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.
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.
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.
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.
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.
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.
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
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.
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.
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
Answer these questions and proactively incorporate the answers into your plan.
What challenges are we currently facing?
How do you plan on implementing the initiative?
What are the desired outcomes?
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.
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:
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.
