4 Ways to Future-Proof Your Practice

In this insightful article, healthcare leaders are urged to future-proof their practices in anticipation of inevitable changes in the healthcare landscape.

The Greek philosopher Heraclitus once said, “The only constant in life is change”. The practice of healthcare will never be the same again. With every passing year we are seeing shifts and changes in our scope of practice, in our communities, in the technology that supports us and the generations that work with us. If change is inevitable then the role of a healthcare leader is to create conditions for change to be celebrated, possible, and supported.  Here are four ways to future-proof your practice:

Number 1: Shift your resources

Consider shifting resources to embrace new practice models through digitization, novel delivery models, sustainability, and collaborative initiatives. This can look like forming strategic networks, embracing technology and lean management best practices, tightening your inventory, and maximizing patient value through outcomes-based care. It also means spending your human resource energy on forward facing development plans to upskill your team instead of more traditional and outdated backwards facing performance reviews. Similarly, with the breadth of information at your fingertips and the experience of serving hundreds of patients a week, you are uniquely positioned to see the health needs of a community, and not just an individual. What unique ways can you engage in social innovation to serve your community and the people in it?

Number 2: Turn tacit knowledge into assets

Take time to identify where tacit knowledge exists. This is the valuable experience and knowledge that exists only in the heads of your team. Every practice has at least one person who holds much of the knowledge. Without them, the practice would be stressed.  Find the time to document the knowledge and turn that experience into business assets and support systems.  If you have a great business and great systems, how can you make sure that value outlives your time there? 

Number 3: Mix optimism with preparation

In business, optimism isn’t enough to carry you through sweeping industry changes. If all your energy is spent treading water, you will struggle to reach the shore. You must pay attention to the external factors in the healthcare environment that will impact your practice from economics to regulatory changes, to the strategies of your competitors, to the political environment and more. Pair these external factors with your practice’s internal strengths to create conditions where things happen for you, not to you. 

Number 4: Avoid escalation of commitment

We have the tendency to keep going down one path because “we have already come this far”. Even if it is not the right strategic decision anymore. We continue to practice one way because this “is the way things have always been done”.  Remember, the decisions you make tomorrow do not need to be the same decisions you made yesterday. When you dream about the future of your practice and begin to plan the evolution of your practice, do not be misled by escalation of commitment. 

Status quo is not an option for long. It’s time to future-proof your practice and learn and use skills in change management, leadership, project management, and strategy. We are ready to embrace changes in scope but we must ensure your business is resilient enough as well to continue to thrive through the large and exciting shifts in the profession and industry. 

Adapted for general health practices from publications written for Pharmacy Practice + Business magazine:

https://www.canadianhealthcarenetwork.ca/4-ways-future-proof-your-practice