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
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: 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.
5 considerations that could make a big difference
Your C-suite isn’t just thinking about one or two things in their decision-making. They’re thinking about nearly everything. Keep these big considerations in mind to help ensure your plan is broad and deep enough to connect.
1. Compliance
Because regulations and laws are always top of mind, be sure to articulate any existing or imminent standards that your initiative will help the institution address.
2. Alignment
Review your proposal through the lens of your institution’s strategic objectives and business goals so that your initiative clearly addresses the C-suite’s agenda. Before you begin planning your proposal, make sure you internalize top-tier strategic initiatives—and align to them.
Example: focusing on readmission reduction
C-suite need: minimize 30-day all-cause readmissions
COPD is part of Medicare’s Hospital Readmissions Reduction Program (HRRP), which penalizes hospitals for excess readmissions after a hospitalization for an acute exacerbation of COPD
Gaining attention: show how your plan can help reduce readmissions
As this is in line with the strategic objectives of your administration, solving for it will demonstrate your alignment with goals on the institutional level, and help you make the case for funding
3. The personnel in your plan
Describe the structure of your proposed team and the roles and responsibilities of each individual. This will help decision makers understand who and what they're investing in.
Example: the challenge with mixed messages
Because every specialist on your team is heavily invested in patient outcomes, they often do whatever they can to drive better care. But this can sometimes backfire.
For example, a pulmonologist can give a patient specific treatment direction pre-discharge, then an RT can enter the room and give different direction. Though both sets of direction can be clinically valid, it can create confusion for patients and lead to uncertain results.
For each specialist involved in your program, show your C-suite
- Clear expectations
- Key responsibilities
- Rules of engagement
- Things to avoid
- Care goals
This will reflect your vision and preparation, and reinforce the value in funding your idea.
4. Investments and gains
Beyond personnel, be very clear and detailed about cost, timing, and what could be achieved. Offer timelines with dollar amounts and goals associated with each step. Including this information will help the C-suite envision the rollout of your plan and what to expect along the way.
5. Risks and assumptions
Don’t view uncertainties as weaknesses—every plan has them. Instead of ignoring them, show your C-suite that you’re mindful of these factors and have ideas on how to get ahead of them. This shows thoughtfulness, resolve, and reliability.
Examples of risks and assumptions that could impact your plan
- Potential guideline updates
- Potential product approval
- Potential reimbursement shift
- Potential budget to get freed up
- Potential competitive offerings
Summary: Business plan cheat sheet
Answer these questions and proactively incorporate the answers into your plan.
What challenges are we currently facing?
- What impact do they have on our current business?
- What are key insights about relevant stakeholders?
What are you proposing to address the challenges?
How do you plan on implementing the initiative?
- What budget and resources will be needed?
- Who makes up your team?
- What is your timeframe?
What are the desired outcomes?
- What are the benefits?
- What is the ultimate ROI?
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.
Cost Savings from Reduced Hospitalizations with Use of Home Noninvasive Ventilation for COPD
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
Within the study parameters, the use of home advanced NIV as part of multifaceted approach can provide:
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.
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 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!
Further reading
References 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
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
