A Hospital’s Community Impact
In a recent article in The Modern Healthcare Magazine entitled “Rebuilding A community – The hospital was a force holding the community together. Without it, I think this community probably will disintegrate”. The article was excellent and addresses some critical issues within rural healthcare, resulting in a rural hospital that had to close and stresses the impact of the hospital closure on the community, both on the lack of access to quality healthcare and the economic impact on the community.
The challenges within rural healthcare across the country are unique and need to be addressed in a different manner than their urban counterparts. Resources are often a challenge, leadership is often stretched and the margin for error is often a reason not to proceed with an initiative.
CEO turnover can be disruptive to an organization, its employees, and the community it serves. The CEO turnover rate continues to range between 18 and 19 percent, with many critical access and rural hospital having CEO turnover rates that exceed 20 percent. Today’s state and local health organizations, community leaders, and healthcare board members among others are deeply concerned about the high rate of CEO turnover, and the impact on the hospital, physicians, staff, and the community at large.
With the average CEO tenure hovering around 3 to 4 years, the ability to create and sustain change is not attainable. In addition, studies indicate that within a year of a CEO’s departure, almost 50 percent of the executive team will also leave the organization. The impact of executive turnover can be significant to an organization, whether large or small. Turnover can result in eroding financial performance, loss of quality talent, community partnerships that become unstable, adverse community relations, and physician alignment concerns.
The impacts extend well-beyond the healthcare organization itself. CEO turnovers are negatively impacting the communities served by these rural healthcare organizations. Access to quality health care services can be interrupted or terminated. Efforts to align hospital and community resources to address health influencing factors such as transportation, safe and affordable housing, access to health foods, and coordinated efforts to reduce health disparities are all jeopardized when rural health care organizations falter.
How We Can Help
Strategic planning is critical for all businesses to set vision, strategies and objectives to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organizations direction in response to a changing environment.
Source can assist in developing, implementing and monitoring your strategic planning process, establishing metrics, communications plan and implementing the plan to ensure organizational success.
Executive Advisory Services
The pace and impact of the transformation required within healthcare has never been greater and the margin of error is a razor-thin, at best. Many healthcare executives and their boards are not prepared for these drastic and accelerated changes that will be necessary to position and sustain their organizations for the future. Adding to these challenges are Chief Executive Officer turnover approaching 25% in many markets, lack of experienced management expertise, access to capital, and board governance knowledge at Critical Access/Rural Hospitals has continued to be a causal factor in the decline of services and closures.
Source believes that to assist a rural organization in their journey for quality, operational and financial optimal performance, a trusted advisor would be of value to the leadership team and Board providing the expertise and full-service capabilities to drive results. A recent study indicated that almost 50% of rural hospital CEOs are first time CEOs, often lacking the experiences and expertise to tackle the many challenges and opportunities. Our services would tailor to specific solutions and expertise to the organization’s needs.
Governance is entrusted with many critical tasks form recruiting and retaining leadership, fiduciary responsibility, establishing strategic direction, critical decisions like strategic partnering, accessing capital, merger/acquisitions and other one-time decisions.
Source can assist boards and executives through these process and discussions, bringing a disciplined process and analysis, ensuring critical questions are raised and the discernment process has integrity, timeliness and thorough discussions and decisions made.
Traditional leadership training is effective for horizontal development—gaining knowledge of leadership skills to manage predictable, linear problems. Skill building helps improve efficiency and effectiveness. But, it’s not enough. Leadership coaching efforts can advance a leader’s training by beginning to address vertical development—growing the leader’s capacity to fully lead within rapidly changing, complex and unpredictable environments. When this type of development is integrated with the development of support structures around the leader, the team and the system—the development now truly has a chance to stick. In this way, the capacity at all levels of the system is increased to the next level needed for success.
Source is led by healthcare leaders, physicians and executive coaches, we leverage our deep and broad functional experiences in the healthcare industry to drive developmental change efforts for leaders, teams and entire organizations. Our collaborative, interdependent and custom-designed services are designed to help you increase the capacity of your leaders and teams, so your healthcare system can navigate complexity more effectively.
Second Opinion Services
The boards of organizations have tremendous responsibilities, frequently with one-time strategic and financial decisions that have a long-term impact on the organization. This might be key strategic partnering, leadership changes, merging/acquisitions, and other strategic decisions.
Source brings expertise, experience and processes to assist boards and executives in determining strategic alternatives, diligence review, critical thinking and communications planning to ensure a successful transition with strategic agenda items.
Best Practice Solutions
Executives are extremely busy and often do not have time to scan the industry for solutions to assist the organization meet the many challenges and opportunities healthcare organizations and physician enterprise face. There are many excellent solutions focused on bringing technology solutions to clinical, operational and administrative issues at a lower cost and greater impact on the organization.
Source is led by a seasoned team of trusted advisors in multiple disciplines. With its team’s extensive background and experience in hands on management and leadership, Source identifies, vets, certifies and strategically utilizes best-in-class resources in partnerships with seasoned subject matter experts to optimize the financial, operational and strategic objectives of our colleagues/clients. We will feature solutions that as former healthcare executives we feel you would like to learn about and possibly take a closer look. These can be found in the Solutions section of the website.
Executive Compensation & Benefits
To get Executive Compensation right, every angle must be thoughtfully considered. Boards and Executives want to strike the right balance to optimize efforts and ensure long-term sustainable success. Competitive compensation package must ensure your selection hits the ground without reservation, but it also must be commensurate with comparable data, and meet regulatory requirements. In the end, the compensation plan must satisfy your Board, executives, regulatory bodies, and consider public optics.
Source assures brings the expertise and experience to assure the recruitment, rewarding and retaining of executives and aligning incentive compensation with the short- and long-term goals and objectives of the organization.
Our Rural Health
Source works closely with the National Rural Health Association to ensure services and technology solutions meet the needs of rural healthcare providers.
Physician Coding – Data Analytics with Artificial Intelligence
One of the big challenges in acquiring physician practices or hospitals merging their physician enterprise is the diligence and ongoing monitoring of physician coding practices. Most organizations will do a sampling of physician coding practices, which leaves a high percentage of physician’s practices that are not fully assessed. Obviously, this can result in significant compliance exposure for over coding or under coding and result in revenue loss when a physician is under coding due to poor documentation. The manual process of auditing physician coding practice results in greater risk for the acquiring physician practices, the merging of hospitals which employ physicians, the PE investment in physician practices and the overall monitoring of coding practices.
Population Health, Readmission Reduction, Coordination of Care
Reducing readmission rates is a major focus for hospitals across the country. This solution can be a great tool for managing population health with the critical clinical data that allows for interventional analytics versus retrospective analytics. It is critical for health systems to manage their post-acute provider network and ensure that they are aligned with the broader population health strategies. Managing the acute and post-acute markets will be critical in improving and coordinating care, reducing readmissions, and reducing overall cost.