Dozens of hospital and health system CEOs announced their upcoming retirements in 2023. When they leave the industry, they will take decades' worth of wisdom and experience with them.
Becker's connected with six executives who have shared plans to retire within the next two years, asking them to respond to the question, "What advice would you give to the next generation of healthcare executives?"
Here's how they responded.
Editor's note: Some responses have been lightly edited for clarity.
Anthony Guaccio. President and CEO of Endeavor Health Swedish Hospital (Chicago): As my time comes to an end as the CEO of Endeavor Health Swedish Hospital, many people have asked me what I attribute our success to, what am I most proud of and what are the important lessons learned? For myself, it all comes back to the people.
In the role of CEO, we often make the final decision. What served me well the past 40 years is this: Does my decision make it better for the people I lead? Does the decision make it better for those we care for? Does the decision make a difference for the communities we serve? If the answer to all three of those questions is yes, then those are the decisions we move forward with. For the most part, those decisions have been successful.
Finally, I start with people and I end with people. Over the past 40 years, I have seen tremendous advancements in healthcare that have been driven by technology, pharmaceutical advancements, data enhancements and better ways to care for our patients. The common connection in all of this is our team members, and that will be the constant in the future as well. We will travel miles to see caregivers who connect with us as people and care for us as people and who know us as people. Hire the best people, motivate them and do everything you can to keep the best people. That's who we are and that's what we do best.
Cindy Hecker. CEO of UW Medical Center (Seattle): Leaders in healthcare today need to be current on local and national trends in care delivery and in state and federal legislation that might influence how health systems work. Leaders have to be innovative and be willing to make change, and at times be risk-takers, to balance the competing but essential needs of a strong healthcare system. Access, health disparities, quality, workforce satisfaction, growing regulatory demands and financial viability all must be considered with every decision made.
Mark Keroack, MD. CEO of Baystate Health (Springfield, Mass.): The next generation of healthcare leaders will need to focus more and more on organizational culture. They will need to figure out what their current culture really is and whether it is responsive to current and future challenges. They will need to define and champion a culture that promotes team member engagement, safety, diversity and innovation. The only way to be ready for an unpredictable world is to have a team that is collaborative and focused on a shared sense of purpose.
Mike Robinson. CEO of Canopy Health (Emeryville, Calif.): Our fragmented healthcare system doesn't serve people well who are approaching the end of life. Patients and their families face decisions they are not well informed to make. Providers, payers and federal/state governments (think Medicare and Medicaid) are not aligned. Money is wasted on unnecessary and inefficient care. It's a segment of the healthcare system ripe for disruption with enormous potential for improved quality, better patient experience and cost savings. It's also an area that touches each of us directly through friends and family members. I encourage future leaders to deploy resources to address this opportunity.
Sarah Morrison. CEO of Shepherd Center (Atlanta): When you start an executive position, really get to know the organization. Don't come into a new position and immediately start changing things. For the first few months, dedicate your time to observing, listening and getting to know employees at all levels of the organization. Shadow and assist front-line staff during their workday, identify challenges and see if there are any quick wins. When looking at the budget, avoid reducing the education budget if at all possible. An employee pursuing professional development is a motivated employee. Be transparent and humble — have an open-door policy, and be willing to admit when you were wrong. Have a clear vision and communicate it often. From there, set expectations and hold your team accountable. Finally, be present — emotionally and physically. Get out from behind your desk and walk the halls. You'll never regret the time you spent showing up for your team.
Richard Vath, MD. President and CEO of Franciscan Missionaries of Our Lady Health System (Baton Rouge, La.): It is both an exciting and troubling time to be in healthcare. I have had the pleasure of working as a provider and then administrator at all levels and can still say that it has been a very rewarding vocation. There are some fundamental words of advice I would leave new leaders:
- Healthcare in the past three years has changed so dramatically that strategic and operational decisions based on historical knowledge and experience alone should be reconsidered. As an example, new strategic decisions must be supported by current operations with the projection of disruptors entering the market rather than historic case studies.
- Efficient operations will always be fundamental for survival and now are more important than ever before.
- To assist in the competitive landscape created by disruptors, patient experience and loyalty must be built at the top of the access funnel (digital access, virtual care and immediate walk-in care) and carried throughout all levels of care in a seamless integrated way in order to compete.
- Finally, to grow your healthcare platform, you must assess each decision with how it successfully drives the Triple Aim: improving patient experience, increasing quality outcomes and reducing the total cost of healthcare. If this cannot be demonstrated, then it will not be sustainable.