Are you prepared for the unexpected departure of a key leader on your team? Succession planning and leadership development are essential in healthcare today, where leadership gaps can derail strategy, create turnover and result in loss of organizational momentum.
It is now widely acknowledged that a critical factor of high performing organizations is the ability to hire, motivate and retain talented professionals. This is essential at the C-suite and senior management level, where a wrong hire can be disastrous to the morale of the team and a significant cost in terms of human capital and financial investment. The author explains the fundamentals of psychometric testing and discusses the benefits of several assessment tools, which are readily available.
Fast Company magazine reports that 56% of companies surveyed said coaching is a major learning method that they emphasize in their organizations, and 51% said their use of coaches has increased. Motorola, for example, routinely invests seven percent of payroll in coaching, and this investment has resulted in a 20% productivity improvement. The authors explain how coaching is of particular value in health care settings, when the new CEO is a physician with little business training or organizational leadership experience.
Our ZDmd Physician Forum examines the issues most relevant to organizations who are contemplating conducting a search for a CMO, VPMA, Medical Director or Department Chair. Here, we define physician leadership and offer our professional perspective on the critical success factors organizations may wish to consider in order to attract and retain effective physician leadership talent.
The continuing increase in medical costs has created a renewed interest in changing the payment method for healthcare providers. The Commonwealth of Massachusetts has announced that under The Commonwealth Plan, there will be a move away from fee for service to global budgeting for healthcare providers. Dr. Greg Culley discusses Accountable Care Organizations (ACO) and the six critical elements to success of global budgets.
With the rapid growth of ZDmd, our physician leadership search division, along with changes in healthcare reform, we surveyed decision makers in the healthcare market about current trends in physician leadership recruitment. Results proved that despite pressing challenges in healthcare institutions, leaders are still slow to adopt “best practices” in the selection and development of physician executives.