Why healthcare companies should be [re]building trust.
Trust is more important than many leaders realize. I’ve been thinking about it in light of the 2019 allegations of wrongdoing in healthcare report and corresponding settlements being chalked up to the cost of doing business.
The impact of wrongdoing whether it’s excessive charges, abusive billing practices and the mistreatment of patients and their data is likely having a much bigger impact than most healthcare executives realize.
Healthcare Consumers
Healthcare companies undermined the trust Americans have in the system at a time when we are asking for more data and engagement from patients and healthcare consumers. Granted there are other factors that have contributed to the mistrust felt more broadly but healthcare companies will need to rebuild trust before transiting into value based care models.
Employees
Employees of these companies are likely impacted too. The wrongdoing is not accidental but rather a function of the business practices that likely don’t align with the company’s stated values.
How do employees reconcile what they believe versus what they do? They can’t reconcile it. The wrongdoing is likely contributing to the anxiety felt by the employees working within those companies. The impact of the stress and anxiety will only get worse until there is better alignment in the values and the work performed.
Profits
Did you know that companies with high levels of trust outperform their competitors by as much as three [3] times? Healthcare companies have relied too heavily on having a captive consumer. When people are sick, they surrender to the process to get better and deal with the fallout after the fact.
That’s not going to work going forward. New approaches to medicine and healthcare services require participation from all consumers – not just patients. How is your company going to convince consumers to trust your organization and the process when there is no immediate need?
Trust
What is trust? The one common theme that I have found to describe trust is that trust happens when you’re willing to accept the risk of vulnerability. In other words, it’s the risk of being harmed in some way. The perceived risk has to be lower than the probability of being harmed.
How do you convince someone to take the risk on your organization or you? Trust is earned by repeating actions that conveys trust.
Trillion Dollar Coach
The book Trillion Dollar Coach, written about Bill Campbell’s work with leading Silicon Valley companies and executives, identifies five [5] key elements of trust:
1/ Keep your word
The commitment and/or fulfillment of one’s promises. Be accountable for mistakes, apologize and make amends when things go wrong.
2/ Loyalty matters
A strong feeling of support or allegiance. Establish clear boundaries and when you’re unclear about what’s okay and not okay, ask rather than ask for forgiveness after the fact.
3/ Integrity
The quality of being honest and having strong moral principles. Have the courage to practice your values and do what is right versus what is easy, fast and fun.
4/ Ability
The possession of the means or skill to do something. Avoid overpromising and underdelivering.
5/ Discretion:
The quality of behaving or speaking in such a way as to avoid causing offense or revealing private information.
Trust can’t be won with one large gesture. It has to be built over time with actions that are consistent with the key elements of trust. Remember that trust can be undermined faster than it is earned.
Be generous
Best advice from Dare to Lead for developing trust within an organization is for everyone to extend the most generous interpretation possible to the intentions, words, and actions of others.
Even if you believe that you are trustworthy, most only trust a handful of people. Chances are your assumptions about a situation, interaction or person are wrong. Default to truth but when in doubt, look for the data and trust the facts.
