A panel discussion on the wins and fails around the Health System's growth over the past few years and what to expect.
Strategies for Healthcare Growth
Panelists:
Hillary Miller, Vice President and Chief Learning Officer, Penn State Health
Stonish Pierce, FACHE, President and Chief Executive Officer, Trinity Health Georgia
Susan Burroughs, MHA, FACHE, Chief Executive Officer, MUSC Health Columbia Medical Center Northeast
Sheldon Pink, MBA, FHFMA, LSSBB, Vice President, Revenue Cycle, Luminis Health
Ryan Donohue, Strategic Advisor, NRC Health
Strategic Growth
Strategic growth is marked by an intentional focus on patient outcomes, collaborative partnerships, financial stability, investments in infrastructure, talent and digital technology, and a strong organizational culture.
Episodic Growth Strategies
Episodic growth strategies can lead to short-term wins, but they can also be a fragmented approach to long-term sustainable growth for organizations. Ryan discusses the difference between episodic and strategic growth, and how health systems need to double down on their organizational strengths in order to avoid dilution. Stan and Susan both agree that service line strategy is still the ticket to success for health systems, but they are aware of the non-traditional entrants into the space. They suggest being more responsive to consumer needs before expanding facilities.
FTC and Staffing in Healthcare
Ryan, Susan and Brian discussed how newer entrants in the healthcare space have changed the game and the strategies health systems must take to be successful. They also discussed some missteps or mistakes to avoid when developing and executing a strategy. Finally, they discussed whether or not the FTC has minimized appetite for growth through mergers and acquisitions.
The FTC is taking a case-by-case approach to mergers and acquisitions, looking at how it will affect the consumer. Consumers want more localized healthcare options and employers are distrustful of health systems during open enrollment. Health system leaders must make sure their staffing models align with their strategic planning models in order to ensure that services are not cut back or reduced due to lack of staff.
Staffing in Healthcare
When dealing with staffing in healthcare, it is important to have a strategic plan to staff the new facility. This includes taking advantage of apprenticeship programs and grants to build up younger staff members. It is also important to remember that consumers may give hospitals some grace due to the labor shortages, but any moment of rudeness can make that bubble vanish. Partnerships are a great way to move forward without employing everyone, as not everyone wants to be employed.
Healthcare Startups and Venture Capital
Oscar Health Plan is a co-sponsored health system plan. They have had to get creative in terms of growing through scale in to their local market. Consumers are asking for services that come toward them and telemedicine has been successful. In order to navigate the temptation to replicate competitors' efforts, they needed to survey new surveillance throughout the system and learn from best practices. They have also had to temper expectations and review data intelligence to ensure that decisions are being made based on what is best for the organization.
Venture capital firms are increasingly entering the health care sector, resulting in more costly services and subsidies. This is being seen in organizations such as Ascension, where they have venture capital-backed partners that help with local growth and is one of the things to look out as far as strategic growth is concerned.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to events@beckershealthcare.com
This panel was live on 04/03/2023 at the event listed here.
If you are interested in event like this, you can visit our Upcoming Conferences.