At the Becker’s Healthcare 13th Annual Meeting in Chicago on April 3, a panel of leaders gathered to talk about the big trends and challenges in healthcare delivery. The panel included:
- Stonish Pierce, COO of Holy Cross Health, Trinity Health Florida
- Susan Burroughs, CEO of MUSC Health Columbia Medical CEnter Northeast
- Hillary Miller, Vice President and Chief Learning Officer, Penn State Health
- Ryan Donohue, Strategic Advisor, NRC Health
Mr. Donohue said a short-term episodic growth strategy adopted by many healthcare organizations fails to provide consumers with long-term sustainable growth. Adopting a service line strategy can be a crucial strategy for healthcare system expansion. The following summary covers the high-level takeaways from the panel.
The impact of mergers and acquisitions on growth
The Federal Trade Commission has been rigorous in challenging hospital deals and acquisitions that may harm consumers. Healthcare organizations should therefore focus on the direct and indirect costs associated with contracts and engage patients and families in their planning and decision making. Telehealth plays a crucial role in providing convenience and a great patient experience.
Staffing for new health facilities
Building a workforce is better than relying on travelers. Healthcare organizations should focus on an apprenticeship program, grants, and educating younger populations about healthcare careers. Strategic partnerships with other organizations or non-traditional partnerships with companies can make the most of resources.
Startup and venture capital in healthcare
The healthcare space is witnessing a surge of venture capitalists and startups that provide subsidies for healthcare services. Collaboration between healthcare organizations and startups is on the rise. Healthcare leaders need to be aware of the impact of venture capital on healthcare and plan accordingly.
Impact of co-sponsored health system plans
Oscar health plan is a co-sponsored health system plan that focuses on providing services to consumers and creating collaborations to scale their growth in the local market. They have a surveyed-the-system approach to adopt best practices and understand consumer reactions.
In conclusion, strategic growth is essential for healthcare organizations that want to provide sustainable long-term gains. Focusing on patient outcomes, collaborations, and financial stability while adopting a service line strategy can provide a roadmap for success. By engaging patients and families in decision-making, healthcare systems can benefit from mergers, acquisitions, and affiliations. Building a workforce and partnerships with non-traditional organizations can make the most of resources. Finally, collaboration with startups and venture capital firms can help healthcare organizations keep up with trends and innovations.
