Using an open-collector output from one IC to trigger a level change on the input pin of another IC?
Yes! It's that simple. That's part of the reason open collector is so popular. 

You'll find that all the cheap comparators (e.g. LM393) have OC outputs.

If you attach a pull-up a resistor from the range of 1kΩ − 15kΩ everything should be O.K. If you want to do everything properly, consult the IC's datasheet for the OC current ratings and use an appropriate resistor.