The year ahead promises to be a challenging one—with obstacles expected and unexpected like a steeplechase. Coming off the heels of the pandemic, we’re headed toward an integrated, value-based, managed, hybrid, consumer-driven future. The question I get most often from executives is—how does our infrastructure, our processes, and our team need to change to be prepared?
There are a few critical areas for executive team attention that are at the top of my list—forward-looking strategy for sustainability, service line portfolio management, management of financial strength, a restructured hybrid service delivery system, and a tech platform with expanded functionality.
Strategy & Service Line Portfolio Management—When it comes to strategy and service line portfolio management, my view is that you can’t have one without the other. Mapping services—by profitability, by revenue, by payer, by geography—gives an executive team a look at where they are at overall and any diversification vulnerabilities. And tracking service line performance regularly over time provides a sense of trend and facilitates prompt decision making.
- Service Line Portfolio Analysis – The Process & Use In Strategy
- The OPEN MINDS Five-Step Cycle For Strategy Implementation
- How To Build A Strategy For Success: Best Practices In Portfolio Management, & Service Line Decisionmaking
- The OPEN MINDS Strategic Technology Assessment
- How To Develop A Strategic Plan: An OPEN MINDS Executive Seminar On Best Practices In Strategy, Portfolio Management & Scenario-Based Planning
Management of Financial Strength—Even the best services are not enough without the organizational financial strength (the ability to generate cash to make investments and service debt) to finance growth. Executive teams should have a plan to improve financial strength—and increase financial elasticity (the ability to withstand a market upset).
- The OPEN MINDS Financial Strength Calculator
- Conducting An Organizational Financial Strength Assessment — Why, How & What To Do Next
- How To Monitor & Manage Your Organization’s Financial Performance
- Assessing Non-Profit Financial Strength For Strategic Growth & Sustainability: The OPEN MINDS Approach To Non-Profit Financial Strength
- Assessing And Building Your Organization’s Financial Resiliency – The OPEN MINDS Approach To Non-Profit Financial Strength Assessment
Restructuring Service Delivery For an On-Demand, Hybrid World—The pandemic has significantly changed the service delivery expectations of consumers and health plans. The demand for rapid access to services has increased. Also, there is now an expectation of a service delivery options that include virtual, on-demand, and in-home options. While this sounds straight forward, the shift requires an overhaul of scheduling, of documentation and billing, and more.
- Going Hybrid—The Process & The Technology For An Integrated Virtual, In-Home & In-Clinic Service Model
- Optimizing Home-Based Services With Technology—The 21st Century Cures Act, Electronic Visit Verification, Route Mapping & More
- How To Get Started (Or Expand) Delivering Home-Based Service Delivery
- Selling The Next Normal—How To Improve Consumer Engagement In Telehealth Services
- Just What The Doctor Ordered: Innovations In Telehealth For Adults With Intellectual & Developmental Disabilities (I/DD)
Adding Tech Functionality—An integrated, value-based, hybrid future means new tech functionality. In addition to electronic health records functionality, human resource information system platform, and a financial management system, most provider organizations will need to add functionality for consumer engagement, on-line scheduling, population health management, and more.
- Tech For Success: How To Assess Current Tech Functionality Readiness For Future Growth
- Strategic Advantage Through Technology: Planning A Tech-Enabled Future – The OPEN MINDS Management Newsletter, March 2021
- Technology Strategy For Sustainability—EHRs Are Just The Start
- Making The Right Technology Investments For Your Organization: An OPEN MINDS Executive Seminar On Technology Strategy, Budgeting & Planning
- Using Technology To Increase Client Engagement
And for more opportunities to establish best practices, plan to attend The 2022 OPEN MINDS Management Best Practice Institute August 30 through September 1 in Newport Beach, California with a keynotes from Wendy Farmer, Chief Executive Officer, Beacon Health’s Georgia Collaborative ASO, and Lauren Sims, Behavioral Health Director, Behavioral Health Operations, Anthem, Inc.