Was Paul Harvey Right?Back to the Blog »

May 13th, 2009

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“In times like these, it helps to recall that there have always been times like these.”
-    The late radio icon Paul Harvey

…I’m beginning to wonder.  I’ve used this quote a lot over the past year to help put the financial meltdown and the ensuing economic chaos in perspective. We have been down this road many times before—recessions, wars, stagflation, massive deficits, terrorism, oil embargoes, even depressions.  We’ve learned to survive and learned to thrive.  It is only by enduring and overcoming challenges like Milli Vanilli and Boy George, that we are able to enjoy the likes of Miley Cyrus and Lady Gaga today.  You get the point.

“Don’t worry–now is the time to capitalize” I’ve said.  “Now is the time to separate ourselves from the competition—now is the time to be a bright light among the naysayers…”

Don’t get me wrong—I am more optimistic than ever, and I REALLY-REALLY-REALLY believe that this is an incredible time to capitalize.  I’m just not sure that Paul Harvey was right—I’m not sure there really have been times like these, especially for those of us in the health and benefits business.

We know the reasons.  The dramatic winds of political change, fueled by the banking crisis, the multi-trillion dollar loss of economic wealth and the death of old line manufacturing like the automobile industry has shifted the power in America from Wall Street to Washington in a big, big way.  So change is here.  You asked for it, you got it!

We will see major healthcare reform legislation this year, with a dramatic increase in the role of government in healthcare and health insurance.  We will see the continued commoditization of the health insurance industry, fueled by the intense struggle employers are in to reduce costs, protect jobs, and survive…so what does any of this mean for those of us responsible for managing health insurance plans—in the business community, the public sector or in the health and employee benefits industry?

I may not know exactly what the future holds, but I do think there are a few simple ingredients to succeeding in this new world:

•    Lead, follow or get out of the way: Be part of the solution.  Lead the way for principled change and promote new solutions, or help to implement the new, forward thinking of other leaders.  Do not be a barrier to progress, stand for solutions, not the status quo!

•    Value Innovation: He who delivers the most value at the lowest cost wins…understand what is most important to people, and find the most efficient way to deliver it.

•    Embrace Ambiguity: Say good bye to the status quo, but be patient as the new world order evolves.  Expect and embrace uncertainty, and look for new opportunities to crate value.

The focus of this blog is not survival but success… How can we provide the innovation, leadership and inspiration we need to seize the economic opportunities that abound… to thrive, not just survive?

I think it’s a fairly simple recipe for success, and I hope that my thoughts on the subject will be helpful, insightful, and inspirational.  If not, enjoy the music while you wait.

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Posted by Matt in Current Economic Times