CAREER & LEADERSHIP DEVELOPMENT 

Moving Your Career FORWARD: A Guide on the Path to the C-Suite

The journey to the C-suite is akin to scaling a climbing wall, with each grip representing a strategic career move. As professionals aspire to reach executive roles in health care organizations, they must navigate through a landscape marked by industry challenges and personal growth opportunities.

Seasoned health care executives James Price, principal at Progressive Healthcare, and Chris Kane, the chief strategy officer at Phoebe Putney Health System, spoke on this topic during the SHSMD23 Connections annual conference, discussing pragmatic strategies for professionals looking to elevate their careers to vice president or higher, regardless of functional area.

Launching an Organization-Wide Initiative  

	Figure 1

The health care industry is complex, with financial pressures and competitive forces shaping its future. Aspiring leaders must recognize the industry's current state, including the financial health of their organizations and the impact of reimbursement changes on individuals and organizations.

Doing so effectively requires understanding the role of physician-owned ambulatory surgery centers, larger integrated health systems, freestanding imaging centers, private equity/venture capital-backed single-specialty entities, and other “competitors” to the typical health system, Price emphasizes (Figure 1)

Understanding the dynamics is crucial for aligning one’s career trajectory with the industry’s direction, he adds (Figure 2).

In addition, in today’s data-driven environment, the ability to interpret and act on data insights is invaluable, according to Kane. Whether it is improving operational income or driving new business, data analytics serves as a harness, securing one’s ascent up the career wall.

Figure 2

“In our industry, especially,” Kane says, “we need to know how to collect and use data. We need to then know how to move from that data to greater insights.”

Executives must ask smart questions and seek insights that contribute to organizational goals, he adds (Figure 3). 

Figure 3

Developing a Diverse Skill Set  

	Figure 4

The path to the C-suite demands a broad range of skills. Finance, Operations, Risk assessment, Workforce analytics, Revenue generation and Dashboard management (FORWARD) are critical areas where leaders can expand their expertise. Gaining proficiency in areas adjacent to one’s functional area is key to enhancing credibility and leadership potential. Given the scope of FORWARD, one cannot be an expert in all areas, so Price and Kane recommend that professionals plan their target knowledge depth by area (Figure 4).

Ambitious professionals should design a road map that reflects their strengths, talents and aspirations. A one-year and five-year plan can provide clarity and direction, helping individuals to focus on the skills and experiences needed to advance (Figure 5).

Figure 5

Regular self-assessment ensures alignment with personal and professional goals. For example, Price explains, if you are interested in strategy and marketing, “does your CEO view you as a key driver for new business? Are you connecting the dots from a marketing perspective? If not, expand your role or the role of your department by building capabilities. Expand the role of your department by building new business development or shift into a line position where your personal return on investment can be demonstrated.”

To ascend to the C-suite, one must exhibit executive presence and effective communication skills. This includes the ability to present and defend ideas confidently, as well as the capacity to write and speak persuasively. Cultivating these skills is essential for gaining visibility and recognition within an organization. Kane reinforces that “essential capabilities are communication skills, analytic skills and industry context.”

Networking and Seeking Mentorship

Building relationships with mentors and industry peers can accelerate career growth, according to Price and Kane. Networking provides access to new opportunities and insights, while mentors can offer guidance and support. Engaging with executive recruiters and responding to their inquiries also can open doors to potential roles.

Meanwhile, because the health care landscape is ever-evolving, leaders must remain adaptable to thrive. Continuous learning, whether through formal education or self-directed study, keeps knowledge current and relevant. Embracing change and being open to new experiences can lead to unexpected and rewarding career developments.

“To ascend into the C-suite, fundamentally you have to be constantly curious,” Kane notes. “You also have to be consistent. You have to be someone that meets deadlines and always produces a superior product.”

Quick Tips to Move FORWARD and Upward

According to Price and Kane, using key attributes encapsulated by the acronym "FORWARD," professionals need heightened knowledge and competence in the following areas to achieve success at the highest levels of leadership:

1. Finance. Professionals need to grasp financial expectations for planning and marketing. This includes comprehending capital and core elements of valuations, as well as identifying the drivers impacting the organization and its competitors.
2. Operations. A solid understanding of inpatient and outpatient operations is crucial. Professionals should differentiate between various specialties and practices. Leveraging a network of line operators allows testing tactical options in patient care settings.
3. Risk assessment. Professionals need to assess risks across the market; financial, organizational and new entrant dimensions; and they must be able to navigate uncertainties and make informed decisions.
4. Workforce. It is vital to understand how human resource metrics drive strategic options. Recognizing physician access, demand/supply dynamics and the usage of extenders contributes to effective workforce management. It is also important to understand the role of graduate medical education within the organization.
5. Analytics. In today’s data-driven landscape, professionals must elevate their analytical skills. Addressing ambiguity when forecasting future scenarios and establishing ownership of analytics within the organization enhances credibility.
6. Revenue. Professionals should understand current and potential growth sources by reviewing the economics of vital service lines and industry trends. Additionally, deducing how commercial payors and Medicare reimburse for services and assessing contract rates for common outpatient services are critical.
7. Dashboards. A valuable skill for professionals is the ability to design compelling strategic dashboards for the C-suite and the health system’s board of directors. A balanced scorecard covering major health-system components ensures effective and strategic communication and decision making.

Reaching the C-suite in health care requires a deliberate and strategic approach. By understanding the industry, leveraging data analytics, developing a diverse skill set, crafting a personalized career plan, exhibiting executive presence and effectively networking, professionals can position themselves for success.