The Power of Effective Governance: Three Key Elements to Success

The healthcare industry has been undergoing a monumental shift toward digital transformation, and as technology experts, we feel privileged to be a part of this incredible opportunity. With the emergence of innovative technologies, healthcare organizations can now improve patient outcomes, increase efficiency, and reduce costs like never before. However, to make the most of this transformational journey, it’s essential to have effective governance in place.

Effective governance means taking a holistic approach to technology adoption, considering the impact on patients, providers, and the organization as a whole. With proper governance, healthcare organizations can ensure that they’re using technology to benefit everyone involved and achieve desired outcomes. Let’s dive into the roadmap to achieving governance success, which includes three key elements.

Identify Annual Objectives

Annual objectives are the goals you want to achieve in a year, based on company-wide or departmental objectives. Identifying these annual objectives is the first step in the roadmap to governance success. By aligning all other elements of your governance framework with these critical goals, you can ensure that your digital transformation journey is headed in the right direction.

According to a report by McKinsey, setting clear objectives and KPIs is critical for healthcare organizations to succeed in digital transformation. To define your annual objectives, use the SMART criteria (specific, measurable, attainable, relevant, and time-bound) for each goal. This will help you ensure that your objectives are aligned with your organization’s strategic vision and are achievable within a specific timeframe.

Develop Guiding Principles

Guiding principles are the foundation of your governance model. They’re the beliefs and ideas that drive your organization’s decision-making process. When developing guiding principles, consider including the following:

  • What does success look like?
  • How do we treat each other inside and outside of the organization?
  • What kinds of behaviors should be encouraged within this community?

Creating simple and concise guiding principles that reflect your organization’s core values can foster a sense of purpose and direction among team members.

A study by Deloitte found that creating a positive culture is a crucial success factor for digital transformation in healthcare. By creating a culture of openness, innovation, and continuous learning, you can ensure that your team is motivated and empowered to drive the digital transformation journey forward.

Define Objectives and Key Results

Once you’ve identified your annual objectives and developed guiding principles, it’s time to define your key results. Key results are measurable outcomes aligned with your guiding principles and organization-wide goals. To build your list of key results, identify which KPI(s) align with each objective. Then, use those KPIs as inspiration when creating objectives and key results for other areas of the organization. You can identify improvement areas by measuring your progress against your objectives and continuously tweak your processes to optimize for better outcomes.

As technology continues to evolve and innovate, healthcare organizations that effectively operationalize their digital strategy will thrive and emerge as leaders in the industry. The journey towards digital transformation has many checkpoints, and with the right governance framework in place, healthcare providers can confidently navigate the path ahead and embrace the limitless possibilities that digital technology offers. 

By aligning annual objectives, creating guiding principles, and defining objectives and key results, healthcare organizations can inspire their teams, create a culture of innovation, and positively transform the healthcare industry.

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