3 Strategies of Financially Successful CAHs

Here are a few success strategies that hospital executives should consider, based on the research:

Hospital board members should be "active versus passive," says Pink. This means engaging in "deliberate and strategic member selection," says Holmes. All board members should have the skills, time, and commitment to make a difference in the organization. They should be knowledgeable about the hospital and healthcare, as well. According to Pink, many CEOs have comprehensive, sophisticated education sessions for new board members. These CEOs also actively utilize their board members as "emissaries to the community;" they solicit public opinion and help to educate the community about hospital initiatives.

The medical staff is among the most crucial determinates in the financial success of a hospital, so losing even one physician can have a huge impact financially. Pink says successful CEOs are always "making sure they have the right numbers and composition of the medical staff. A lot of them are really in constant recruitment mode to make sure that they always have the numbers they have." One hospital targets high schoolers in the community and has a budget line item for tuition, scholarships, and other funding for medical education. Pink says that there are currently eight or nine people who grew up in community, went away for training, and returned to work in the hospital.