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Florian Otto is CEO and co-founder. Cedarthe leading healthcare financial technology platform transforming the consumer financial experience
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From transplant surgery to the safe delivery of a healthy baby, the fruits of labor are usually seen almost immediately, making being a doctor very rewarding. But even that has its limits.
Since we usually only have two hands (24 hours a day), we can only treat one patient at a time. I struggled with this early in my career as a maxillofacial surgeon. I enjoyed working with patients, but I wanted to make a bigger impact. This led me to the business side of healthcare.
The decision to leave the medical field after years of training may seem surprising, but it is becoming more and more common. One in five, she said, is likely to leave her current practice within two years, largely because of her Covid-19-related burnout. This is because as venture capital continues to pour into digital health (albeit at a slower pace than it did a few years ago), demand for physician leaders is growing, while more organizations are turning to C-suite clinicians. Seeking the perspective of
There were many things I had to “forget” as a doctor, especially when it came to risk-taking. The healthcare system tends to be risk averse, and for good reason. When it comes to patient care, clinicians follow proven protocols and are trained to use evidence-based medicine. Speaking from personal experience, breaking these habits can be difficult. That said, when faced with the challenge of creating something that makes the work of practitioners and medical professionals easier and more efficient, it is invaluable for an organization to have a clinician perspective.
As a former physician and now CEO, I would like to share some observations I have made throughout my career of both practitioners and organizations looking to leverage this talent pool into leadership positions.
swing door
When caring for patients, decisions are often one-sided and difficult to reverse. Multiple treatment options may exist, but emergencies require quick thinking and decisions have serious consequences.
One-way doors also exist in businesses, such as selling a company or quitting a job. But even when decisions matter (or feel), there are many other “two-way doors” that can reverse decisions. Ironically, decisions don’t always carry significant business risks, but they can feel very risky in a healthcare environment. This is something you learn over time as you hone your management skills.
The patient experience is full of two-way door opportunities that can reap tremendous rewards. It can tell you a lot about what to do and what not to do in helping you navigate.
consumer center
Your primary role as a healthcare professional is to provide patient care. A good clinical experience can build trust and loyalty to healthcare providers. But patient loyalty is not just about the care experience. More than 90% of her consumers say the quality of the billing and payment experience, in particular, plays an important role in whether they will return to their healthcare provider. The same is true for all aspects of the healthcare journey. On the business side of healthcare, a consumer-centric approach helps build and maintain patient loyalty. After all, they are your customers.
For example, a consumer may have several different billing interactions with both the provider and the payer during a single medical visit. This includes calls, apps, or web portals. no one is talking to each other. It makes sense for different business entities to serve different parts of the value chain. Payers and providers have different roles. However, you have to remember they have the same customers. Collaboration leads to increased consumer satisfaction. This is a win-win for everyone.
Small changes lead to big impact
Following guidelines and scientific evidence is of utmost importance as a physician. While there are always opportunities for new discoveries and innovative treatments, many physicians cling to the status quo. After all, it is proven to help you achieve the best results. This can also make work very tedious and difficult to innovate. This is my experience as a surgeon.
Looking to retail, commercial banking and air travel, technology is revolutionizing the consumer experience, making the process easier, faster and more affordable. However, healthcare has been particularly slow to innovate. When Steve Jobs delivered his keynote introducing the original iPhone, most hospitals were still using paper and fax machines. It wasn’t until the Affordable Care Act was passed that U.S. medical institutions began modernizing their technology.
Scaling innovations can present challenges in large enterprise markets, especially healthcare. At an event my company co-hosted for healthcare executives, I realized that the most successful health systems separate their functions from their day-to-day operations. This kind of work has different (but equally important) success metrics and must be able to remain flexible. That’s why it’s so important to let go of this risk-averse tendency and embrace the willingness to pick yourself up and try again when you fail.
Innovation everywhere
Helping patients is an experience like no other. Distancing yourself from the practice of health care may mean less direct interaction with patients and less exposure to tangible results from your work, but your impact will vary. take shape. You have to know where to look. Is it a metric, a goal achieved, or some other way we don’t know yet?
I don’t think that moving to the business side of healthcare makes your job any less important. In fact, we can offer opportunities to make a positive impact on patients on a larger scale. In addition, you will be able to utilize your knowledge and experience in the clinical setting during technology development and product design.
Anyone considering a similar career move should weigh what they value most, consider what impact they want to make, and understand that innovation and improvement can happen anywhere. . It doesn’t matter if she’s wearing a surgical cap and scrubs, or her business suit and tie.
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