Change is inevitable, yet, the sluggish growth of the healthcare business witnessed within the last few centuries indicates a profound rigidity of involved stakeholders. As one of the most profound aspects of life, its inevitability, even though slow, has instigated the current innovation of new treatments, extensively productive research, and Affordable Care Acts. On the other hand, corporate executives in the healthcare market are motivated to prevent the sector's slow death by allowing it to remain flexible by embracing innovation, growth, and change, making the sector more adaptable and allowing its growth.
Perceived favourableness significantly motivates the corporate executives to accept the change. According to Arbel and Greenberg (2016), favourableness may involve financial gains such as increased financial shares and profits. The executives may also be motivated by a change that results in improved medical outcomes for the patients. Therefore, balancing the losses and the gains and the generated emotions is vital in motivating change acceptance.
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A redefinition of market access, especially in medical products, increased need for better value, intensified clinical relevance requirements, and high regulatory hurdles may also motivate corporate executives to accept change. Recently, the entry into the healthcare market is facing increased pressure and complexity; hence the corporate executives are forced to instigate the required changes to access the market (Stouten et al., 2018). For example, new products are currently supported by a scientific liaison crew rather than the traditional salesforce. Also, pricing models are currently incorporated in the earlier phases of the product's development process.
Nonetheless, the executive team may be too rigid to factor in the needed changes. In such instances, the general organizational models may be negatively affected because they fall below the market curve (Kacik, 2018). Increased inflation in healthcare may result in a rise in the prices of medical supplies and equipment, over-the-counter medicines, and prescription drugs. Consequently, the cost of the operations rises, resulting in increased medical coverage costs. If the executives allow the firm to experience natural growth by encouraging employee personal improvement and adopting modern equipment, it may grow to be more competitive (Nilsen et al., 2020). However, adopting growth and innovation at an aggressive rate may make the industry less competitive as it is eventually left behind.
Conclusion
Corporate executives in the healthcare industry must embrace change and innovation, which instigates growth. Perceived favourableness of the change and redefinition of market access may motivate the executives to embrace the needed innovation, changes, and growth. Failure to accept the changes results in increased medical product prices and a general rise in medical coverage costs.
References
Arbel, R., & Greenberg, D. (2016). Rethinking cost-effectiveness in the era of zero healthcare spending growth. International journal for equity in health , 15 (1), 1-7.
Healthcare . Retrieved from: https://www.modernhealthcare.com/technology/healthcare-leaders-must-embrace- change-or-be-left-behind
Kacik, A. (2018). Healthcare leaders must embrace change or be left behind. Modern
Nilsen, P., Seing, I., Ericsson, C., Birken, S. A., & Schildmeijer, K. (2020). Characteristics of successful changes in health care organizations: an interview study with physicians, registered nurses and assistant nurses. BMC health services research , 20 (1), 1-8.
Stouten, J., Rousseau, D. M., & De Cremer, D. (2018). Successful organizational change: Integrating the management practice and scholarly literatures. Academy of Management Annals , 12 (2), 752-788.
