Becker's Hospital Review

40 40 CEO / STRATEGY The questions 5 healthcare executives ask when developing a growth strategy By Kelly Gooch T en months into 2021, hospital and health system executives must contin- ue to develop successful growth strate- gies as they navigate the COVID-19 pandem- ic and industry changes. is means looking at digital transformation, as well as how they will address community needs and attract and retain staff. Considering a Fortune/Deloitte summer 2021 poll showing nearly 80 percent of healthcare CEOs expect very strong or strong growth over the next year, Becker's asked health system executives to share the ques- tions they ask themselves when developing a growth strategy. Respondents shared their insights with Becker's in July. Responses are presented alphabetically. Alan Kaplan, MD. CEO of University of Wis- consin Health (Madison): Ultimately, the top question for a successful growth strategy is twofold, "What is/are the goal(s) of our growth strategy and what are the market opportunities to achieve it?" e rationale for growth tends to boil down to three general goals: financial sustainability, market relevance and pursuit of excellence. Strategies can include organic growth (e.g., program development, market entrance) or inorganic (e.g., mergers and ac- quisitions, joint ventures, etc.) For me, the goals are driven by our vision, and the strate- gies are driven by market opportunity. Jason Little. President and CEO of Baptist Memorial Health Care (Memphis, Tenn.): Does it enhance our mission and how will we attract the talent to staff it? Richard Lofgren, MD. President and CEO of UC Health (Cincinnati): When planning for the future, the first question we ask is, "How will this improve patient access and outcomes?" at is quickly followed by, "How will this respond to a need in our communi- ty?" Healthcare is a very human endeavor. We need to leverage the digital transformation to improve the patient experience and connec- tion to their needed services. At the same time, we need to optimize the use of technol- ogy to reduce the burden on our workforce to allow them to concentrate their energy in the care of the patient. Kathleen Silard. President and CEO of Stamford (Conn.) Health: How can we con- tinue to advance our mission of being the most trusted health partner for the commu- nities we serve? Trust is measured in myriad ways, including providing the highest-quali- ty care for our patients. is continues to be our North Star and shapes many of our core strategies that allow us to continue to provide the exceptional quality of care we've become recognized for, and further strengthening our position as a healthcare leader in our region. Our team is constantly evaluating the needs of our community not only for today, [but] also how those needs will shi over the com- ing years and asking the question, "What should we be doing today, through innova- tion, partnerships and program development, to ensure we continue to deliver high-quality, accessible, personalized care for the commu- nities we serve?" Dennis Verzi. System Executive Vice Pres- ident and COO of Catholic Health (Rock- ville Centre, N.Y.): At Catholic Health, we look at the community need, demographics and competitive landscape, along with the service availability and incidence and preva- lence of the targeted disease or illness in the specific geographic area of interest. n How 100 leaders of hospitals with 200+ beds characterize the staffing crisis By Kelly Gooch H ospitals continue to face staffing challenges — in- cluding nursing turnover and vacancy rates that have increased in the past 12 months — that are af- fecting operations, according to a survey of 100 hospitals released in August by management consulting firm McK- insey & Co. The survey found that nursing workforce coverage was cited as the top (84 percent) COVID-19 challenge respon- dents still face, followed by clinical support staff coverage (60 percent). These ranked higher than patient-driven de- ferred care (50 percent), as well as supply chain logistics and supply availability (45 percent). Hospitals also reported increased nursing turnover and va- cancy rates — 4 to 5 percentage points, on average, in the past 12 months, McKinsey & Co. said. Additionally, respondents reported that their operations have been affected by workforce constraints, with 60 per- cent having to change their care model and 48 percent having to reduce inpatient capacity. McKinsey & Co. said healthcare organizations are imple- menting various measures to maintain a strong nursing workforce amid this challenge. This includes wage increas- es and amplified recruiting efforts. The July survey is based on responses from strategic and operational leaders from 100 large private-sector U.S. hospitals with more than 200 beds. The responses came from all regions of the U.S. (Northeast, Midwest, South and West) and represent about 10 percent of the hospital beds in the U.S. n

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