Business Administration Skills for Optimizing Health Care

Transcription

1 S046 - Derm Rapid Fire: Putting Residents at the Center of QI Initiatives Sunday, March 03, 2019, 1-4 pm Business Administration Skills for Optimizing Health Care Vesna M. Petronic-Rosic, MD, MSc, MBA Professor and Chair Department of Dermatology MedStar Georgetown University

2 Objectives This presentation will focus on specific knowledge acquired from an M.B.A. that enhances the financial, analytical, management and leadership skills professionals rely on in order to excel in their careers and optimize patient care. Disclosures I do not have any relevant relationships with industry.

3 High-level Key Points Financial planning and cost-benefit analysis Effective communication Streamlining operations Team management and leadership Disruptive Innovation

4 I am comfortable designing a business plan and calculating an ROI a) Absolutely! b) I know how to read one and understand the value, but could not put it together on my own. c) Not really what s an ROI? d) I do not believe that is my job. I have administrative staff who can do it.

5 Financial planning and cost-benefit analysis All medical establishments must be able to effectively manage limited financial resources, so it s essential to make sound decisions that provide good return on investment (ROI). A business-oriented education provides the tools and knowledge needed to take advantage of opportunities and mitigate the risks that accompany high-level decisions. Knowing the ins and outs of financial planning gives us a better understanding of the entire operation.

6 I know how to communicate well and leverage my expertise to negotiate sound business deals for myself, my patients and my practice a) I certainly do! b) I am learning I have read Getting to yes and Crucial conversations. c) I am/will be in position to demand what I want and need and be respected for it. d) That s what I pay my lawyers to do.

7 Effective communication Healthcare leaders must be able to communicate effectively to do their job. They need to see things from multiple perspectives, including patients, clients, employees and investors, so they can present information in a way that is relevant and persuasive as appropriate. Even if the organization has dedicated communications staff members, physicians still need to know how to handle inquiries, establish professional networks and deliver instructions clearly.

8 I love change change is the journey to a happier and healthier tomorrow a) Yes, we can always make things better and I intend to continuously work on process improvement initiatives. b) I am worried that too much change is not good and people will lose trust in me. c) I will set up the perfect practice, so no changes will be necessary. d) Love change are you kidding me?!

9 Streamlining operations Streamlining the operations of a medical practice or hospital to ensure prompt and effective care is a critical responsibility. In handling operational concerns in their workplace, there is always room for improvement, and in health services these improvements translate directly into better care for patients.

10 As a team leader, I will a) Identify each persons strength and help them maximize it. b) Find the individuals weak spots and help them strengthen them. c) Employ a consultant to sort things out. d) Teams are so passé.

11 Team management and leadership One of the hallmarks of a business-oriented education is team management and leadership. This includes some of the obvious responsibilities, like interpersonal communication and professional management techniques, but also innovative tactics and methodology for solving complex problems in a creative way. As in any other industry, leaders of a healthcare institution must be able to inspire confidence in their employees and motivate them to work harder to achieve better results for patients in their care. They must gain critical thinking skills and knowledge to manage highperformance teams.

12 Disruptive Innovation Get leadership, innovation, and entrepreneurial skills to effectively develop groundbreaking products and services. It s all about the customer value proposition.

13 My Personal Framework

14 Property of Vesna Petronic-Rosic, MD, MSc, MBA Why did it work well? Why did it not work? Mentors/role models Peer network Professional network Ask/Seek guidance/ Alternate opinions Enhance learning Solicit feedback Respect all Be inclusive Be comfortable with ambiguity Seek diversity Extract experiential data Interpret experiential data Analyze Intuition Create Innovate Change Evolve Always learn Be true to myself Recognize strength/ weakness Negative vibes do not repeat Anxiety pang do not do Does not feel right do not pursue Find a partner that complements me Delegate to someone good at it Acknowledge and praise Have fun Organized sessions Shared experiences Intellectual challenge Introspection Insight skills

15 Ethos The characteristic spirit of a culture, era, or community as manifested in its beliefs and aspirations Transparency Communication Standardization Optimization Support for academic, educational and research endeavors Maximizing individual strengths and potential Teamwork and family values Mindfulness Personal wellness

16 Opportunities Prioritize efforts Focus energies A journey of a thousand miles begins with a single step (Tao Te Ching, ch 64) Thank you!

17 Questions Image source: