The seismic forces currently roiling health care present boards with a new set of profoundly consequential strategic options. These often involve significant risk, major mission shifts, and challengingly short windows of opportunity.
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Hospitals and systems must understand the threats posed by market disruptors and craft specific strategies to protect their missions.
Corporate boards, across industry sectors, are increasingly being called upon to support management as the company responds to how innovative competitors “disrupt” their existing business model. Blockbuster, Borders and ESPN are prime examples of established companies that have been pulled into the financial undertow created by nimble disruptors.
Health care providers must draw lessons from the core capabilities of successful companies in the internet economy.
Utah-based Intermountain Healthcare continues to transform itself to best adapt to the demands of the changing health care environment. As part of the current transformation, the health system has organized its leadership to optimize the interdependencies of safety, quality, patient experience and workforce engagement. Under this construct, the system streamlines decision making, minimizes waste and redundancy, and positions the organization to deliver exceptional patient-centered care.