Picture of boat on the ocean

Three Solutions for Navigating Market Changes in Healthcare

picture of boat on the oceanNo other industry has seen quite the magnitude of change as healthcare. Today, nearly every facet of the industry is radically transforming as our core business focus shifts from illness to prevention. Providers and vendors are forced to transform their practices as they secure a meaningful role in the industry.

As I recently shared in an interview with the Kansas City Business Journal, “It always used to be about healthcare, and now we’re seeing it morph into life care … being able to take care of patients beyond just when they’re ill, but keeping them healthy for a lifetime.”

To build a sustainable and adaptable healthcare company in the midst of this changing market, healthcare executives should focus on strategy in three core areas: leadership, culture and fully integrated, consumer-centric care models. Let’s examine each of these three areas in more detail:

1. Complementary and strategic leadership

The right mix of personalities in the right executive positions at the right stages of growth is critical, especially in an industry undergoing widespread disruption like healthcare. In the book, Rocket Fuel, authors Gino Wickman and Mark C. Winters describe the explosive combination of two seemingly opposite roles: the Visionary and the Integrator.

The Visionary is the dreamer, the champion for innovation, the person who looks at the big picture and provides passion and inspiration to others. The Integrator is the complementary force to the Visionary, responsible for governing day-to-day issues, aligning the team with goals and engaging with clients. As the degree of market complexity increases, so too does the organization’s need to be a “visionary” in its approach and an “integrator” in its execution. By clearly defining these roles in your organization – and delegating responsibilities that take advantage of each individual’s strengths – will you be able to clear the obstacles keeping you from achieving your strategic goals.

2. Focus on culture

Chances are the vast majority of your employees come to work each day motivated by the good they can do in the lives of patients and those seeking information about healthcare. That mission to make a difference is a powerful ally because your culture is closely connected to your brand.

The rise and influence of the Millennial generation in the workforce is making the need for that cultural connection more prevalent than ever before. A 2015 Fast Company article reports that 50 percent of Millennials would take a pay cut to find a job and/or company that matches their values, and 90 percent of them want to use their skills for good.

The opportunity to use social responsibility as a brand platform is potentially very powerful, both externally and internally. Healthcare organizations can embrace corporate social engagement as a strategy for building brands, fostering loyalty and enhancing employee recruitment and retention. Your mission hasn’t changed despite the market transformation, but now is the time to truly integrate your mission with your culture and live your brand.

3. Emerging care models expand to focus on health and life

The visionary leader goes beyond the “sick care” model to establish a fully integrated, consumer-centric model of health and life services. Organizations must pivot to offering community-based services that encourage consumers to adopt new, healthy lifestyles. This means digitally connecting with consumers where they live, work and play using innovative telehealth options.

Think of it as putting a personal care provider in everyone’s pocket, extending care via smartphones to where it is most convenient for consumers. Or envision building a community-based continuum of healthcare and life services through public-private partnerships to emphasize access to healthy foods, fitness and health education—so much so that it becomes pervasive in people’s lives.

Virtual connectivity also encourages thinking beyond your immediate neighborhoods and examining the potential to directly contract or build referral agreements with specialty care centers across the U.S. for high acuity and complex chronic care conditions. As your organization embraces these and other new models of care, it is imperative that leaders adapt your organization’s culture and brand accordingly while empowering the whole team to skate to the new puck.

Look to the Future

Healthcare leaders must watch trends and study data to learn more about the market’s evolution—but they must also go further to find insights buried deep in the data and figure out what to do with them. In other words, you must be able to answer the age-old question, so what? Determine what matters amidst all the change and disruption. Take time to understand the transformation in the market and how best to adapt. Then, use that knowledge to drive results-oriented and future-focused change at your organization, and bring this new health model to life. The successful organization in the new healthcare world needs the vision to see the future, the flexibility to adapt to it, and a clear strategy to bring itself safely through it.

About the Author

Carol Dobies, CEO and Founder of Dobies Healthcare GroupCarol Dobies is the CEO and Founder of Dobies Healthcare Group, where she has been bringing healthcare brands to life for more than 25 years. Share your thoughts with her by tweeting @DobiesGroup or by commenting on the Facebook page.