Shaping the New Health Economy
Perhaps no industry is undergoing more change than healthcare. Advances in technology, sweeping new regulations, a rapid shift in business models, and the empowerment of consumers are all having a dramatic impact on the industry and the core competencies required for healthcare companies to succeed. These changes translate into new strategies, new markets, new services, new processes – and ultimately new projects.
A key to navigating such complexities and developing repeatable success is to find an informed perspective that can help organizations swiftly respond to challenges and best position themselves for the future. This is where TwentyEighty Strategy Execution can help. We have been partnering with organizations around the world to address their most pressing business issues. Our portfolio of healthcare project management training clients covers the depth and breadth of the industry ranging from global healthcare providers, insurers, pharmaceutical giants, medical device and service companies to regionally-focused organizations. Everyone wins when project execution is given a clean bill of health.
Healthcare Industry Drivers and their Impact on Project Performance
While every organization has its unique business challenges, TwentyEighty Strategy Execution’s extensive work with leading healthcare companies has allowed us to aggregate these business issues into four definitive drivers that distinguish the industry today. Looking at the industry through project-tinted specialist's lenses, we have determined that the following drivers impact the skills requirements and competencies development of the project community most critically. Our clients have extracted significant value by focusing these select project performance areas.
In the past, healthcare revenues have flowed from corporations and the government to third-party payers and ultimately to providers. The enactment of the Patient Protection and Affordable Care Act (ACA) in 2010, however, is changing all of that. In this new era, consumers are becoming more active in their healthcare choices and the resulting competitive landscape is affecting how all players in healthcare – from payers to providers to patients – consider their roles in the industry. Consumers will no longer be insulated from the cost of care and will inevitably demand more transparency from providers and their insurance companies. Increased scrutiny from these new cost-conscious buyers will force providers and payers to re-examine their business processes and further streamline operations to contain costs. Whether through process improvement initiatives or employing new technologies, improving operational effectiveness ultimately depends on improving project effectiveness.
How we can Help
In an industry in need of presenting an image of affordability to the consumer, improving project effectiveness is a strategic enabler. A clearly defined project management methodology with robust processes for requirements, estimation, cost control, and project monitoring is essential to delivering on the requisite operational improvements. TwentyEighty Strategy Execution has helped clients achieve positive outcomes in their operational improvement initiatives by building core competencies in the areas of:
Disruptive New Business Models
The healthcare industry is experiencing an era of great transition: the migration from a fee-for-service to a more value-based system of financial reimbursements; a focus by providers and payers on wellness care versus disease management; and a shift from B2B to more B2C activities. Proven business strategies are becoming obsolete and new approaches and alliances are being discovered. Suddenly, players in a traditionally risk-adverse industry must learn to manage the velocity of change, find innovative approaches to their businesses, and introduce them to the market quickly, or fall victim to increasing challenges from a wider base of competitors. In this new world order, successful healthcare companies will be defined by those that fearlessly explore new markets, new alliances, and new solutions.
How we can Help
Agile project management provides the most effective framework for rapid innovation because it delivers value to the market in the most timely and efficient way. However, to be effective, agile requires organizational commitment and focus. Over the years, we have guided countless clients through the process of shifting to agile and provided them with the organizational and individual capabilities required to successfully implement and maintain agile methods. Core focus areas include:
Healthcare organizations rely on technology to extend their reach and expand their solutions as pressures mount to move the customer experience away from costly care facilities closer to home. Familiar with the benefits of mobile, social, and cloud solutions, savvy consumers now expect solutions that embrace these new platforms and facilitate interactions and improve communications with all players within the healthcare supply chain. Delivering relevant customer experiences on the frontend, however, depends on the segmentation and personalization provided by big data initiatives on the backend. With new data-driven technologies being introduced almost on a daily basis, healthcare organizations will need to rigorously evaluate offerings and aggressively implement solutions when and where they create value. Improving the customer experience is not the sole driver for new technologies. Compliance requirements (EHR, ICD-10, etc.) are also adding to the growing demand for data management and improved reporting. The industry is leaning more on technology to help meet compliance requirements – a trend that is not likely to subside anytime in the near future.
How we can Help
Effective and rapid use of technology will be core to driving successful business outcomes. Whether as support for customer facing solutions or internal systems, healthcare organizations must develop strong requirements management, agile methods, and program management as core competencies. For rapid and effective integration of technologies, TwentyEighty Strategy Execution’s products and services support transformative technologies by building competencies in areas of:
Velocity, Uncertainty, and Change
Whether initiated from compliance mandates, changing demographics, new enabling technologies, or emerging business models, healthcare organizations must respond to velocity, uncertainty and change -- each a key driver of risk -- in an industry built upon risk-aversion. Many healthcare organizations are seeking new opportunities – particularly outside of their traditional, heavily regulated lines of business – through mergers, acquisitions and partnerships. These collaborations bring additional uncertainty. Success will ultimately come to those organizations that can recognize, analyze, and mitigate risk and learn to communicate effectively in this very complex environment.
How we can Help
We help clients establish a strong risk management culture and develop robust processes for identifying, managing and mitigating risks in very dynamic and complex environments. Additionally, we work with healthcare organizations to improve communication and leadership skills to improve the performance of cross-functional teams, even in situations where direct line authority may not exist. Areas of concentration typically include: