Navigant's Kate Goonan, M.D., on Four Fundamental Capabilities that Position Organizations for Success, via HFMA
As the healthcare industry continues its transition from volume to value, it’s imperative for health systems to develop and implement a long-term strategic approach to build capabilities that position their organizations for financial success. This means big changes in how healthcare executive teams operate, Navigant's Kate Goonan, M.D., says in this HFMA opinion piece.
The Charleston Area Medical Center Health System in Charleston, W.Va., exemplifies a long-term strategic approach that yields significant return on investment. Similarly, Texas Health Resources, recognized at the highest level with the Texas Award for Performance Excellence in 2013, has fundamentally changed how leaders set and deploy strategic and operational initiatives across 29 hospital locations with more than 3,800 beds and a total of 350 points of access across north Texas.
Organizations that desire to achieve the same success as Charleston Area Medical Center and Texas Health Resources should start now to redesign how they lead and manage their enterprise, systematically building new skills to compete in a value world. To begin the process, healthcare leaders should develop the four fundamental capabilities that will position their organizations for success.