We label popular athletes as superstars. Ditto using the same expression for entertainers. Yet in every business there are superstar employees, those who drive the growth of the company. For a CEO the question is – how do you manage them?
The task for Andy Blankemeyer, CEO of Beacon Orthopedics and Sports Medicine, seems to be extra challenging since the superstars happen to be the business owners too – the doctors.
It requires a management style and attitude that is applicable to any group of high performers like lawyers, architects, real estate agents or superstar sales people, engineers, etc.
WHAT YOU’LL LEARN FROM ANDREW BLANKEMEYER: BEACON ORTHOPAEDICS & SPORTS MEDICINE
WHAT IS THE MANAGEMENT STYLE YOU EMPLOY FOR WORKING EFFECTIVELY WITH YOUR GROUP OF PHYSICIAN OWNERS? (1:50 in)
In Andy’s words – It’s like managing a shopping mall. You’ve got a wide range of stores selling different products. My job is to make sure that each of those stores remain successful and that way the mall itself continues to grow and to be successful.
Insight – Management of a group of type A personalities, superstar employees, is possible if they agree to adhere to a strategic plan they all agree to upfront.
HOW DO YOU MANAGE BEACON’S GROWTH? (3:32 in)
In Andy’s words – We don’t want to grow just to grow. We have to have a strategic reason.
Insight – Look at growing into new markets, new service or product sectors so as not to cannibalize already what you have or to upset your business culture.
HOW DO YOU MANAGE YOUR RELATIONSHIP WITH HOSPITALS WHO ARE BOTH COMPETITORS AND PARTNERS? (5:55 in)
In Andy’s words – It’s having like-mined leadership on both sides of the table. If the two sides both understand the value of each other we seem to have good relationships with our hospital partners.
Insight – By seeking to identify how both parties can benefit from a relationship, a competitive association can be mutually valuable.
WHAT DO YOU HAVE TO DO TO BE AN EFFECTIVE ADVOCATE FOR BEACON WITH INSURANCE COMPANIES? (7:50 in)
In Andy’s words – I see our relationship with insurance carriers as a true partnership. If they are looking for a way to provide value to their members and we work together on rates, programming and plan design, that’s how they can save their members money.
Insight – Sharing of data about cost containment and operational efficiencies between the parties helps them find beneficial solutions.
HOW DO YOU KEEP COMPANY STAFF SPREAD OUT OVER MULTIPLE LOCATIONS INFORMED OF WHAT’S GOING ON? (10:03 in)
In Andy’s words – We use Email a lot. We have update meetings from management teams on a monthly basis.
Insight – If you’re in an industry like healthcare where government regulations and policies change often, ongoing education via the company’s preferred communication channels is necessary.
WHAT CAN YOU DO TO PREVENT PHYSICIAN BURNOUT? (13:02 in)
In Andy’s words – My job is to let them be doctors and let me run the business. The more I can let them come in, treat patients well, have quality outcomes on their surgeries, and get home to see their families, that’s my way of contributing to lessen physician burnout.
Insight – Your superstar employees will be most effective when their daily lives aren’t consumed with peripheral collateral duties that divert their attention away from their primary job.
DO YOU DEVELOP WITH THE PHYSICIANS THE GROUP’S STRATEGIC PLAN OR SIMPLY EXECUTE IT? (14:40 in)
In Andy’s words – We work hand in hand. I have a good handle on market trends, where government trends are going, where orthopedics as a whole across the country is going.
Insight – When all of the key players are involved in the strategic planning process, buy-in and execution of the plan is much more likely.