Hospital and health system CEOs today must be equipped with certain core competencies to effectively navigate the constantly and rapidly changing healthcare environment.
For some leaders, this may mean strengthening or refining capabilities already present in the organization, while for others, this means developing new skill sets, according to Huron Healthcare's 2016 CEO Forum report.
Andrew Ziskind, MD, managing director of Huron Healthcare, outlined seven core competencies for leaders to garner success for their organizations in the near term as well as in the long run.
1. Increase your organization's capacity for innovation. Keeping up with the pace of change and discovering ways to stay ahead of the curve are crucial, according to Dr. Ziskind. Innovation should be incorporated as a strategic priority, whether by dedicating existing personnel to innovative thinking or turning to examples from outside industries and forming standalone innovation teams within their organizations.
2. Become agile. Dr. Ziskind likened large organizations, such as academic medical centers, to cruise ships — they're big and hard to turn. Having the ability to change direction, make decisions and execute quickly is imperative for success for healthcare providers of all sizes.
3. Get the most from your data. New technology and modes for capturing data afford hospitals more opportunities than ever for learning. However, unless that data is actionable, it is virtually useless. To get the most from data, analytics that produce meaningful insights must be embedded into daily workflows to guide clinical care and operations, according to Dr. Ziskind.
4. Keep an open mind to unconventional partnerships. Some providers are pairing up with payers, while others are forging ties to retail entities — which are often thought of as competitors. According to Dr. Ziskind, organizations will need to be open to new partnerships, evaluate potential suitors carefully and have the flexibility to act on them.
5. Consider new business and care delivery models to manage financial risk. Depending on its market, each individual hospital will need to determine if it makes more sense to develop new programs or services or outsource them. Organizations should seek models that enable them to provide "the right services in the right locations" while simultaneously improving outcomes and diminishing risk, according to Dr. Ziskind.
6. Cultivate asset agility. Organizations that have less capital will still be able to respond to market changes more comprehensively. As an example, Dr. Ziskind said this could translate into running an existing MRI for 16 hours per day instead of purchasing a new one. Other options include creating multi-purpose space or developing mobile or virtual healthcare programs.
7. Foster a stronger culture of management. To effectively shepherd their organizations through change, healthcare leaders must support a culture rooted in discipline and accountability, using real-time performance management to produce results, according to Dr. Ziskind. Upholding such a culture will help leaders ensure their organization continues to fulfill its mission and values.