What Businesses Can Lean From Healthcare

HEALTHCARE PRINCIPLES That Should Inform Any Business Leader In our increasingly connected world, business leaders must take advantage of interdisciplinary perspectives to enhance problem-solving skills and strengthen leadership capacity. The cross-fertilization of healthcare and business is especially critical -- fundamental healthcare principles such as equitable access, quality, and innovation are essential for a thriving business sector. THE BUSINESS OF HEALTHCARE: FACTS AND FIGURES Any analysis of the current business climate must take healthcare into account. The healthcare industry has a massive scope, and is growing rapidly. In the U.S. alone: $1.68 11% Annual healthcare of the U.S. annual industry revenue: gross domestic product (GDP) trillion Healthcare businesses: * 784,000 曲 AA 曲 典典 典 A Over Current employment: 16.8 million people Projected growth in employment, 2010-2020: T33% TRANSLATING HEALTHCARE PRINCIPLES FOR BUSINESS The burgeoning importance of healthcare in business provides a unique opportunity for business leaders to apply the best principles from health management to issues beyond the healthcare sector. Healthcare and Business Ethics Social Responsibility Patient Sensitivity and Equitable Access Quality of Care Patients form the heart of any healthcare system, and service providers should consistently remain responsive to patient needs and expand access to essential care. Socially responsible healthcare providers recognize and promote the importance of community in main- taining individual wellness. Healthcare systems always strive to improve the quality of patient care and services. In Business: The socially In Business: Likewise, the consumer is the core of any business effort, and effective leaders should constantly revise their goals based on consumer input. In Business: Business leaders should consistently seek to improve the quality of products and services for the consumer. responsible business leader takes action to strengthen communities, recognizing the role of business as a social pillar. Healthcare and Global Business Adaptation Cultural Competence Sustainability International healthcare providers modify Effective healthcare systems adopt global best practices and modify them to suit a specific cultural context. service provision to accommodate cultural differences. Healthcare providers implement strategies for sustainable resource management. In Business: similarly, business In Business: Global businesses must In Business: Business leaders should leaders should review and adapt best practices on a global scale to remain internationally competitive. consistently alter marketing strategies in order to appeal to international consumers. balance current operations with future needs to ensure longevity and positive environmental impact. Healthcare and Leadership Holistic Approach Systems Innovation Team-Based Management Healthcare providers must constantly refine systems and processes to deliver efficient and quality care. Healthcare provision involves expert coordination of large and diverse teams Healthcare leaders must demonstrate understanding of all aspects of the healthcare value chain. to ensure effective care. In Business: Effective business In Business: Business leaders should In Business: Business leaders should leaders should have a comprehensive mastery of all business operations. always seek opportunities to streamline processes and improve existing systems. recognize the importance of team man- agement in delivering quality results. Ready to combine your business leadership prowess with a fluency in healthcare principles? Visit healthcaremba.gwu.edu to learn more about the George Washington University Online Healthcare MBA program. Sources http://www.statisticbrain.com/health-care-industry-statistics/ http://www.hbs.edu/healthcare/pdf/benchmarks_for_confronting_challenges_for_innovation_in_health_care_with_a_modern_curriculum.pdf http://data.worldbank.org/indicator/NY.GDP.MKTP.CD http://www.statisticbrain.com/health-care-industry-statistics/ http://www.bls.gov/ces/tables.htm#analytical School of Business http://www.ascensionhealth.org/index.php?option-com_content&view-article&id-47<emid-171 http://www.mckinseyquarterly.com/Universal_principles_for_health_care_reform_1926 THE GEORGE WASHINGTON UNIVERSITY https://www.nationalahec.org/pdfs/VSRT-Team-Based-Care-Principles-Values.pdf