Mr. Riordan will speak on a keynote panel at Becker’s Hospital Review 7th Annual CEO + CFO Roundtable at 2:30 p.m. on Tuesday, Nov. 13. Learn more about the event and register to attend in Chicago.
Question: What keeps you excited and motivated to come to work each day?
Michael Riordan: Knowing I am coming to work to achieve the vision and mission of the organization is my driving force. We — Greenville Health System and Palmetto Health — came together to improve the health of South Carolina. This is a bold vision, and one that I am committed to seeing achieved.
Q: What initially piqued your interest in healthcare?
MR: I always wanted to be part of a profession that helped others. In graduate school I took a healthcare course and realized healthcare, especially the nonprofit side, would be a great opportunity for me help others.
Q: How can hospital executives and physicians ensure they’re aligned around the same strategic goals?
MR: Early on, we made the strategic decision to align with our physicians, primarily through an employed model, and place physicians in key leadership positions. When you engage physicians in all aspects of the strategic planning process, and appreciate the perspective they bring, you create alignment.
Q: What do you see as the most vulnerable part of a hospital’s business?
MR: The enormous fixed asset costs make us vulnerable. These fixed assets make it more difficult to have the flexibility needed to meet changing demands. As we move towards a value-based model of care, buildings are becoming unnecessary and a drain on financial resources.
