Healthcare Strategy with Cole Lyons | E. 109

Strategic planning is vital to successful healthcare management. President & Co-Founder of The American Healthcare Journal, Cole Lyons, explains his goal of fostering a community of education to Jim Cagliostro. 

 

Episode Introduction

Cole explains why transfer of knowledge is a key goal of the Journal, why healthcare strategy can be described as moving from checkers to chess and emphasizes the importance of thinking before you speak. He also explains the importance of competition in healthcare and identifies humility as an essential leadership trait.

 

Show Topics

 

• Redefining healthcare strategy

• A strategic alternative for nonprofits 

• Breaking down silos in healthcare

• Join Cole’s community on LinkedIn

• Applying economic theories to healthcare strategy

• Leadership tip: why humility matters

 

 

05:36 Redefining healthcare strategy 

Cole explained why thinking about the impact of your actions matters. 

‘’For me, it's kind of thinking before I speak. I think that's the best way that I've come up with how to explain it. In operations, day-to-day, things are quite hectic, especially at high volume clinics. And you have to make very quickly, fairly educated decisions based on standard operating procedures. But sometimes that doesn't always lead us down the best path. So part of that is creating standard operating procedures that allow you time to think about how it impacts things long-term. So, thinking before you speak for me means instead of just saying what I need to say in the moment, I think about what I say, how it will impact the person hearing it, how it'll impact my image. And if you apply that kind of thinking before acting approach to your actions in the operations space, it means taking a step back and looking at the competitive landscape in your industry, looking at the competitive landscape in your institution, different departments competing for funding, different departments competing for exposure, and looking at how even small actions in the operations world will impact that.’’

 

08:12 A strategic alternative for nonprofits

Cole said the Journal aims to foster improvement and education in strategic thinking for nonprofit institutions. 

‘’… the problem right now is VC-backed healthcare firms, those that are backed by venture capital. They have a high concentration of MBAs who have really good strategic insights. So don't get me wrong, and we can always go into this anytime, but there's a problem with a lot of the strategy theories out there in general that are taught to MBA graduates because it's based on economic theories that don't always play out in the real world. But still when they make decisions, it is much more strategic than in nonprofit healthcare. And so, one of the issues is that I'm not a fan of government-run healthcare, which is a little contrarian. I'm just not particularly a fan of it. I think that free market healthcare is good, nonprofit institutions are my favorite. I love nonprofit institutions. I think that that's the best form of delivering healthcare. But they don't act very strategically, especially compared to VC-backed or for-profit healthcare, which employ all these MBAs, they recruit MBAs from the top schools, they can pay them. …I'm not saying that they're any less educated, they're just educated differently. They have MHAs, they have MPAs, a lot of them have MDs, and they are educated in a very different way. So the journal's purpose is how can we foster this community of improvement and education in strategic thinking for these people who are educated in a much more practical way? An MHA isn’t sitting in their office thinking and going into philosophy a lot of times. A lot of times they're figuring out, how can we solve this problem? How can we deal with this emergency situation?’’

 

13:36 Breaking down silos in healthcare 

Cole said administrative fellowships can help to develop a well-rounded approach.

‘’One of the ways that this is going to work out really well, and a lot of programs are doing this, is through administrative fellowships. I actually have a lot of different things that we're involved with with that, trying to get fellowship certified, trying to get fellowships p