Human capital and financial capital are vital to thriving health systems, but a third form is just as important, according to a recent Harvard Business Review article.
Social capital is created when people work well together and are able to reach goals that might not have been possible otherwise, Thomas Lee, MD, and Nell Buhlman, who serve as chief medical officer and chief administrative officer, respectively, of market research company PG Forsta, wrote in the Aug. 9 article.
For example, social capital in healthcare is evident when physicians and nurses round together and when employees can raise concerns or report mistakes without fear of retribution, they wrote.
A culture of respect is vital to creating social capital, and employees who feel respected are more loyal to their organization. Additionally, at organizations where employees feel respected, patients are more likely to rate their care and interactions with team members higher, according to the article.
The authors recommended that healthcare leaders:
- Gather feedback to understand current performance and use that to create plans for building social capital.
- Implement plans, analyze progress and continually review it.
- Pay attention to problems that can harm social capital, such as those often mentioned in survey responses about low respect or teamwork.