Adding Value in The Evolving Fitness Marketplace
By: Bill Davis
One of the many terrific things about working with the ABC Financial team and our diverse customers is the opportunity to deliver helpful solutions that will make an even deeper impact for the fitness industry as a whole in the decade ahead.
With our marketplace evolving and competition from inside and outside the club rising, operators are increasingly challenged to deliver a better member experience. To achieve this, they will need a more holistic approach to managing their businesses, incorporating both financial and operational insights in meaningful ways. We believe creating solutions which align with this more comprehensive strategy will drive value for the fitness industry and help us grow with our customers.
Thankfully ABC Financials’ heritage, unique insights, and our team’s experience will enable us to support the evolution of the health and fitness industry through the solutions we provide. We have rolled up our sleeves to enhance our capabilities all geared towards helping the fitness industry fulfill its promise of serving more members, better. Part of this effort is our work to deliver holistic revenue-cycle management for our customers and the industry. A concept successfully adopted in industries such as healthcare, revenue-cycle management (RCM) represents a comprehensive approach to managing every stage of how revenue is realized from the first interaction with the member, integrating technology with expert skills and disciplined business processes. The result is increased effectiveness, transparency and realized dollars to a club’s bank account.
The concept is not an entirely new idea for club operators nor our industry, however the components of its successful adoption have historically been offered as distinct, siloed solutions. Improving fitness club business performance requires considering operational and financial information in a holistic real-time manner.
Generally, club operators have considered the elements of revenue-cycle management as a series of individual processes, including member account management, payment processing, merchant services, billing, delinquency remediation, and member support. With this mindset, operators risk losing the ability to apply greater financial insight back into everyday business decision-making, as well as lose the opportunity to provide an overall better member experience while collecting more revenue and improving member retention.
A solution provider that appropriately leverages RCM applies best practices and specialized expertise to enhance and coordinate the related processes. Data collected should be utilized to offer a range of turnkey services, such as managing member accounts and associated billing-related services, facilitating delinquency remediation and multi-media communication, providing live member support, and integrating payment solutions to maximize revenue.
Having had the chance to spend time with many of our customers and leaders in the fitness industry discussing the idea of an integrated holistic RCM, I can confidently say the concept has been very well received. However, some are skeptical about the ability of a single vendor to deliver. We view our revenue-cycle management approach as practical and achievable today. The team at ABC not only has the experience, understanding, and wherewithal to execute, but the resources as well. This solution will not only help our existing customers but will also accelerate brands who seek to scale and grow.
We will be revealing what health and fitness clubs can expect to see from the ABC team over the course of 2020 at the IHRSA trade show in San Diego. This will be ABC Financial’s 29th consecutive year at IHRSA .The IHRSA staff and Board put on a terrific event which is unparalleled in the fitness industry. Come visit us at booth #2127 and see what we are up to at the show here. You can also get a FREE expo-only pass with this link – use code ABC2020 to redeem.
Our ABC VIP Party this year is at the OMNIA Nightclub San Diego on Thursday at 7:30 pm, just down the street from the convention. Register for the VIP event here as spots are limited and will fill up soon. Also be sure to make time for our Chief Product Officer Ryon Packer’s presentation, “5 Must-Do’s to Thrive in the Changing Economy,” on Wednesday from 1:30 – 2:45 pm.
In the meantime, the ABC team will continue to help our customers and the fitness industry capitalize on ABC’s expanded capabilities and vision. We thank you for your ongoing support, input, and guidance. Should you have any questions, please feel free to contact us.
Bill Davis serves as President & CEO of ABC Financial Services. His career accomplishments include over 20 years of experience in corporate finance and executive leadership positions within technology businesses building great teams that create and deliver outstanding technology solutions and services for customers. His prior leadership roles have entailed both successful private and public companies including Paycor, Blackboard, and Allscripts Healthcare Solutions. Bill earned an MBA at Northwestern University. His philanthropic and volunteer work includes the Jack & Jill Late Stage Cancer Foundation Board of Directors and the University of Cincinnati Foundation Board of Trustees. As an avid runner, Bill enjoys marathons and other challenging races such as Tough Mudders and The Hood to Coast Relay. As a sports fan, he closely follows the Chicago Cubs, Ohio State Buckeyes, and his alma mater, University of Cincinnati Bearcats. Rules of the Red Rubber Ball: Finding Your Life’s Work is one of his favorite motivational books.