01-02: Gopi Natarajan
Chair: Yit Sean Esther Chong
Re-Defining Business Strategy in a Tech-Driven Service Era
Omega Healthcare is a leading provider of Revenue Cycle Management (RCM) & Healthcare Solutions, including Payer, Pharma, Analytics and related technology solutions to large US-based healthcare companies. We are a wholesale business model and work only with industry aggregators, thus making us unique in the industry. In order to sustain a CAGR of around 30% and remain a leader in a highly complex and volatile industry, an agile service strategy is essential. At Omega, the primary focus of this strategy has been on the golden triad of People, Process and Technology.
People are the building blocks of any organization – even more so in a service industry, and Omega has focused on nurturing talent from within to remain a front-runner. A group of seasoned leaders who have grown along with the organization form Omega’s team of 12 certified coaches. They currently groom 220 high performers, mentoring them to become world class leaders. With 45% of our staff being women, a special focus is also given to cultivate women leadership in our organization. This has already resulted in a 20% increase in women opting to take up management positions.
Being a pioneer in the healthcare KPO sector, we listen very keenly to our customers and constantly work on improving our processes. To remain their preferred vendor, we needed to understand how well equipped we are to propel our growth. The internally-christened Project New Horizon – kicked-off in partnership with a leading consulting firm – was based on a maturity model to understand the as-is state of multiple functions, and then define the key drivers. The resulting deep insights helped us restructure Quality and optimize the supervisory layer (among other factors), yielding a projected cost benefit of over 12% across two years.
Technology is now omnipresent and has been making rapid inroads in the healthcare service industry. With greater emphasis on quality, economies of scale and value-based care in the healthcare industry, it is Omega’s backbone for delivering state-of-the-art services and solutions to our clients.
Leveraging the business process expertise and harnessing the benefits of the latest technology such as RPA (Robotic Process Automation), AI (Artificial Intelligence) and newer technology stacks, we have been able to automate many processes improving the quality up to 99%+ while also optimizing costs for our clients. Our smart solutions platform has processed 1.3+ billion transactions and our BI (Business Intelligence) & analytical solutions have also helped many of our clients improve strategic decisions, thus benefiting their overall performance.
As a leader in the healthcare industry, constantly re-inventing our business strategy is pivotal to staying ahead while still being resilient to the dynamics of the industry.