Engagement for Cost Savings
In these audiograms, taken from Episode 16 of The Healthcare Leadership Experience, Lisa is joined by her producer Lisa Larter. Together they discuss the importance of creating an engaged healthcare organization and cost-conscious culture.
Engaged Healthcare Organizations Have Cost-Conscious Cultures
An engaged healthcare organization has three parts; vision, visibility, and value. The challenge is in creating a cost-conscious mindset. It’s not as intuitive as healthcare leaders believe. If your hospital has an audacious cost savings goal of $10 million, or $20 million, the key to success is involving every department to achieve that goal. It’s all about the vision.
Engaged Healthcare Organizations Need to Adopt a Patient Mindset
Consumers have to be cost-conscious in selecting their healthcare provider. Imagine if you could take the cost-conscious mindset of your patients and infuse it into your culture. Imagine your hospital and its patient being on the same page in terms of the quality of the patient experience and the cost of healthcare.
Hospitals Don’t Have to be Victim to Inflationary Costs
Engaged healthcare organizations don’t adopt the mindset there’s nothing you can do. Costs are rising and vendors will increase their prices but there are cost reduction strategies your hospital can adopt. Healthcare leaders need to think differently and provide their people with the skills and tools to be proactive around expenses in 2022. It’s the frontline workers that will notice the impact, not the CFO. That’s why creating a cost-conscious environment is so important for every hospital.
Don’t Assume Everyone in Your Organization is Cost Aware
Developing a cost-conscious culture requires a deliberate approach, it doesn’t happen naturally. That requires commitment from your leadership team, from the CEO, CFO, and COO to deliver the purpose, mission, vision, and the way to develop that cost awareness. Don’t fall victim to vendors automatically increasing their prices. A cost improvement culture is essential to creating a high-performing, engaged, healthcare organization.