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The shift to value-based payment mandates that hospitals and health systems do more with less. To be successful, organizations will need to cut costs, enhance operational efficiencies, and improve quality and outcomes. For boards, this means taking a new approach to strategic planning.
To begin, organizations must perform a detailed assessment of their competencies and weaknesses. The focus should be less about what's going on in the marketplace and more about what's going on inside the organization, says Brian Fuller, senior vice president, Kaufman Hall. "The self-evaluation is a key function of the strategic planning process and has never been more critical," he says. "It provides a clear understanding of where you are as an organization, identifying strengths and deficiencies to help set the organization's future direction.'' Identifying gaps and deficiencies is an important component of the operational assessment, says Brian Channon, senior vice president of Kaufman Hall. This process will help pinpoint what needs to be in place to achieve the organization's strategic objectives. Finally, the organization should conduct...