This week I’d like to bring to your attention another key resource for hospital executives. It’s a book that’s part of the ACHE Management Series, titled, “Leading a Hospital Turnaround: A Practical Guide.” Whether or not you may be currently involved in a turnaround situation, this book is an excellent resource that will also help you recognize the early warning signs of impending financial problems.

The author, Anthony K. Jones, has served as CEO of two health systems and COO of four large medical centers. He also has extensive experience improving the performance of hospitals in financial difficulties. To learn more about what this book has to offer, visit the ACHE website via the link below.

Also on the subject of turnarounds, Becker’s Hospital Review published a brief article this week about the traits of a successful “Hospital Turnaround CEO.” In the article, Raji Kumar, CEO of Dallas Medical Center, shared her thoughts on five key traits that helped her transform the hospital. When she accepted the CEO position in 2010, the medical center was losing approximately $2 million per month. Last year they reported a $5 million profit.

During the turnaround, Dallas Medical Center added service lines, including cardiovascular, spine, and gastroenterology, and they recruited nearly 100 physicians to join their staff. Here’s a brief summary of Ms. Kumar’s thoughts about leading a successful turnaround:

Have a Clear Vision – Establish a plan/roadmap for attaining the vision and then follow through to implement the plan.

Communicate Effectively – Use the plan/roadmap to engage employees, communicate the big picture, and inspire them to buy into the strategy.

Make Decisions – Avoid “analysis paralysis” and take prudent risks based on available information.

Recruit and Develop the Right Staff – Assess the need for changes in management when departments prove to be problematic.

Manage Resources Efficiently – Find ways to empower employees and inspire them to take ownership of problems.

For more information, visit these websites:

ACHE:

Becker’s Hospital Review:

Author: Jim Wiederhold

Jim believes his 39 years of experience--particularly his more than 26 years in healthcare--has prepared him well for what he does. His wealth of experience spans key areas, including finance, operations, management, leadership, sales and sales management, corporate, contingency, contractual and retained recruiting, outplacement and transition work and executive coaching.