Navigating economic turbulence: The value of strong partnerships from service providers

James Pollock, Managing Director at ServiceFM, recently spoke to the Australian Private Hospital Association about what he is hearing through his networks during this challenging period of high interest rates, inflation, wage pressures and a receding economy, and outlines some opportunities to alleviate pressure.   

“It’s no surprise the economic outlook remains cautious, as businesses continue to reel under the impact of key economic factors and how it affects the viability of their organisations,” says James.

“There is a lot of pressure to keep costs down – some services are being put on hold, budgets are slashed, we’ve seen it happen across the board. There is not going to be a quick recovery from the current climate, but it’s in times like these that strong partnerships show value.”

Mr Pollock said two key questions for healthcare providers were: Who can you rely on? Who understands your business or hospital well enough to deliver high-quality services efficiently?

“It’s not so much about finding the cheapest supplier, but finding a partner that genuinely wants to offer you good value – based on a deep understanding of what you need, what you don’t need, what you already have, and how those elements can be brought together to actually save you money,” he said. 

“Is my business partner helping me to achieve success for my business? Or are they just providing a service?”

Mr Pollock said investing in an audit and review of your service providers could release savings in a consolidated model.

“Dealing with one integrated service provider is most likely to be more time and cost efficient than dealing with four. Four contracts, four rounds of negotiations, four delivery models, four relationships, four margins – it all adds up,” he said. 

Mr Pollock said ServiceFM was proud to operate on a partnership model with a focus on integration.

“We take the time to get to know our clients’ business, we understand what they are struggling with, and can help them overcome it by integrating facility and asset management and by providing a customised service solution,” he said.

“We strive to help our clients be successful, not just do a job.”