Human Resources Strategy to Overcome Financial Crisis Essay
Healthcare is about patient care and complex science, but it’s also about dollars and cents. Customer’s pursuit for value is now impacting our industry. I am aware of our budget deficit and I am concerned as to how we will overcome this situation at Jackson.
As our CFO Michael Tyler has informed us, we will be having a budget deficit of $27’957,560 for FY2012. We need transformational leadership more than ever.Everything about the future of health care points to the importance of our doctors, nurses, specialists and caregivers, but with a substantially different twist.
Historically, our strategies were built on impressions by first-hand users (patients, members, clinical trial subjects, etc) Therefore, I have decided to start a transformational training pilot program with our key employers in critical departments. I intend to start this seminar no later than January 4, 2012. I have selected 3 main issues to be covered in the seminar.
First, our poor employee retention rates.We need to create a global individual performance development, talent management and management development programs to develop and retain only top employees; meaning that non essential staff will be laid off (approximately 5% of the current staff). Top employees will be the face of Jackson, and more patients will come if we provide excellent care and service. Little wonder most consumers are not convinced of our value. By two to one, most U.
S. adults think the U. S.
health care system is expensive, wasteful, and often ineffective.But it will change. The forces of the market lead to two simple facts: consumerism in health care. Consumers’ appetite for demonstrated value from the health system is just as real. As a result, more patients will return and recommend us. Revenue will increase reducing our deficit. Second, we need to address the lack of appropriate state-of-the-art information technology, that is, no medical records system.
Training on this area I believe is crucial in order to implement an integrated competency model for health professionals to rovide direction for growth. Among the benefits of this new IT system are: key financial information reports; what insurance companies owe to us by patient, patients that need to be contacted for follow up, exact pricing and costs for every procedure, cost-value comparisons, how many staff are taking care of a patient, etc. For example, Accounts Receivable would have a control of insurance companies bills and collect effectively. Our CFO has authorized the use of the 6. 5% retirement cut funds for this purpose.Third, the survey made by Willoughby Associates showed that our employees are dissatisfied with the interaction between managers and staff, physicians and nurses, probably due to lack of transparent communication.
As the Human Resources VP of Jackson, I am very disappointed by this result. The objective here is to perform Face-to-Face Interactions, a quick way to get a read on our employees. We will get to the root of the problem by asking them why. We may not get a straight answer, but it will open up the lines of communication.
Jackson employees need to know that their opinions matter.With a smaller staff we will need everybody to give 100% at all levels. I am convinced that this will have a direct impact on productivity and therefore on income.
The staff that will be participating in this pilot program is: from the medical section, a nurse case manager and a nurse practitioner. The Supervisor of the Medical Laboratory and his assistant. Two Physicians from Pediatrics, our most important area by revenue. From the Customer Service Department: the VP of Customer Service, and one Admissions staff representative. These employees are instrumental in our transformation process due to their contact with patients.
The Public Relations Director and his Assistant are also to be selected. These are very important since PR is our liaison with insurance companies, an area with a huge problem in its hands. An Accounts Receivable Specialist and our CFO will be also required to take this seminar. In order to cut costs, only these employees will be present in the first phase. The effects of this training are manifold, but I plan to achieve two main goals: First, maximizing the use of all of the Jackson’s resources such as staff, equipment, laboratories, workers, and budget.
A strong small group will reduce our deficit.By maximizing all resources, we will increase productivity and therefore, we will have an increase in income and ultimately in profitability. Second, solving the existing issues of employee dissatisfaction that have become a huge problem in our organizational environment. Our employees have more skin in the game now than ever before. We need them to give the 100% and more. Healthcare industry is consolidating and integrating: doing great or getting out. All who love this company need to transform. I am convinced that we will overcome our financial problems and Jackson will regain a big share of the market.