How to Prepare for Healthcare Leadership
If you are new to the healthcare industry or are in clinical practice, you may be thinking about how to begin to plan your career to become a strong healthcare leader. In order to become a C-suite leader, you must have more than a strong resume and certifications. It is imperative that you build a reputation as a leader who thinks outside the box, a leader who innovates, a leader who improves population health. Today, the executive search team at Summit Talent Group outlines the qualities our clients most look for when choosing talent for healthcare leadership. If after reading this, you have more questions, contact us or message us on our LinkedIn page. It is our goal to help build the healthcare leaders of the future.
How to Prepare for Healthcare Leadership
The one place where healthcare education is lacking is giving a more in-depth understanding of the business of healthcare to incoming physicians in all areas of practice. This skill is invaluable to providers. Having a strong grasp of leadership, financial management, data analytics and modeling can set you apart from others who are entering the field or who are looking to move from clinical roles to C-suite roles. Simply stated, an understanding of the factors that allow for better business decision making in healthcare is highly coveted by employers.
Right now, the healthcare industry is evolving daily. Legislation changes constantly, new technology changes the way we do things, and each day the focus shifts more towards patient satisfaction. On top of this, hospital systems are constantly consolidating and changing the landscape of healthcare.
As such, it is challenging to keep up with the changes and opportunities that can drive healthcare success. Future leaders need to be prepared to enact initiatives that will not only improve patient outcomes but clearly demonstrate this.
The best way to look at this is to see each of these changes and challenges as an opportunity. Talent which can look at the issues that plague healthcare economics, technology, transparency, and regulation will solidify their place as the future leaders in healthcare.
For example, when looking at healthcare economics, there is a large disparity between healthcare spend and the perception of quality and value. In 2015 alone, healthcare spend made up $2.9 trillion USD of the $18 trillion U.S. GDP. This was responsible for over 12 million jobs. However, ⅓ of the money spent on healthcare is seen as non-value added spend. Future leaders who can reallocate that spend with a focus on population health and patient satisfaction can have a significant effect on the healthcare industry. A good example of this is the recent joint incentive from pharmacy leaders at Ascension, SSM, Trinity, Intermountain and the Department of Veterans Affairs who are collaborating to form a new generic company to help the population to have more access to generic medications. It is this type of leadership that will shape not just the organizations these leaders are associated with, but the healthcare industry of the US as a whole.
How Can Healthcare Leaders Achieve This Goal
A healthcare leader looking to start this kind of transition must understand how the healthcare industry arrived at its current state. They must be able to create a new way of thinking and collaborating so that navigating the healthcare system becomes less cumbersome. Finally, they must be able to communicate clearly and effectively what they plan to do, why they plan to do it, and why others should collaborate with them. Communication skills are some of the most important to leadership roles. In order to effectively convince others to invest in their efforts, this leader must be able to articulate the value their ideas could derive and show how an ROI will come from his or her efforts while improving the patient experience and reducing costs.
If you are looking to become a healthcare leader and want more insights, follow us on LinkedIn. If you are ready to take on a leadership position, take a look at our current healthcare executive searches or submit your resume.