Only problem solvers need apply, but each senior leadership team has different and unique needs.
CFO’s are operational, involved in every major decision that determines operational sustainability in an environment where change is the norm and the pace is accelerating.
The pandemic was an incubator of sorts, but it really was a high wire act without a net. There was no time to debate a myriad of possibilities when the hospital was being overwhelmed with very sick patients who had contracted COVID-19.
Decisions and prioritization were quick and innovation soon became a daily tool.
The Great reset is here. And, the landscape has changed again. Margins remain tight. All providers aim for new growth, an enhanced Patient Experience, and retention of caregivers. As expected, the recovery has been uneven.
Strategy is one of the most overused terms in our industry, but at its best it is a forward plan based on data analysis, conceptualization, modeling, and predictive analytics. It may be market-tested and bench-marked or it can be straight out-of-the-box.
Listed below in random order are strategies gleaned from a recent article that featured interviews with 50 different Chief Strategy Officers. Each highlighted strategy reflects the Chief Strategy Officer’s expertise and his or her hospital provider’s needs.
I’ve noted one asterisk next to strategies mentioned several times and two asterisks for those mentioned more frequently.
- Business development **
- Marketing and branding **
- New market growth **
- Digital marketing **
- Virtual medicine **
- AI and machine-learning solutions *
- Data analytics *
- Innovation **
- Service line optimization **
- Physician practices and clinical growth *
- Payer partnerships **
- Other partnerships
- M & A **
- Community outreach *
- Population wellness *
- Government communications*
- Public relationships *
- Advocacy and philanthropy *
- Investment portfolio optimization *
- Incubator start-ups **
- Equity, inclusion and social determinants of health *
Each of these is a worthy initiative to generate new and sustainable growth or strengthen brand. Each starts with a conceptual model with well-defined broad strokes of tasking and fleshed-in touch points to create a Road Map for greater success.
Tasking is a build-out of goals, needs, and wants, and must be distilled into data points and data aggregates.
Capturing relevant data to score the efficacy of each strategy is a must. Scoring results, financial modeling of change and variation, and making changes as-needed ensures the initiative continues to hit revenue and profit targets.
Accordingly, it’s important to create metrics that make sense of variation and change, and use predictive analytics to measure the net revenue impact of potential change
We are Strategic Advisory conceptualizers and data-driven problem-solvers.
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