Healthcare Strategic Growth Blog

The Annual Strategic Plan is Dead

Posted by Jason Moore on Apr 23, 2019 9:32:53 PM

See Better Results with A Year-Round Planning Process

By Jason Moore

Hospitals have traditionally created an annual strategic plan as a roadmap for achieving growth goals. While well-intentioned and inspiring, this form of planning often fails to produce meaningful results, leading many to question its value. Why repeat a process that doesn’t produce strong results?

Additionally, this routine is greatly driven by annual data reporting—a factor that is changing due to increased adoption of the more frequently updated all-payer claims data (APCD). Stratasan’s APCD updates monthly, for example, allowing for more frequent market reporting that can lead to plan adjustments.

There is also reason to believe that plans will be more widely adopted when more members of the organization are invested in the process. This can be a difficult change in mindset for organizations accustomed to planning that takes place only at the c-suite level.

How can hospitals shift to take advantage of more readily available data insights, ensure greater adoption, and see system growth? The answer is an iterative planning process that invites organization-wide input and applies data-backed market insights.

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Tags: strategic growth, strategic growth planning, strategic plan, strategic planners, strategic planning, hospital strategic growth, strategic growth plan, Hospital growth plan, hospital growth

How to Create a Physician-Focused Growth Strategy

Posted by Jackie DeGroat on Apr 2, 2019 1:59:20 PM

Drive More Patient Volume and Improve Your Bottom Line

By Jackie DeGroat and Megan Reeves

Here’s something you already know: hospitals need physicians in order to drive patient volume. Opening a new service line or expanding an existing one is dependent on successful physician recruitment.

What you may not fully understand is how to involve physicians in a way that engages them at a strategic level. It can be a challenge to incorporate their input, even when you know it’s important to do so. And it can be a particularly difficult prospect for hospitals who have not prioritized this approach in the past, as it means a change to the status quo.

But the reality is that involving physicians in your planning can improve their connection to your hospital and their loyalty to your mission, vision, and values. It can also increase their buy-in, leading them to be more productive and willing participants in service line growth. Additionally, physicians have a firsthand understanding of your patient’s needs. Their input into your strategic growth strategy can lead to better alignment with the needs of your market.

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Tags: physician relations, strategic growth, strategic growth planning, hospital strategic growth, physician recrutiment, strategic growth plan, healthcare physician strategy

How to Thrive as an Independent Hospital in Challenging Healthcare Times

Posted by Lee Ann Lambdin on Jul 10, 2018 3:14:38 PM

Why the Benefits of Being Independent Can Outweigh Systemization

By Lee Ann Lambdin

Independent hospitals face undeniable challenges in today’s stressful, competitive healthcare environment. The estimated 1,609 independent hospitals in the U.S. must go at it alone in the world of declining reimbursement, increasing expenses, declining inpatient volume, new competition, and provider shortages. Consider these stats:

In the face of these challenges, a 2011 to 2015 Definitive Healthcare analysis identified a concerning trend: only 143 out of around 1,450 independent hospitals could be classified as “high-performing,” based on a median operating margin of at least four percent.

The benefits of systemization are well touted: increased efficiency, lower costs, increased quality, economies of scale, increased access to capital, greater talent and intellectual resources, increased leverage with payers resulting in increased reimbursement. However, there is debate around how recent megamergers will fail, and on March 16, 2016, Paul B. Ginsberg, lauded economist, testified before the California Senate Committee on Health on fostering competition in consolidated markets and stated, “The research literature on hospital mergers is now substantial and shows that mergers lead to higher prices, although without any measured impact on quality.” In light of his testimony, we want to consider how stand-alone hospitals can succeed in today’s difficult healthcare environment. Being an independent hospital has advantages, and those must be used as the basis of short- and long-term strategic planning for success.

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Tags: healthcare strategic growth, strategic growth plan, hospital growth, independent hospital, community hospital, rural hospital

Helping Hospitals Grow Using Data

Posted by Jason Moore on Mar 14, 2018 9:15:30 AM

A HealthRedesigned Podcast

By Jason Moore

The rapid progression of healthcare means it’s more important than ever for hospitals to understand how they should evolve. The need for the right data to make the best strategic decisions possible has become a critical component to growth.

Through our applications and our services, Stratasan makes it easier for hospitals and healthcare systems to turn their data into intelligence and make data-based decisions that’ll help them grow strategically and stay competitive.

I recently chatted with Jon Lay, Founder at Hanno, and discussed these ideas, which were recorded in this podcast conversation.

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Tags: healthcare analytics partner, healthcare growth, healthcare patient, strategic growth plan, Hospital growth plan, healthcare market data, healthcare data analytics, hospital growth, podcast, growth mindset

5 Tips for Better Brainstorming

Posted by Morgan Atkins on Feb 13, 2018 5:56:31 PM

By Morgan Atkins

Within healthcare organizations, teams are now a fundamental unit of organization. One study, published in The Harvard Business Review, found that ‘‘the time spent by managers and employees in collaborative activities has ballooned by 50 percent or more’’ over the last two decades and that more than three-quarters of an employee’s day is spent communicating with colleagues at many companies.

With the emphasis on teamwork, it’s important for the practices of these teams to be thoughtfully considered. Particularly, the common and important team effort of brainstorming new ideas together. “Studies show that people working in teams tend to achieve better results and report higher job satisfaction.” The New York Times Magazine reports. Knowing that, we wanted to discuss how brainstorming can be an effective team experience.

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Tags: strategic growth planning, strategic planning, growth planning, team, strategic growth plan, growth mindset, brainstorming

Overcoming Consolidation Challenges for Healthcare Marketing and Strategic Planning

Posted by Lee Ann Lambdin on Jun 6, 2017 8:15:00 AM

Maintain a Growth Mindset in the Face of Tightening Margins and Shrinking Departments

By Lee Ann Lambdin

As healthcare margins continue to tighten and consolidation remains a reality for many small hospitals, numerous marketing professionals are feeling the need to validate their impact by developing marketing strategies based on reliable, data-based intelligence. The pressure is on to stretch marketing dollars as far as possible, and it’s important for marketing outreach to be focused and data-based

Marketers and strategic planners alike are facing a new reality that requires them to do more with less. Many who have marketing in their title are also responsible for planning and strategy as well, and it’s apparent that this phenomenon is due to one of two things:

  • Either there was never a planning position or strategy has increasingly become a more important function for the hospital or health system so this job was given to the department that made the most sense: marketing.
  • Or, the planning position was eliminated over time and the function was consolidated with the marketing function.
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Tags: strategic growth, strategic growth planning, strategic plan, strategic planners, health strategist, healthcare planning, healthcare strategic growth, healthcare strategic planning, hospital strategic growth, hospital strategic planning, healthcare analytics partner, healthcare growth, strategic growth plan

5 Considerations When Vetting Healthcare Analytics Partners

Posted by Drake Jarman on Nov 15, 2016 11:57:35 AM

The planning, strategy, and execution of a strategic growth plan can be daunting for any size healthcare organization. Most healthcare groups need assistance from one or more outside partners for various aspects of the process. Your choice in partner(s) is a big one and is not something to jump into hastily: contracts can make up a significant portion of your budget and onboarding is long and time-consuming.

 

Before you get started, it’s important to know what qualifies a vendor as a good strategic growth partner for your specific needs. We’ve compiled a list of the five most important qualities you should look for and think about when pursuing a vendor partnership:

 

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Tags: Blog, strategic planning, data analytics, health care, healthcare, healthcare strategic growth, analytics partner, growth partnership, healthcare analytics partner, partner, strategic growth plan

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