Webinar, Research Report
Chief Strategy Officers Forum Debrief Spring 2023
Posted By The Academy
June 2, 2023
Recently, we provided a debrief on our recent Leading Health System (LHS) Chief Strategy Officers (CSO) Forum. We shared what these executives discussed with their peers, including what’s top of mind for CSOs coming out of the forum:
Defining a vision for the future of the health system:
In light of market changes and the continued presence of disruptors, CSOs are focused on identifying the health system’s core organizational identity. This vision is vital to determining what they will build in-house and where they will pursue partnerships to complement areas the health system will be less focused on “owning.”
Homing in on the most promising revenue diversification opportunities:
CSOs are establishing revenue streams outside of patient care to promote financial stability, adapt to evolving market dynamics, and continue delivering high-quality care to their communities. Some key areas of opportunity for CSOs when it comes to revenue diversification are specialty pharmacies, reference labs, direct-to-employer solutions, and genomics.
Continuing concern over ambulatory shifts:
In the past six months, the ambulatory disruptor landscape “disrupted” itself, as players like CVS, Walgreens, and Optum continued buying sprees to round out their portfolios. CSOs are assessing the threats of disruptors and considering both the degree of integration and sustainability of disruptor models as they chart their own ambulatory strategy.
Pivoting health system strategy with new economic headwinds:
In the face of a financial downturn, health system strategy is focusing on cost containment, efficiency improvements, and revenue optimization. Systems are taking proactive measures such as streamlining operations, exploring alternative payment models, optimizing resource allocation, and fostering strategic collaborations to ensure financial stability while maintaining the quality of care.
Partnering with other leaders to build the workforce of the future: CSOs struggle to pursue strategic transformation when there are not enough clinicians and staff to meet existing demand—likely why recruitment and retention were the number one priority for CSOs this year. To address workforce shortages, CSOs are partnering with other workforce leaders to integrate programs upstream that train, license, and funnel younger generations – especially focusing on technicians and other ancillary clinical roles.
Defining a vision for the future of the health system:
In light of market changes and the continued presence of disruptors, CSOs are focused on identifying the health system’s core organizational identity. This vision is vital to determining what they will build in-house and where they will pursue partnerships to complement areas the health system will be less focused on “owning.”
Homing in on the most promising revenue diversification opportunities:
CSOs are establishing revenue streams outside of patient care to promote financial stability, adapt to evolving market dynamics, and continue delivering high-quality care to their communities. Some key areas of opportunity for CSOs when it comes to revenue diversification are specialty pharmacies, reference labs, direct-to-employer solutions, and genomics.
Continuing concern over ambulatory shifts:
In the past six months, the ambulatory disruptor landscape “disrupted” itself, as players like CVS, Walgreens, and Optum continued buying sprees to round out their portfolios. CSOs are assessing the threats of disruptors and considering both the degree of integration and sustainability of disruptor models as they chart their own ambulatory strategy.
Pivoting health system strategy with new economic headwinds:
In the face of a financial downturn, health system strategy is focusing on cost containment, efficiency improvements, and revenue optimization. Systems are taking proactive measures such as streamlining operations, exploring alternative payment models, optimizing resource allocation, and fostering strategic collaborations to ensure financial stability while maintaining the quality of care.
Partnering with other leaders to build the workforce of the future: CSOs struggle to pursue strategic transformation when there are not enough clinicians and staff to meet existing demand—likely why recruitment and retention were the number one priority for CSOs this year. To address workforce shortages, CSOs are partnering with other workforce leaders to integrate programs upstream that train, license, and funnel younger generations – especially focusing on technicians and other ancillary clinical roles.
