The healthcare industry stands at a crossroads. In the digital age of wearable medical devices, telemedicine, and AI and machine learning revolutionizing the way we receive healthcare, providers face a labor shortage crisis, aging Baby Boomers, and burned-out doctors, nurses, and support staff still reeling from the pandemic. It’s not hard to see why healthcare professionals, providers, and organizations need all the help they can get.
No matter the economic climate, everyone needs healthcare.
Find out how business coaching can help your healthcare organization thrive despite all of the uncertainty.
Gain Broader and New Perspectives
Perhaps you own a healthcare office or several of them. You’re concerned with high-level decisions and how your company fits into the broader scope of delivering outstanding health outcomes for your patients.
Or maybe you’re a doctor who sees a dozen patients a day and doesn’t have the time or energy to handle low-level concerns. There’s nothing wrong with that– you’re just trying to make your patients’ lives easier.
One of the main benefits of business coaching for healthcare providers is that it helps them gain a broader perspective of their business. While healthcare providers may have in-depth knowledge about their specific areas of practice, they may not always have the business expertise required to navigate complex business challenges, both external and internal.
You’ll need to understand the big and small pictures to help retain your talent, whether it’s clinical or non-clinical staff. Does everyone have the right training? Do your employees feel heard? Are there any supervisors who don’t seem to fit your organization’s culture?
You may not see or hear of these hidden issues, but you’ll need to know about them to make the right decisions.
Of the top four reasons why people leave their current jobs (according to Gallup in November 2022), you can control three of them! Why not give them A Stake in the Outcome (a unique bonus plan)? That might help with retention.
Managing Changes Quickly
Yes, healthcare companies need to follow strict regulations and protocols. However, healthcare changes quickly. No one foresaw how much the pandemic would change our world, just as healthcare companies were on the fence about adopting telehealth and telemedicine technology.
Seeing and talking about financial numbers openly gives you and your staff the empowerment they need to come up with ideas for navigating and managing changes effectively.
Communication Is the Key
The right business coaching can help healthcare providers improve their communication and leadership skills, which are crucial for managing a successful organization. You’ll build a strong team and foster a positive work environment with open-book management, which takes communication one step further.
When employees see you open up about company processes and finances, they’ll trust you more, and that added trust could improve employee morale, increase productivity, and create better patient outcomes.
Open-book management fosters several key aspects within your organization.
1. Improved Leadership Skills
You already have mad leadership skills, but open-book management enhances decision-making (both big and small) and conflict resolution (before things become a major problem). Just like a patient’s small, open wound can become a problem with infection if left untreated, so, too, can unresolved issues within your organization.
2. Better Financial Decisions
Ironically, being open about company finances means you’ll gain a better understanding of them yourself. For example, someone might come up with a great idea of how to delineate revenue in a way that makes sense to see the overall health of the company (like recurring revenue versus non-recurring revenue). Knowing those differences can give you a better attack plan for improving revenue forecasting.
3. Enhanced Teamwork
Without the team, your healthcare organization goes nowhere. You’ll build more trust and better collaboration when you open the lines of communication. Your business will run more smoothly and effectively.
4. Better Decision Making
Open lines of communication foster ideas from all corners. Ideas have to come from somewhere, and the best ones often lead to more informed choices that lead to better outcomes for the organization.
Communication starts from the top. When you’re open about your business operations, your employees will open up to you.
Book a Coaching Call Today
You’ve faced a lot of challenges over the past few years as a healthcare business. However, prioritizing an employee-first business philosophy can help you improve your business model.
Get personalized coaching from the Great Game of Business today!