Healthcare CEOs are used to having various incentives built into their compensation packages. Traditionally, however, these incentives related loosely to the organization’s financials, or if a measurement related to institutional quality, it tied primarily to patient satisfaction.
No longer, says Witt/Kieffer’s Andrew Chastain. Today’s healthcare executive compensation packages are about “literal outcomes,” he says. Boards use compensation strategies that involve more sophisticated short- and…
By Nick Giannas, Senior Associate, Witt/Kieffer
As part of National Health IT Week (this week, Sept. 16 to 20), HIMSS is encouraging professionals and observers in the field to blog about the following question: What’s the value of health IT?
In a way, it’s a trick question. There is obvious value. Or rather, IT is invaluable in that it affects all areas across the continuum of healthcare;…
Careerwise, it’s been a challenging few years for just about everyone in healthcare. Professionals have had to reestablish their footing in an era of government reform and shifting paradigms.
Count hospital CEOs among those being challenged, too. As a wave of consolidation washes over the industry, chief executives from what were previously standalone hospitals, clinics, and health centers now find themselves incorporated and integrated into large, centralized health systems. Often, these hospital CEOs are presented with dramatically different or even…
After years of consolidation amongst private commercial health plans, large insurers like Aetna and WellPoint recently shifted their gaze toward the public realm. With Medicare and Medicaid expansion impending and millions more people gaining health insurance, private insurers have targeted federal health programs and managed-care businesses with significant Medicare and Medicaid components.
The mergers and acquisitions have blurred the lines between what were previously very distinct worlds, creating leadership challenges for both public and private health plans, says
Given today’s seismic changes in healthcare, hospitals and health systems are looking more strategically at the composition of their boards and the qualities each member brings to the boardroom table. A good board can be a clear competitive advantage.
Most organizations see board diversity as a cornerstone of board health and success. But achieving diversity—of race and ethnicity, of gender, of age, and of skills—often requires boards…
Although today’s healthcare organizations have well-developed talent management practices, few have an in-depth understanding of the return on investment these practices provide. To better gauge this ROI, Witt/Kieffer has supported the work of Pepperdine University professor Kevin Groves, Ph.D., who recently conducted a comprehensive survey of senior HR officers and other industry executives in charge of talent management within their organizations.
Dr. Groves’ work explores and draws conclusions regarding several critical issues:
- There is a strong connection between good talent management…
Any conscientious executive knows the value in naming and developing a successor. Given enough time and mentoring, your understudy can learn the ropes, gain critical experience and, when the time is right, take over your responsibilities in what is hopefully a seamless transition. Such leadership succession planning is good for the organization, not to mention the fact that it reflects well upon your own legacy.
David Boggs, practice leader of
Guest post by Nicholas Giannas, Senior Associate, IT Practice
In the information technology world, we have seen most executive positions evolve and grow over time, and many new titles and positions develop. This happens even more frequently in a rapidly changing industry like healthcare. With healthcare reform and the federal electronic medical record (EMR) stimulus program, IT roles are increasing in scope, importance, and number.
There has been a lot written about the evolution of…
Guest post by Marvene M. Eastham, Witt/Kieffer Senior Vice President
As nonprofit hospitals and health systems struggle to maintain access to capital to reinvest in their organizations, they may turn to acquisition by for-profit healthcare organizations. In theory it is a win-win: the for-profit expands its reach and gains access to a larger market share, which is attractive to shareholders, while the former nonprofit pays debts and has ready access to capital in…
Guest post by Anne Siders-Robinson, Senior Associate
Today’s environment of reform, cost reduction, and creative strategies for long-term growth and viability is spawning the need for an entirely new type of healthcare CFO—one with multifaceted expertise who is much higher in the organizational pecking order than in the past.
For example, under the terms of the Affordable Care Act, reimbursement structures and revenue streams are shifting, requiring hospital CFOs to