service partners are hungry for success and likely to offer individualized services to its clients.  Many of these companies may one day prepare for their sale to a larger company or venture capital organization but for now it’s survival of the fittest.  A company that needs to survive will go the extra mile for their clients.  They are the companies who will bend over backwards to ensure that the client gets what they need.  If they succeed in offering a superior level of service, they will likely last in work comp.  These will become the service partners to watch and the ones who will be picking up new clients left and right. 

My company, PriMedical, Inc., is one of the new faces and we pride ourselves on offering a level of service that cannot be matched.  Through relationship building, constant analysis of our offerings, and educating ourselves to be the expert in our service area, we are establishing ourselves securely in the field case management space.  My prediction, given that this industry is cyclical, is that the large companies that offer you a conveyor belt service model will create their own limitations with regards to level of service.  Innovative, customer-centric companies will gain market share when the opportunities arise because clients are curious and motivated to test the waters with them.  Those who rise to the occasion will be prevailing adversaries to the giants who have dominated the market to date.   

There are, and always will be, all types of service partners within the Work Comp Industry.  This is my opinion based on observations over the last 9+ years.  It is a great time to shop for new service partners!