March 12, 2019
With the rise in population, the need for healthcare services is also increasing. That’s why the number of healthcare organizations appears to grow exponentially.
While healthcare is a basic need and it’s a market where demand is never going to slow down, not all organizations are able to succeed. What can we learn from the healthcare providers who are able to engage with patients holistically?
Let’s take a look at what the successful healthcare providers are doing that’s setting them apart from the average.
It’s the age of the customer. That’s why patient satisfaction and experience in the treatment cycle are key determinants in the success of a healthcare business.
It’s not only the care that matters today. More importantly, it’s whether the delivered health services are meeting the expectations of patients and their families.
This includes right care at the right time and right place, cost-effective treatment access to information, their involvement in health decisions, emotional well-being, and smooth flow during the course.
Successful health organizations are aligning their goals, values, operations, resources, and protocols with desired health outcomes of patients, effective discharge, and post-discharge care.
Some of the major catalysts in this effort are filling operational gaps, making processes leaner, revamping care delivery model, and making real-time decisions that are driven by data and powered by analytics.
While setting up strategic objectives with a clear vision and strategic priorities is crucial to ensure success, the model needs to be flexible. Healthcare landscape is changing continuously.
The pace of change may increase with more industry drivers playing their part such as the expanded intervention of technology in the industry.
Therefore, organizations need to be agile to address and need to adapt to the changing landscape. They can also consider hiring services from healthcare technology companies specializing in transformation.
Healthcare business comprises a variety of complex operations. While setting a vision, organizations define their strategic operational priorities based on business goals.
Successful organizations handle the change in the market in the same manner. They follow a nimble approach and prioritize any change against business goals and imperatives. They often create short-term strategies and focus on immediate priorities.
Besides, agility needs to be followed across the organization, from leadership to the frontline executives.
Effective practices in this aspect include regular and timely communication across levels to establish a common understanding of the change so that collective efforts can be channelized in the right direction.
As it is rightly said, change is the only constant. There is no one business model which is perpetual and can continue to run with the same effectiveness.
Increasing operational and labor costs, higher patient expectations, growing competition, evolving healthcare technology, and need for scalability are some of the reasons why organizations should have visionary leaders who not only can embrace change but also drive it throughout the organization by inspiring and guiding the employees.
All the organizations that excel consistently have the CEO or leaders who assess the current business model and adopt a bold approach to change which is in the alignment of organization objectives. They don’t shy away from taking risks to sustain and grow the business in the long run.
It’s not hard to realize what amount of information is generated in healthcare operations
For example, providers can gather key metrics to understand how operations are performing and what measures need to be taken. Besides, data is also useful in managing and improving population health.
However, the first challenge in this context is that the data is scattered across various silos in a system. This often hampers data availability and access. Then, duplication and overlapping of information make it difficult to use.
Another typical problem is the limitations of departments in understanding how analytics efforts can be aligned with strategic goals. And above that, the analytics framework often fails to elucidate information reporting needs.
Data is a valuable asset and successful organizations strongly believe in this fact. They begin by identifying how disparate information sources can be connected. This involves integrating silos to create a unified and reliable source of information. They also define how analytics framework can be instrumental in achieving business objectives.
Accurate, timely, and actionable insights powered by data show the way to higher levels of efficiency; thus, cutting costs, maximizing value, and improving patient satisfaction.
Healthcare is a labor-intensive industry. A hospital needs qualified doctors, licensed nurses, medical assistant, administrative team, and other resources to run the operations smoothly and effectively.
The significance of healthcare can be understood by the fact that labor costs amount to be almost 60% of operating expenses. This includes salaries, wages, perks, benefits etc.
Hence, to maximize profits, hospitals need to have an optimized staff which is appropriately allocated to deliver superior patient care. Too small a staff will be unable to meet patient demands and too large a team will often be underutilized, incurring unnecessary expenses.
At the same time, it should be noted here that a medical assistant handling phone calls isn’t rightly allocated.
To tackle this, leading organizations have started to leverage predictive analytics. They use present and historical data to identify patterns in patient demands, forecast staffing requirements and allocate workforce and resources accordingly.
Besides being well-utilized, the staff should also be friendly, courteous, and respectful towards patients as well as one another.
Successful organizations make sure to understand the working model and contribution of human capital in the value chain.
Using their findings, they devise a talent management plan which focuses on productivity and professional development.
Many strategies fail because of unclear objectives and improper vision. But that’s not the only reason for failure all the times. Merely having a good plan isn’t sufficient.
Sometimes even a well laid-out plan can be unsuccessful in the absence of effective implementation and execution.
A healthcare strategy may involve several initiatives over short as well as long-term. As the number of initiatives goes up, it can impact the ability to prioritize them.
Well-performing organizations ensure that ownership and accountability of the job lie with everyone at each stage from planning to execution.
They do so by communicating goals clearly to the employees, involving them in planning, and distributing accountabilities.
Well-performing organizations ensure that ownership and accountability of the job lie with everyone at each stage from planning to execution. They do so by communicating goals clearly to the employees, involving them in planning, and distributing accountabilities.
They try to identify how the performance of each employee contributes to achieving organizational objectives. Based on this, they determine KPIs and track the progress of implementation periodically.
Irrespective of the industry and nature of the business, managing finances effectively is certainly the key to success. In fact, it’s one of the areas which should hold priority in business.
Organizations need to design a well-defined plan which should be reviewed annually for capital requirement forecast. It’s important that they strike an equilibrium between capital needs and financial capacity to effectively allocate the capital.
Also, as the healthcare landscape evolves, there is a continuous focus on value. From business operations to patient care, the effectiveness is measured in terms of value delivered.
Profitable healthcare organizations know this well and strive for value-based ROI rather than monetary gains.
This means that instead of keeping profit as sole objective, these organizations focus on enhancing the patient experience, excellent care delivery, optimizing resource utilization, and creating value for patients, employees, physicians, and all the stakeholders involved in the care cycle.
The healthcare organizations that are able to keep pace with customer-centric, digital transformation by focusing on the attributes given above are more than certain to flourish.
If you have any questions or if you want your healthcare organization to embark on this transformation journey, please feel free to reach out to us and one of our