In a session at the Becker’s Hospital Review annual meeting in Chicago on May 18, CEO of Objective Health Russ Richmond, MD, discussed hospital strategies for thriving in the current healthcare environment.
Before discussing helpful strategies, Dr. Richmond noted four pitfalls he sees with hospital strategies:
Dr. Richmond said hospitals brainstorming a strategy might want to consider specializing in service lines that will “drive your hospital.”
Innovation is coming from outside the U.S., Dr. Richmond notes.
“[The U.S.] does not have a lock on new ideas for how to deliver are, I’ll tell you that,” he said.
He pointed to examples from India, Kenya, Pakistan and other parts of the world showing how to put together a creative hospital strategy given a hospital’s resources.
Here are several delivery innovation models Dr. Richmond noted:
Closing his session, Dr. Richmond stressed how important adaptation is in a hospital environment.
“You’ve got to have dedicated, focused staff that know how to change,” he said.
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Before discussing helpful strategies, Dr. Richmond noted four pitfalls he sees with hospital strategies:
- Lack of a direction setting. Many hospitals only consider growth as a part of their strategy. But hospitals have to ask why they want to grow – not all hospitals need to grow to become successful.
- Situational analysis. Some hospitals lack necessary facts about competitive dynamics and market share when they formulate a strategy. There is too often a poor understanding of competitive dynamics.
- Insufficient option generation and lack of a portfolio. Not enough hospitals have portfolio options on the table.
- Execution risk. Dr. Richmond said he sometimes sees an overall lack of articulation with a strategic plan.
Dr. Richmond said hospitals brainstorming a strategy might want to consider specializing in service lines that will “drive your hospital.”
Innovation is coming from outside the U.S., Dr. Richmond notes.
“[The U.S.] does not have a lock on new ideas for how to deliver are, I’ll tell you that,” he said.
He pointed to examples from India, Kenya, Pakistan and other parts of the world showing how to put together a creative hospital strategy given a hospital’s resources.
Here are several delivery innovation models Dr. Richmond noted:
- Integrated care
- Franchising hospital models
- Technology-enabled networks
- Product specialization
Closing his session, Dr. Richmond stressed how important adaptation is in a hospital environment.
“You’ve got to have dedicated, focused staff that know how to change,” he said.
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