Andrew Miller's Business Checkup // Insights on Operational Effectiveness for Healthcare
Volume 30, September 2013
This monthly newsletter is designed specifically to help healthcare executives and business owners raise the bar within their organizations by providing insights on how to improve performance and maximize operational effectiveness and profitability.
 

Case Study

 

If you have any case studies that you would like me to publish or investigate, please let me know and I would be happy to consider them.

About Andrew Miller

Andrew Miller is a leading expert in operational excellence and has helped world-class organizations accelerate results and improve the profitability, performance and effectiveness of their organizations. His healthcare clients include renowned hospitals, global healthcare suppliers, shared service organizations, group purchasing organizations, private clinics and government institutions.

Andrew provides value to his clients by helping them drive innovation and collaboration, optimize speed, enhance customer engagement and retention, attract and retain top talent, and effectively align strategy with tactics.

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Levers of Growth

Archimedes said, "Give me a place to stand, and a lever long enough, and I will move the world." Luckily for us, you don't need to move the world. But you do need to move profitability and performance in the right direction. Many healthcare organizations have been asking, "Where will my future growth come from?" Here are 12 levers of growth that you should be considering:

  • Improve internal performance - Focus on operational excellence and find ways to improve the way you operate. Focus on results and outcomes, and only perform activities that help move you towards those results and outcomes.
  • Make strategic acquisitions - Growth by acquisition is a viable option for many organizations. Especially with the amount of consolidation going on in various business areas.
  • Be a connector - Be at the forefront of bringing healthcare providers together in a more integrated way. Engage existing customers better to create ambassadors for your brand and take advantage of the exponential value of customer retention.
  • Product innovation - Develop new products or services, or enhancements to your existing products and services. Generate revenues in areas that you never have before.
  • Expand product and service offerings - Review your current opportunities and look for new opportunities for growth. Your largest opportunities might represent a small portion of your current business, but that doesn't mean you should ignore it as a growth opportunity.
  • Increase brand awareness - Toot your own horn. Develop case studies. Gather client testimonials. Take the industry lead on an important topic. Put yourself in the middle of an important conversation and help raise the bar for everyone.
  • Improve talent management - This means not only managing existing employees better, but hiring the right people in the first place. Start with outcomes and accountabilities, then worry about background and experience.
  • Focus on knowledge management - Determine how to best capture and share information across your organization to take advantage of all you have to offer. Then figure out how to do that for your customers.
  • Unbundle services - Look at your product and service offerings and see if there is an opportunity to separate them. You may be giving something away for free that customers would be willing to pay for.
  • Expand geographically - Take you products or services to another region or country. Find one that aligns well with your current business model and knowledge of the customer.
  • Evaluate opportunities better - Improve your ability to evaluate opportunities so you only focus on the best opportunities. Develop criteria that will help assess opportunities. Stratify your prospects and your customers based on specific criteria so you can maximize performance and profitability.
  • Offer additional upstream or downstream services - Look at the entire process that you are a part of and find additional services you can offer that would be of value to customers. How can you help them improve their performance?

I have just provided you with 12 different growth levers you can focus on to increase profitability. I challenge you to pick at least one of them and focus on it. Pick the one(s) that best leverage your strengths as an organization. If you accept the challenge, then I congratulate you on being committed to improving performance.
 
 
 

On Andrew MilleR

 

Recent news

Listen to my recent teleconference on how to increase the adoption of innovation in healthcare.

Watch my free webinar for the Ontario Hospital Association on Profitable Growth in a Changing Healthcare Environment.

Check out my blog, From Chaos to Order, where I post new articles, provocative ideas and other content regularly.

 
Upcoming Events
My forthcoming book, Redefining Operational Excellence: New Strategies for Maximizing Performance and Profits Across the Organization, is due out early next year.
 
Recent videos
Check out my video series on Operational Excellence. These are short videos filled with tips to help your business run more effectively.
 
 

Please note that we grow our business through referrals and would never be too busy to speak with a friend, family member, acquaintance or colleague if you think we could be of assistance.

Please contact Andrew Miller at 416-480-1336 or visit our website at www.acmconsulting.ca

Follow me on Twitter - @AndrewMillerACM

Please feel free to forward this newsletter to anyone to whom it might be of value.

© Andrew Miller. All rights reserved. 2013.