In an interview with the Wall Street Journal, Mr. Gamble, CFO of Lexmark, said the company had to start transitioning away from exclusive traditional printing and imaging services and toward a more holistic “solutions, services and software” provider.
Through calculated acquisitions and service line expansions, Mr. Gamble and the executive team helped Lexmark expand into the broader marketplace. The company even offers extensive services for hospitals and health systems now, such as revenue cycle management, patient access management, managed print services and automated physician order routing.
Hospital CFOs are similarly asking themselves how they can reinvent their organization — from one focused on fee-for-service and volume to one focused on population health management and value-based payment. Mr. Gamble said the key lesson to understand is all mass-scale transitions require patience and endurance, as change doesn’t happen overnight.
“You need to be well-focused on the strategic goal, and all of the decisions you make, even the small ones, need to stay highly focused,” Mr. Gamble said.
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