When it comes to healthcare and leadership diversity, progress has been made. Unfortunately, considerable improvement is still needed. In hospitals, about 32% of patients are represented by minorities. Unfortunately, those numbers are not reflected elsewhere.
Some Disturbing Percentages
Though, as just stated, 32% of hospital patients are minorities, the following numbers apply to other areas:
- First-level and mid-level managers – 19%
- Executive leadership – 11%
- Hospital board members – 14%
And when it comes to hospital CEO positions, only 25% are occupied by females despite an 80% female healthcare workforce.
It’s a complex thing, diversity. Multiple levels of inclusion must be addressed by today’s leaders. These can consist of the following:
- Thought, or cognitive
- Background, or experiential
- Ethnic, and/or racial
Diversity’s complexity makes it challenging, but the benefits of a diverse workforce and leadership are many. Diversity is strongly supported and justified by the following healthcare organization benefits and highlights.
- Optimized utilization and navigation of healthcare – confidence and trust must be promoted to encourage healthcare system engagement by all populations.
- Improved analytics – data analytics is an increasingly important factor in effective care. The collection and interpretation of data is enriched by strong sensitivity and cultural diversity.
- Better targeting of care and patient outreach – negative perceptions can be addressed by improved understanding of an organization. How the community perceives an organization is crucial to patient outreach.
- Retention and productivity are promoted by a diverse device workforce and pay equity – an employee’s intent to remain employed by a certain organization decreases by 16% if they perceive pay gaps. Significant financial impact can be suffered by hospitals experiencing costly employee turnovers. Extra effort is 20% more likely to be put forth by employees who feel that fair pay exists within the organization for which they work.
- Competitive advantages are produced by diversity and inclusion – superior value creation is 27% more likely to be experienced by firms practicing gender diversity. Industry-leading profitability is 33% more likely to increase by firms having executive teams that practice cultural/ethnic diversity.
- Profitability is improved through gender diversity – exceptionally strong firm performance is associated with the presence of female executives. This has been repeatedly demonstrated and creates an effect whose magnitude is undeniably significant.
How Do Advance Diversity
In order for diversity truly improve, a three-pronged approach should be taken by healthcare organizations. This approach will focus on leadership development, compensation, and recruiting. Across the following four key areas, strong executive commitment is required for appropriate diversity initiatives:
- Company culture should be considered in the tailoring of programs
- Diversity initiatives must be prioritized and tracked
- Growth strategy and initiatives for diversity must be closely connected
- Management, CEO, and the board must be fully committed
The rewards of achieving culturally competent care and robust leadership diversity are significant, despite the undeniable challenge. The clinical and financial benefits show the existence of a strong business case. There is a considerable upside to diversity in today’s healthcare industry.
Practicing diversity on all levels, Concierge Key Health is the go-to organization for both patients and physicians. To find out more about the availability of physicians, or to make an appointment, contact Concierge Key Health today.