In 2018, one of the major industry trends we saw in healthcare was the continuous growth of healthcare costs and the pressure healthcare providers are experiencing as a result. One aspect of this financial pressure that was unique to 2018 however, was the significant growth of wages and salaries, which increased by 3.1% culminating in the highest jump in wages in a decade, according to the Labor Department. Since such wage growth may add an additional layer of financial pressure to hospitals who are already seeking to reduce operating costs, it is crucial for hospitals that are in need of external interim leadership expertise to employ the right strategies in order to optimize outcomes and achieve measurable and sustainable results that positively impact the bottom line. In this four- part series, we will be exploring strategies to optimize outcomes from your interim placements.
How do you Know if you Need an Interim Leader?
The pace of hospital operations today do not allow for a department to go for an extended period of time without leadership. As an Administrator, there are several considerations for an interim replacement.
- First, consider the state of the department:
- Is the department aligned with the hospital’s strategic goals?
- Are the metrics on track with industry benchmarks?
If yes, you may simply need someone who can pick up the responsibility to manage day-to-day operations and maintain status quo, while ensuring the department, and relationships with other departments and with physicians, move forward in a positive direction.
- Or, is this a time to make major changes to the
- If the metrics do not meet benchmark standards – or –
- The area is in need of major redesign…
…then you may need an interim who can do more than maintain the status quo. In this case, a strong interim leader who is adept at defining and implementing change may be required.
In either situation, the department is in a state of flux. The leader, for whatever reason, is no longer in place. It is human nature for the staff to feel uncertain about the future of both the department and their career. Others in the organization who work closely with the department will feel uncertain as to the direction of the area and the effect on their processes and work. Maintaining a productive environment and positive staff morale is key to preserving stability.
This is the first of a four-part series related to optimizing outcomes with an interim leader. Stay tuned for the following articles which will outline key strategies for selecting and optimizing the role of an interim leader in your organization. To receive updates on subsequent posts, follow us on LinkedIn.
Or, visit our website to speak with someone today about how Novia Solutions can help with your candidate search.