Strategic Planning & Enterprise Risk Management
(Academic Hospital)
Issue
With healthcare systems facing increasing pressures from regulatory changes, technological advancements and shifting patient demographics, an academic hospital required support to engage in a strategic planning process that differed from previous exercises. There was an imperative question to be addressed: what are the current and future needs of the patient population, and how are they served by the collective system
In order to achieve long-term success, specific goals and priorities had to be established, potential risks and opportunities needed to be identified, and a precise alignment of resources and efforts was required. Hospital leadership had a strong desire to foster a culture of innovation and adaptability, empowering the organization to stay ahead of the curve and deliver high-quality care that meets the evolving needs of patients and communities.
Approach
Drawing on our deep understanding of the healthcare industry, the evolving landscape of care integration and population health management, we partnered closely with the hospital’s leadership team to develop a tailored approach. Pooling our strong expertise in strategic planning, our process began with a thorough assessment of the hospital’s internal and external environments. This identified key opportunities and challenges. Working collaboratively, we facilitated strategic discussions, clarified objectives and formulated actionable strategies to achieve the hospital’s vision. We also engaged in an Enterprise Risk Management review to identify and prioritize the risks facing the organization at the enterprise level. With our belief that risk and strategy are two sides of the same coin, we ensured alignment in action plans to achieve long-term strategic goals and manage organizational risks.
Results
Delivered a 5-year strategic plan with key objectives, KPIs, a Balanced Scoreboard, and an action planning and tracking solution for ongoing performance management.
Delivered a corporate Enterprise Risk Management dashboard, identifying all categories of risk for the hospital.
Implemented required infrastructure to ensure continuous monitoring and evaluation.
