Accelerating Scope Creation & Deal Flow in HealthcareMarch 03, 2020 | By Wayne O'Neill
Healthcare institutions face increasingly difficult challenges from both internal and external sources in today’s current climate.
Internally, institutions are struggling for capital dollars and finding solutions to monetize stuck assets such as mobility, water, and power.
Externally, institutions are shifting resources to support their communities affected by the threat of the coronavirus.
Owners and other healthcare stakeholders are having to balance their internal long-term needs and external short-term needs to come out the other side in an advantageous position.
This reality for healthcare institutions highlights the need to accelerate scope creation and deal flow in healthcare project delivery.
Healthcare Stakeholders Recognize Need to Adapt
In First Quarter 2020, I attended two major conferences focused on accelerating project delivery.
- February 2020: U.S. Healthcare Project Delivery Conference
- March 2020: P3 Conference with a particular focus on healthcare solutions.
The theme I took from both conferences is the need for speed to solutions. This requires healthcare institutions to move toward finding the best solution and assembling the best team to execute the solution.
The takeaway from these conferences represents a break from the old way of thinking that healthcare institutions should follow the process of reviewing money available in the bank vs. money available in bond financing, then sell projects to the highest bidders.
The market has changed. The process has changed. The entire thinking has changed — first internationally and now in the U.S., where major healthcare institutions are understanding how to better connect with clients to help them move project scope at a faster pace.
Advancing the Conversations in Healthcare Project Delivery
Creative thinkers and industry leaders are driving the healthcare industry toward deeper conversations with project delivery partners, financial institutions, and other stakeholders that can help accelerate scope creation and deal flow.
For example, Jon Conant, the Director of Public-Private Partnerships (P3s) at the Texas Facilities Commission, displayed tremendous openness during the P3 Conference talking about the importance of mobility funding.
Whether it’s mobility funding, monetizing stuck assets, or adding revenue-generating services to existing facilities, the conversations are shifting toward searching for solutions, accelerating the speed of project delivery, and involving additional decision-makers to support project delivery.
- How do we engage sovereign wealth and pensions funds more effectively?
- How do we get the government to play?
- Who are the best teams — not the best bidders — that can accelerate scope?
Public/private finance is the foundation for this movement. But, the real opportunity is focusing on the qualifications of teams, where to make the most impact, and coming up with better solutions than in the previous project delivery approach.
This advanced approach leads into the opportunity to unlock wish list scope that healthcare executives and leaders recognize could be transformative for their institution.
Unlocking Wish List Scope for Healthcare Institutions
Everyone in healthcare has wish list scope. Not everyone knows how to talk about their wish list scope. Or, they’re unwilling to talk about wish list scope because it’s not how the game is typically played.
Why? All institutions are struggling for capital dollars and trying to determine how to monetize stuck assets. It’s a zero-sum game where projects are doled out on a project-by-project basis.
Wish list projects seem like the furthest thing down the line, especially when trying to balance short-term priorities in today’s climate.
But, the game is changing. And, service providers that understand how to ask the right questions, build the right relationships with healthcare owners, build multiple levels of connections within an organization, and propose the right solutions have an opportunity to create more scope or grab larger pieces of scope.
For example, a healthcare institution may have a wish list project to stand up a research institute so that they can bring in more researchers and change the way they go to market.
That’s why conferences such as the U.S. Healthcare Project Delivery Conference and P3 Conference are critical to get people in the same room together talking about their wish list initiatives and how to build the right teams and get the financing together to turn wish list into reality.
How RESET Helps Accelerate Scope Creation & Deal Flow
RESET works with clients to help them move project scope along. We help monetize stuck assets and find solutions for clients by bringing equity to the table to accelerate project delivery.
We’re interested in helping clients that are looking to advance wish list scope projects. Through our proven methodology, The Connection Process, we help change the conversation to focus on the business and political issues in a client’s industry to find solutions in a way that drives scope creation.
In the healthcare industry, it’s having conversations about the problem behind the problem that is preventing wish list projects such as starting a new research facility from getting off the ground. Ultimately, building these connections delivers scope creation and deal flow to advance the delivery of healthcare projects.
Our clients are changing the game, and we help them get there. When you’re ready to embrace a more intelligent approach to healthcare project delivery, contact us to discuss how we can support your organization.