COPD insider

 

 

How to get your COPD initiative funded

Funds are hard to come by today. But you have big ideas for reducing readmissions and improving patient care. Don’t miss your chance to secure the capital you need to advance value-based care—learn how to make the case today.

 

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As health systems become more complex and transition to a value-based model, innovative ways to improve care and reduce cost are in high demand.

 

But funds are also in high demand—and extremely limited. Proposing an idea in today’s environment requires that you make a compelling business case, not just to clinical leadership, but to the C-suite.

 

Read on to discover things you could do to improve your chances of securing the funds you need to bring your initiative to life. 

Contributors

Becky Anderson

Becky Anderson, RRT

Manager, Respiratory Care Services,
Sanford Medical Center
Christine Cunningham

Christine Cunningham, RRT

Director of Clinical Services

CHI Health at Home

Understanding the mindset of the C-suite

 

Every day, members of the C-suite face a multitude of internal and external forces that influence their business decisions. But one thing is constant: Their focus is on strategic imperatives and business goals—from continued growth and performance improvement to new care delivery models and system-level initiatives.1

 

That means your initiative is not just competing against other proposals, it’s competing against every funded operation of the health system. So regardless of the financial orientation of the institution, budgetary pressures will limit the funds available for even the most worthwhile initiatives.

 

Reality check

 

Submitting a proposal may be a novel experience for you, but the C-suite receives many business plans requesting funds for programs and initiatives—sometimes several per day.

 

Consider that most proposals position their request for funds in the following ways, which may NOT be convincing to a C-level executive:

 

  • The plan is critical to optimize patient care
  • It will help reduce costs for the hospital by shortening length of stay
  • It is cost-effective based on published medical literature or analyses

 

Seem confusing? The bottom line is, don’t just explain the ideal end benefit. Show the depth of your plan and how it was purposefully designed to maximize the chances of achieving its goals2. Read on to find out more.

Case study: identifying an opportunity in the literature

Data about new care models are published frequently. As they represent an excellent opportunity to make a case for funding, incorporate them into a business plan for your C-suite. Published studies even do a lot of your heavy lifting in terms of framing the challenge and validating a solution.

 

Review the material below—do they point to a strategic solution for your organization?

 

In recognizing that the home setting is the least expensive care setting, Philips sponsored a study to help quantify the gains of investing in homecare solutions.

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Study title

Cost Savings from Reduced Hospitalizations with Use of Home Noninvasive Ventilation for COPD
Objective icon

     

Objective

Demonstrate how hospitals and payers can more efficiently and effectively manage COPD in the home setting by implementing an advanced mode of NIV.
The multifaceted and connected home NIV model described in this study can be easily adopted by other medical facilities and payers.”

Dr. Teofilo Lee-Chiong

Pulmonologist and Chief Medical Liaison, Philips

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Results

Within the study parameters, the use of home advanced NIV as part of multifaceted approach can provide:

 

  • Opportunity for cost savings to hospital in terms of 30-day readmissions3
  • Opportunity for 3-year cumulative cost savings to payers in terms of admissions3
  • And implications to health care coverage, e.g., shift from Fee-for-service to Value-based coverage, and penalties for 30-day readmissions3

Defining roles and responsibilities in the C-suite

 

Today’s C-suite officers have new titles and more complex responsibilities. In order to address their greatest needs, you first need to know what they are. Get a sense of who will be hearing your pitch, then cater to them accordingly.

CXO

The chief experience officer is responsible for the overall experience of a healthcare organization's products and services

CLO

Chief learning officers are responsible for the learning initiatives in a healthcare setting

CI(N)O

A chief innovation officer is primarily responsible for managing the process of innovation and change management

CTO

Chief transformation officers drive the organization forward and hold accountable those responsible for the hundreds of daily actions and initiatives that underlie typical programs

CSO

A chief strategy officer is responsible for assisting the CEO with developing, communicating, and executing corporate strategic initiatives

CIO

A chief integration officer oversees ensuring the coordination of all the interacting systems within the enterprise

CCO

Chief compliance officers are responsible for all the hospital's compliance activities

CMIO

The chief medical information officer ensures that IT is used correctly and effectively in medical settings

CQO

The chief quality officer is a manager responsible for the quality of a hospital or system's products and services

CPO

The chief privacy officer helps to keep personal information safe as well as medical data and financial information

For an initiative to gain support, it’s important that you demonstrate how your plan aligns with the orgnization’s strategic imperatives.    

 

Be prepared for questions and concerns

 

Common objections

 

  • This is not an absolute priority now
  • We don’t have the resources for this initiative
  • We need to wait and see
  • We acknowledge the positive ROI—but the gains are not big enough
  • We should conduct a beta test

 

As an insider tip, it’s always beneficial to present your proposal in advance to peers or other decision makers. This will help you consider feedback, tighten up your presentation, and anticipate questions.

Most leaders are asked, 'What keeps you up at night?' The best question to ask the C-suite is “What gets you up in the morning?”

Adrian Davis,

the author of Human-to-Human Selling: How to Sell Real and Lasting Value in an Increasingly Digital and Fast-Paced World

 

Don’t just ask for money. Put your best foot forward by taking a strategic, audience-centric approach. This will resonate the most and maximize your chances for success. Good luck!

References
1.
A Guide to Aerosol Delivery Devices for Respiratory Therapists, 3rd Edition American Association for Respiratory Care  https://www.aarc.org/wp-content/uploads/2015/04/aerosol_guide_rt.pdf
2017 Global Initiative for Chronic Obstructive Lung Disease, Inc.  www.goldcopd.org

2. How to Pitch an Antibiotic Stewardship Program to the Hospital C-Suite. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5104972/

3. Coughlin, S., Lee-Chiong MD, T. (2017). “Cost Savings from Reduced Hospitalizations with Use of Home Noninvasive Ventilation for COPD.” Published. http://www.valueinhealthjournal.com/article/S1098-3015(16)30068-7/abstract

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