Volume 8 Issue 6, March 23, 2021
A silver lining of the public health emergency is that it has forced many healthcare businesses to reevaluate their operations and refocus on what truly drives their success. For those businesses planning for a transition or future diversification, this has become even more important. One thing we have learned from the past year is that not everything we think is important really is necessary. In addition, we now have a greater understanding of and appreciation for the marriage of virtual care and transparency and how they, when combined, represent a powerful relationship.
To truly embrace the idea of going virtual means that you question each assumption about the shackles associated with using a traditional office and real estate. It requires you to embrace technology, including using a video conferencing platform for internal meetings and building a telehealth program to care for patients where they are located. To be transparent means that you open your core business operations to everyone on your team so that they can actively and more effectively participate in your progress.
The net result should be a stronger bottom line that is achieved by the following:
Today, we have many healthcare businesses, ranging from durable medical equipment to long-term care programs, effectively operating without a traditional office. They may co-op a service or delivery site as necessary, but they can lease space a la carte while reducing administrative expense. The number of businesses taking such an approach to care delivery is on the rise thanks to advancements in technology and embracing of virtual care by patients.
Such a structure should permit staff to securely access critical IT systems and effectively perform their jobs from their homes and when on the road via mobile devices. The right technology can improve staff productivity and satisfaction while helping a business ensure it is maintaining HIPAA compliance and meeting other regulatory requirements.
Such software has transformed the face of traditional spreadsheets. A progressive executive ensures their managers have ongoing access to key critical performance metrics — and any associated benchmarks — without the need to dive into spreadsheets with regularity. The idea is to keep your eyes on the salient data, interpret that information, and then act on what you see and learn.
And relying less on traditional meetings and mind-numbing chatter. The assumption is that most information can be transmitted electronically for your review prior to meeting. Then, the precious time together can be used to review strategy and outcomes data, challenge the orthodoxy, and implement new actions that help the business achieve goals and constantly be moving forward.
This last point is rich with a new view of the time your team spends together. Real human interaction — and not offices, desks, and file cabinets — is critical to the bottom line of a healthcare organization. In a virtual and transparent enterprise, the emphasis is on meaningful dialogue and the trust in individual accountability and self-management. While such concepts may have seemed somewhat radical only a few years ago, they are quickly becoming an expectation and, for some, a requirement for success in today's rapidly evolving healthcare environment.
Rob has an extensive background in Public Relations and Marketing for various companies and clients in a number of industries including, healthcare, finance, and technology. He has led PR and communication campaigns with national brands and helped launch several startups in the Dallas/Fort Worth region. As an Associate of VERTESS, he is passionate about growing the business through successful transactions by supporting Managing Directors and their efforts during the entire process of a merger or acquisition. Prior to joining VERTESS, Rob helped operate a non-profit business incubator for entrepreneurs and small business owners in Fort Worth, Texas.