The 9 Skills of Future Healthcare & Physician Executives!
Sam Basta, MD, MMM, FACP, CPE
Senior Executive & Strategic Advisor | Value-Based Medical Technology & Care Delivery Platforms | LinkedIn Top Voice
Hello again friends and colleagues,
The healthcare ecosystem is rapidly changing! Future healthcare and physician executives will need to keep up with the trends and challenges that are driving these changes. They will also need to upgrade their leadership skill set to be able to steer their organizations and navigate the turbulent times ahead. I'll start by breaking down the three main areas where those changes are most evident.
I. Financial
The healthcare system is shifting away from fee-for-service, where providers are paid based on the volume of services which has led to skyrocketing utilization and costs, and inconsistent quality of care. Value-based care or population-level reimbursement, where providers are rewarded for delivering high-quality care to populations of patient as measured by clinical and experience outcomes, and lower costs. These models provide incentives to focus on preventive care, chronic disease management, and care coordination across different providers and settings.
II. Organizational
As the focus is shifting from volume to outcomes, healthcare organizations are shifting from siloed entities like hospitals, medical groups, payers, and pharmacies to more integrated and patient-centered platforms focused on improving population outcomes and care coordination. This means various players are working more closely together (if not outright merging), sharing information more effectively, and collaborating to deliver more coordinated and effective care.
III. Technological
New technologies are evolving at an unprecedented rate. Artificial intelligence (AI), multi-omics, and wearables are creating new medical knowledge at unprecedented speeds and enabling care delivery models based on continuous data streams which are translated into digital biomarkers and real-time decision-making. These technologies are enabling healthcare providers to personalize care plans, identify high-risk patients, and intervene before costly complications occur. They are also improving patient engagement and enabling self-management of chronic conditions.
Healthcare executives and physician leaders need to develop new skill sets and leadership competencies to lead their organizations effectively through these rapid transitions. Useful lessons could be learned from other industries that underwent similar evolution.
Lesson 1: Embrace Data and Analytics
One of the key lessons to learn from industries like finance and retail is that during time of rapid transition data and analytics become the cornerstone of understanding the new environment and informing decision-making. More data is available than ever before and healthcare leaders must learn to leverage this data to improve patient outcomes, reduce costs, and make better strategic choices.
For example, data can be used to identify high-risk patients and proactively intervene and coordinate care before complications occur. Analytics can also be used to optimize operations, identifying bottlenecks and inefficiencies and implementing process improvements.
Lesson 2: Adopt a Customer-Centric Approach
The importance of adopting a customer-centric approach is a lesson to be learned from the retail and hospitality industries where organizations with high Net Promotor Scores have been the most successful and have delivered the best results. Patients are the "customers" of the healthcare system, and healthcare leaders must learn to prioritize their needs and preferences.
Amazon and Starbucks are leaders in the customer-centric approach. Healthcare can learn the importance of investing in patient experience initiatives, such as improving communication and managing every interaction across all channels including digital, facility and home. They can also use data and analytics to personalize the patient experience, tailoring care plans to individual patients' needs and preferences.
Lesson 3: Embrace Innovation and Change
Technology companies have lots to teach about the constant change and evolution needed to manage exponential change! With exponential technologies' arrival in healthcare, it is critical that leaders learn to anticipate and adaptable to the accelerating change.
Agile Management used in software development is a great tool for managing exponential change. Innovation labs and investments in emerging technologies, such as telemedicine and AI, are also important adaptation responses. Healthcare has historically been a reactive slow-changing conservative industry. We can't react to exponential change. It must be anticipated and prepared for!
Lesson 4: Build Strong Collaborative Networks
In today's interconnected world, no organization can succeed in isolation. Companies in industries like finance and tech have learned to collaborate with each other and with external partners to leverage their skills and resources while focusing on developing their own core competencies. Academic institutions with research and development infrastructure make great collaboration partners and so do startups who can bring the energy and risk-taking skills that many healthcare organizations lack.
9 New Skills and Competencies for Future Healthcare and Physician Leaders
To apply these lessons and successfully navigate the change, here are 9 areas where healthcare executives and physician leaders need to develop their skills:
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1. Agile Leadership
Agile is about adapting quickly to rapid changes and responding to emerging trends in a flexible and efficient way. Healthcare executives need to acquire skills in organizing and managing teams to rapidly deliver on goals while maintaining the flexibility to respond to market and technology changes and patients' and partner feedback.
2. Exponential Technologies
Three exponential technologies are transforming healthcare!
3. Entrepreneurship & Innovation Management
The competency to foster an environment of creativity and experimentation to drive continuous improvement and new solutions. This also includes being able to take calculated risks to create new solutions and drive innovation within healthcare organizations. Healthcare leaders must develop this skill to stay competitive and create new revenue streams, partnerships, and business models.
4. Design Thinking
The human-centered approach to problem-solving that encourages empathy and collaboration. Healthcare executives must learn to incorporate design thinking into their organization's strategy to create patient-centric solutions that drive better outcomes.
5. Experience Design
Leading the creation of seamless and positive experiences for patients across all touch points with the healthcare system. Healthcare leaders must develop develop a system that provides consistent and recognizable interactions across a variety of care delivery channels including digital, retail, facility, and home.
6. Mentoring
Mentoring is about fostering the growth and development of the next generation of healthcare leaders. Healthcare executives must develop this skill to nurture talent within their organizations and create a culture of continuous learning and improvement.
7. Platform Management
As healthcare organizations shift from siloed entities to more integrated and patient-centered platforms. Healthcare leaders must learn to adopt and manage platform business models to create more efficient and effective care delivery systems.
8. Social Media
The effective use of these new information and communication channels is an essential skill for healthcare executives to master in today's digital age. By leveraging social media platforms, healthcare leaders can connect with consumers and stakeholders, build their brand, and drive engagement and awareness of their organization's offerings and initiatives.
9. Extreme Learning
Extreme learning is a crucial skill that healthcare executives must develop to keep pace with the rapid pace of technological change in healthcare. This skill involves tapping into new sources of information to stay up-to-date with emerging research and new technologies. A very important enabler of extreme learning is social learning which involves collaborating with peers, industry experts, and thought leaders to share insights and knowledge, and to collectively tackle complex challenges facing the healthcare industry.
Conclusion
As the healthcare system continues to transform, healthcare executives and physician leaders need to develop new skills and competencies to lead their organizations effectively. By focusing on these 9 areas of knowledge and skill, healthcare leaders can position themselves to thrive in the rapidly changing healthcare landscape and deliver high-quality, patient-centered care that improves outcomes and reduces costs.
Please spread the word!
See you next week,
Sam