Hello. Dr. Keith Smith with you – Surgery Center of Oklahoma. Thank you for joining me.
What does it mean when someone says they’re afraid of leaving money on the table? It means they are not as interested in a mutually-beneficial exchange as seeing what they can get away with.
I heard this in healthcare a fair amount from people who are afraid to post their prices for all to see. They are, after all, afraid that they will leave money on the table and not get away with all of the loot that they would like.
I think this is an outgrowth of the attempt in healthcare by many – rather than maximize the delivery of value – to maximize revenue. I know that there are Vice Presidents of Revenue Maximization in many hospitals. There are Vice Presidents of Revenue Integrity. These are people whose job it is to ensure they do not leave any money on the table, that indeed, they get away with all that they can.
This model is changing. And fortunately, there is a growing number of people who are attempting and delivering on maximizing value. We should listen for the phrase ‘leaving money on the table,’ understand it and call it out for what it is.
Thank you for joining me. We will see you next time.