Mount Sinai Health System’s Post

A leader that truly leads by example.

Navigating the CEO Succession Maze in Healthcare: Here are 6 Strategies, Trends, and Paths to Leadership Success. https://bit.ly/3R4uv99

Here's the beginning of the article I co-wrote with Rick Funston for Trust Across America-Trust Around the World. Trust really is an underexamined, underappreciated part of #corporategovernance . I hope you enjoy the full article and the full magazine “Trust is an important lubricant of a social system,” wrote #nobelprize winning economist Kenneth Arrow. “It is extremely efficient; it saves a lot of trouble to have a fair degree of reliance upon other people’s word.” Corporate governance is nothing if not a social system. Its role is to mediate, as best as possible, a host of players with not always-aligned interests to allow a complex organization to be governed efficiently and effectively. Time frames differ and information asymmetries abound. Constantly changing contextual factors -- from the amount of money at stake to the general vicissitudes of the economy and the competitive environment – add pressure and urgency.  

I'm not actively calling on commercial hospitals anymore, but I can remember many a conversation back in the day when making five year call plans for hospitals when I was in the modality space. From my space of calling on hospitals, the lack of continuity that comes from having 8 CEO's in 15 years makes it one heck of a challenge when attempting to forecast. The best way would be the needle in a haystack task of knowing who the next two CEO's would be. This short article caught my eye this morning, and accurately reflects one of the challenges in healthcare. #healthcare #leadership #turnover https://lnkd.in/gj7_kCzu

Great list: 1. Do your homework and outwork everyone else. 2. Never make the board wrong. 3. Never underestimate the influence the CFO position has in the organization. 4. Give the medical staff their rightfully earned respect, but don't let the fact they went to medical school intimidate you. 5. Develop a thick skin. 6. Be willing to hear what you don't want to hear. 7. Always volunteer for or readily accept new projects or interim assignments. 8. Realize your friends are not the peers within your organization — your friends are outside the organization. 9. Never underestimate the power of acknowledging others for exceptional work. 10. Support the CEO no matter what. 11. Lastly, never forget about the need for the organization to deliver strong financial results.

When will the disruptors start to make a visible impact on hospital leadership and the workforce? Do the entrepreneurs and innovators filling national conference auditoriums have the solutions? We read and write often about the need for accountability and transparency among CEOs and Boards. Turning the noise into action is what people are waiting for. Some say the change needs to come from the outside, as those on the inside are to blame for the status quo. Turnover is increasing, and there are many executive-level and leadership roles vacant in hospitals today. For those on the outside who've not worked in a hospital yet have a strong desire to lead one, start applying for that CEO and CFO role today. I caught up with a few of my Boston hospital CFO friends last night in the city. We shared stories and reminisced, but I learned nothing new; we know how we got here today in healthcare. Our conversation reinforced the power of institutional knowlege, partnerships, and respectful and trusting relationships. Buckle up, LinkedIn healthcare network. #hubris #healthcareonlinkedin #cfo #realitycheck #leadershipexcellence #exitplanning

To regain financial stability post-Covid, hospital leadership teams will have to consider new competitive strategies. Learn more from Kaufman Hall and Baylor Scott & White Health on the need for an organizationally appropriate vision and actionable strategies to stay relevant for future success in this industry. https://bit.ly/3rbRaGa

“You don’t major in CEO.” That’s what Jason Hollar of Cardinal Health mentioned in preparation for our next fireside chat in our CEO Perspectives series. Rising through the ranks in finance to the role of CFO and now CEO, join us on September 22 to learn about the attributes, priorities, and non-negotiables he values in himself, his teams, and the business. Link to register in the comments. ⬇️ #AthenaSalon #ExecutiveEducation #CEO

To retain top leadership, tax-exempt healthcare organizations need to reevaluate their incentive plans. Check out our report to uncover the top considerations that healthcare compensation committees should explore, to ensure leadership teams remain motivated in this challenging environment.

To retain top leadership, tax-exempt healthcare organizations need to reevaluate their incentive plans. Check out our report to uncover the top considerations that healthcare compensation committees should explore, to ensure leadership teams remain motivated in this challenging environment.