3 steps to professional success for hospital CEOs in a changing industry
As the healthcare industry moves toward value-based care, hospital CEOs are under more pressure and scrutiny than ever before to deliver effective and financially efficient care, all in the face of the highest CEO turnover of all time.
Becker's Hospital Review compiled a list of ways hospital and health system CEOs can ensure professional success in the volatile healthcare industry, including:
Be visible. CEOs should interact directly with employees, and ask for honest feedback and even criticism to identify what improvements the system needs. Don't be afraid to use social media and electronic communication to keep in contact with staff and show accessibility, Andrew Chastain, managing partner of Witt/Kieffer's southern region told Becker's.
Embrace change. Hospital leaders must keep an open mind when it comes to choosing strategies, collaborations and partners, and should consider deals with many companies, including ones outside of healthcare, Bob Valletta, PricewaterhouseCoopers partner and U.S. health services leader, told Becker's. CEOs who "put aside their own personal interests and take the long-term strategic view will be successful," he said.
Delegate. Although letting go is hard to do, it's one of the most important for a long, successful career, Chastain said. Leaders must trust their team and empower employees to work hard through training and mentorship.
Hospital leaders must also build a healthy relationship with the physician community, as physician alignment and physician recruitment are important aspects of hospital strategic planning and can now influence an executive's pay, FierceHealthcare previously reported.
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