Roughly 15 years ago, newspaper leaders knew a dramatic change was underway but did not fundamentally rethink their business models. Newspaper technology remained expensive and rigid. Companies would buy up other newspaper chains and take on large amounts of debt. Other media companies, Microsoft and websites posed great threats to newspaper companies, and people began to discover easier ways to get news.
The report says there are parallels between that environment and the one existing today in healthcare. Health systems are aggressively consolidating and frequently taking on debt. Specialty facilities that can do a high volume of procedures at a lower cost are like newspapers’ version of free news sites — they’re a threat to the traditional business model. In addition, health systems are implementing complex systems when they could implement new models at a fraction of the cost and time by reinvigorating primary care, according to the report.
The article includes the following points that helped one bankrupt media enterprise into a profitable, dynamic and growing company attracting top-tier talent:
1. Launch one new product per week. Speed to market with ideas and initiatives.
2. Source centrally, implement locally. Accept ideas from all over. Identify the best ideas and people from all over.
3. Leverage partners. Accept ideas from the outside as fuel for the organization.
4. Implement radically transparent communication to redefine organizational culture.
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