Abstract:
Over the past decade, the value proposition has become an enduring principle that helps healthcare leaders make sense of the evolution from fee-for-service to population health. This value proposition is measured as the relationship between clinical quality and service and the total costs of care.
Over the past decade, the value proposition has become an enduring principle that helps healthcare leaders make sense of the evolution from fee-for-service to population health. This value proposition is measured as the relationship between clinical quality and service and the total costs of care.
Physician leaders need to understand the important role financial literacy plays in strategic decision-making, particularly with regard to value. Many physician leaders have not developed the financial literacy necessary to manage organizations and create financially sound strategies for delivering healthcare. Healthcare has many unique financial characteristics that significantly enhance the importance of financial management and make it challenging to assume fiscal responsibilities. Recent shifts in U.S. healthcare policy toward payment structures that incentivize high-quality and efficient care, a refocus from volume-based care to value-based care, and an increased emphasis on cost containment and quality measurement add to these challenges.
In this issue of PLJ, we include a discussion article that can help physician leaders enhance their ability to plan, implement, and make financial decisions within their organizations by improving their healthcare financial literacy and increasing their awareness of healthcare’s economic environment. The authors present a basic introduction to financial statements and an overview of several important financial concepts. Overall, the article presents key concepts essential for all physician leaders seeking leadership positions and is foundational for physician leaders who have increasing responsibilities in the executive offices of their healthcare organizations.
This issue also includes a research article that addresses the independent contribution a physician chief executive officer may make toward an organization’s outcomes, including quality and patient safety. The study investigates whether a hospital CEO’s experience as a physician affects patient outcomes, represented by Leapfrog Hospital Safety Grades. The researchers compare data for hospitals with physician and non-physician CEOs for significant differences in publicly available grades and other descriptive hospital characteristics.
In their empiric and contemporary study, the authors present a national perspective of physician CEOs and their Leapfrog performance compared to their non-physician colleagues in hospitals with more than 25 beds. When taken together, these articles address two important components of the value composition: clinical quality and cost.
As the official journal of the American Association for Physician Leadership, the Physician Leadership Journal provides a platform for you to share your research with members throughout the world. Now is the time to use this platform to help inspire change in healthcare and improve the way we deliver care to the patients, families, and communities we serve.
Please send me your thoughts at editor@physicianleaders.org. We would enjoy hearing stories about the relevance of mentorship and the methods you use to ensure that you and your team are well cared for in our demanding careers.
Topics
Integrity
Influence
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