Do you have a need for new technology? Deciding between buy vs. build? Oops. Is that all there is to consider?
Let’s elaborate by using the example of third-party administration (TPA) technology. Let us say that you are not happy with the technological features offered to your employees through your current TPA. Further, you have received significant feedback from your employees as to what features they need, so you feel confident that your IT department can accurately define a development roadmap to close the gaps and get you to where you need to be. You are now well positioned to run the usual traps of deciding between buy vs. build, right?
Hopefully, you are thinking, “not so fast.” There were multi-faceted reasons that you chose to engage a TPA in the first place. As important as the access to the TPA’s technology was to your initial decision-making, it still was only part of your reasoning. Perhaps you wanted the TPA as a sounding board for future plan modifications, or you needed the TPA to help with regulatory compliance, or you needed help with communications and data distribution, or … you get the idea. Obviously, you cannot toss aside all of these other considerations that were part of your original decision to go with a TPA and just focus on the technology buy vs. build question.
Does not the same logic need to be applied to every technology buy vs. build decision? Decision-making about new technology should incorporate a larger world view than just who produces it. There are many situations where you can benefit from more than the technology itself by accessing it via a TPA. It is important to not overlook such options and include them in a larger decision-making process.
Particularly with today’s SaaS cloud-based technologies there is much to be gained by adding on the services of a TPA as a part of enhancing your technological prowess. Not only can you bypass the burdensome investment in internally developed software or purchased licenses that incorporate the inherent disadvantage of client-server based support requirements, but you also gain the intrinsic virtual capabilities of such technology. Add on the expertise and support of the right TPA and how could it get any better?
The use of TPA’s has traditionally been limited to employee benefit programs. SaaS providers are quickly making it attractive and affordable to expand the scope of TPA style services. CompConfidence offers full-service administration and adjudication of physician compensation programs. All data updates and adjudication functions are performed on your behalf by the experts of CompConfidence. You simply review and approve results, which then are instantly available virtually to all participants. For more information contact us at info@compconfidence.com.