In July, American Physician Partners (APP) blindsided clients with a two-week notice, leaving health systems in a scramble to transition contracts—typically a process requiring months. This abrupt move by APP underscores a disturbing trend in the healthcare industry, where short-term profit often trumps considerations of long-term impact, stability, and legacy.
A viable antidote to this short-term thinking is the infinite mindset. This article explores how healthcare leaders can instill a commitment to sustainability and lasting impact among stakeholders.
The Pitfalls of Immediate Gains
The perennial issue of exorbitant healthcare costs in the United States is exacerbated when companies adopt strategies tailored for rapid profit in an already fragile industry. While the conventional metric of cost per patient is acknowledged, the recent surge and subsequent collapse of private equity in healthcare highlight its inadequacy in gauging the true consequences of such practices.
Private equity firms, seeking swift returns, often prioritize profit over patient care. Their investments in healthcare facilities lead to increased costs for payers and patients, coupled with potential negative impacts on quality, as revealed by a 2023 BMJ study. Furthermore, the pursuit of returns in this sector often translates to overworked frontline clinicians, compromising patient care quality.
This trend is particularly troubling amid the backdrop of a global pandemic, exacerbating burnout among healthcare professionals. Projections indicate a shortage of nearly one million nurses in the U.S. by 2031, with 80% of positions potentially unfilled. Neglecting the well-being of healthcare providers today jeopardizes patient care tomorrow.
The Value of an Infinite Mindset
Adopting an infinite mindset emerges as a potential solution to the perils of short-term thinking in healthcare. Ethnographer and author Simon Sinek popularized this approach, emphasizing a focus on legacy, lasting impact, and continuous growth.
An infinite mindset urges leaders to prioritize the well-being of patients and providers over immediate financial gains. Success is measured not just in dollars but in the tangible improvement of lives. This approach requires a shift in focus from profit-oriented distractions to the core values of healthcare.
Infinite Benefits
While an infinite mindset might entail sacrificing short-term profits, the long-term benefits are substantial. Some key advantages include:
Patient-Centered Care: Prioritizing patient well-being and satisfaction over the long term enhances loyalty, trust, satisfaction scores, and quality payments.
Adaptability and Resilience: An infinite mindset encourages organizations to be agile, adapting to evolving challenges in the healthcare landscape, thereby ensuring resilience in the face of uncertainty.
Continuous Improvement: Fostering a culture of continuous improvement leads to refined processes, enhanced care quality, and innovative solutions to healthcare challenges.
Collaboration and Partnerships: An infinite mindset promotes collaboration among healthcare stakeholders, fostering joint accountability for patient outcomes and improving organizational sustainability.
In conclusion, the pervasive short-term thinking in healthcare destabilizes the industry and harms patients and providers alike. Embracing an infinite mindset is a challenging but necessary shift to refocus healthcare on the core mission of improving lives.
