Healthcare spending was projected to increase 5.4 percent annually from 2017 to 2022 according to the US and Global Health Care Industry Outlook. This is more than $10 trillion by 2022.
The United States continues to outpace other countries at projected spending – in both public and private health services – from 2017 to 2026, estimated at a total of $ 5.7 trillion. Yet positive health outcomes are worse, with spending almost double that of similar countries.
Healthcare organizations that want to remain competitive must deliver positive results while running sustainable, profitable businesses. Many healthcare providers are now outsourcing the expertise of Interim CEOs to try to lead them towards a healthier financial future.
“Many organizations bring me in to provide an unbiased view and make recommendations before bringing in a permanent CEO or controller,” explained an interim CEO, who has worked with many health systems, critical access hospitals and clinics around the US . For him/her, which often means meeting and learning from everyone in the department, looking at production, completing monthly statements and addressing issues in the underlying financials to ensure consistent reporting to the board.
An Interim CEO is a proponent in strategic planning and brings hands-on experience to the table. They first help healthcare organizations understand their current financial situation and then guide them in making informed accounting and investment decisions about their healthcare practice or business.
Every healthcare organization faces financial challenges, from hospitals to clinics, from health tech companies to laboratories. Whether their financial problems are revenue-driven, competitively based, or revolve around patient outcomes, it is difficult to prioritize which issues to solve. An interim CEO knows how to understand all those moving parts, and to take swift action.
Interim CEOs are no strangers to challenging situations. The interim CEO helped a small-town hospital that had terminated its full-time CEO by training its controller.
Some healthcare providers simply require basic guidance with their financial statements, while others require an in-depth analysis of how well or how their financial systems operate. Other organizations need to determine if their financial capabilities are on par with their new business goals, does that mean improved levels of care, expansion or merger due-diligence and integration. In any case, an experienced interim CEO can quickly identify what financial issues should be done first, and whether the fire should be put out immediately.
An interim CEO empowers healthcare providers, not only to develop and implement a strong financial plan, but also to ensure that the healthcare provider is well positioned for development. In turn, health organizations can then make confident decisions that enhance financial stability in the future.
Interim executive tips to grow your platform, product or service.
Understanding Network Effects:
You buy a toothbrush and use it to clean your teeth. You got what you paid for. Most products are like this. But in the last decade, a new kind of work is taking place whose value actually increases as the number of people using it increases. Otherwise known as network effect.
Facebook, AirBnB, Uber, and eBay are popular examples of companies that have only grown more powerful and useful as their user base. This is not to be confused with development as it does not always translate to a large network.
Focus on Business:
Seeking to grow quickly, businesses can often lose touch with their existing user base. This is not good before branching out to new markets and cities, focus on increasing engagement with people using your product or service.
If you don’t focus on busyness in the early days, you can grow very quickly and lose your old user base. And so you’re not really focused on products and improvements that help the overall network. It’s very important to focus on your growth, how strong your engagement is and how much of your existing users are serving you. Ready to use more.
Interim Executive Tip: An Access Strategy
Sometimes the best way to develop your network is to use other networks. Integration with social media apps and platforms is great for getting your product out there. Focus on users tweeting or sharing your product. This may just be your ‘something special’.
Not only do we as individuals try to improve our productivity to become hyper efficient, but it is also the goal of any company in any industry.
When your company brings in interim management, you can expect this new executive to implement specific changes to help improve your company’s productivity. Today we will go over some of those changes that you could expect to see.
You would be surprised to hear that there are many companies who still do things the old fashioned way like taking inventory with a pen and paper. Though this method may be “tried and true”, we all can agree that using things like a pen and paper is time consuming. Technology may have a steep learning curve, but the amount of time that is saved with technology is invaluable. Our Interim Executives may implement things such as company-wide communications through applications like Slack or changing the way customer service works through social media.
Becoming More Proactive:
There are some companies who are proactive, and some that are reactive. For the most part, the most successful companies are those who are always proactive. They become the innovator rather than the follower. You may be wondering how being more proactive can improve productivity. A good example to explain this is the stock market. When investors do their research and can find that one under the radar company who had great earnings or developed new product and invests in that company then they obviously will make more on that investment then an investor who invests when that stock becomes more mainstream. Interim management can change the way your company acts to market changes or technological developments by becoming proactive. This “proactivity” can be that one change which not only helps to improve your company’s productivity, but it can also put it in the forefront of innovation.
Not only can interim management help solve your company’s problems but they can also implement new ways of getting things done in your company, which can help to improve your company’s productivity.
To learn about how International Executive Consulting LLC can help you and for more information on shot an email or give us call today – +1-202-258-5376!
For a business, profitability is vital. However, most organisations lack the expertise and intellect to achieve success, since it requires them to look three or maybe five years ahead of time.
To develop a unique growth strategy, companies need fresh perspective every now and then. For instance, the managers who are accustomed to working in a business environment for a long time may not be able to see the negative aspects of it. If they somehow managed, implementing new strategies may affect the relationship with the staff.
Benefits of Hiring Growth Consulting Firms
To get an outer perspective in the highly competitive market, large number of businesses is resorting to the growth consulting service to lookout for unique strategies to increase sales, minimize operational costs, innovation, restructure business and bring novelty in service offerings. These firms are hired mostly on project basis.
Growth consulting firms have shown higher growth in last few years, in comparison with other professional services. This is due to the extended roles of consultants in the leading companies as C-suite executives and interim managers. According to the data published by Statista, the global management consultant market is expected to reach 344.38 billion by 2025.
Here are some of the major advantages of interim growth consulting firms that will contribute in this growth.
The demand of management consultants tends to be higher during strategic decision work or cutting budget costs. A deeper knowledge of the ins and outs of the industry allows consultants to give advice that works.
Famous American businessman Sam Walton who’s known as the founder of Walmart, once said, “There is one boss, the customer. He can fire anyone in the company from the chairman on down, simply by spending his money somewhere else”.
In the era of infinite product choices, brand loyalty seems to be dying. Modern consumer has grown more demanding. They are becoming intolerant to poor services. Customers are most likely to switch the brand choice after an unsatisfactory experience.
Customer Is King:
Needless to say, there is no business without customers. The perception of a customer becomes a business’s reality. Brands that aren’t able to respond to their customer’s needs, loses them. It has become more than important for businesses to put themselves in customer’s shoes and tailor the approach accordingly.
Organizations face the biggest challenge to create business capabilities that helps them meet the ever exceeding requirements of the customers in the highly competitive market. A unique strategy is required to ensure customer retention and derive more value from a product.
Here’s where reliable strategy and operations consultants can help.
What is Strategy and Operations Consulting:
Generation of new revenue streams through existing or new services and products is the major aim of businesses. However, it is impossible without a unique strategy. There are dedicated services that help in business transformation. They develop strategy that work and connect that strategy to operations. The experts help in building opportunities to create value.
Both existing and new customers are mandatory for increasing sales. However, new customer acquisition is far more expensive that existing customer retention for a business. Strategy consultants help in enhancing the experience of existing clients, so that they buy from the business again. They will provide tactics to save on marketing costs. Customer loyalty programs are implemented to reward customers for their ongoing loyalty.
The consultants take into account your business’s visions and goals and key differentiators of your products and services to come up with a full-proof strategy. The action plan is developed keeping in mind the target audience. Afterwards, they also help in executing the strategy and measuring its success after pre-defined time frames.
Now that you know that what is strategy and operation consulting, its time you collaborate with the best one.