Executive Advisory Board Helps Client Shape Future
From one of our on-Going Advisory Services clients quarterly meetings, we were asked for another special assignment, creation and management of a new Executive Advisory Board (EAB).
This client is a comprehensive revenue cycle management company, a national leader in providing healthcare organizations and hospital-affiliated physician practices with innovative revenue cycle management solutions and consulting services. They serve over 200 hospitals nationwide over the last 15 years of service to healthcare organizations.
Just prior to our first EAB meeting, the firm was acquired by a large national healthcare consulting company, becoming a part of the company’s Healthcare Division.
C-Suite Resources has a long time relationship with this client, with a significant number of assignments including:
- Three separate focus groups with different groups of C-suite executives from a variety of leading health systems, comprised of CEOs, CFOs, CMOs, COOs, and others.
- Several market research assignments including a C-Suite Resources analysis of current market trends, an analysis of most attractive customer prospects based on organization types, and others.
- Now, our On-Going Advisory Services agreement where we hold quarterly meetings with the senior leadership to discuss healthcare trends, customer and prospect issues, new services, improving customer relationships, and other topics.
During one of our quarterly meetings, their senior leadership team raised the topic of companies utilizing an Executive Advisory Board to advise on developing relationships within the healthcare industry. Our C-Suite Resources team told them of our experience in developing and managing EABs. They asked if we would put together a proposal outlining how such an EAB might be developed for them.
We identified the topics that should be addressed in considering the development of an EAB including:
- Purpose of the EAB
- Composition of the group
- Recruitment of the members
- Size of the EAB
- Frequency of the meetings
- Role of the company in development of the EAB
- Role of the company in management of the EAB
- Cost of the EAB, including amount of Honoraria to the members
- Length of terms for the members
- Publications from the EAB
After meetings to discuss and arrive at decisions on all these and other issues, C-Suite Resources put together a proposal defining roles, membership types, costs and each of the other issues. We were then asked to be the developers and managers of the company’s EAB.
The purpose of this EAB was stated as: To assist the company in learning more about the future direction of healthcare from as many different perspectives as possible, but at least including academia, healthcare research, major healthcare systems, healthcare finance and graduate education of healthcare leaders.
C-Suite Resources identified leaders in each of those categories for the company to choose from. After their selections, we recruited the selected members, utilizing our Faculty-Advisors as resources and our wide spread network of healthcare leaders. The final selections included:
- CEO of one of the largest health systems in the country
- The leading futurist in healthcare
- Two of the most prominent healthcare financial leaders
- The leading healthcare researcher from his post at a major university
- Director and Professor of the leading graduate education program in healthcare program
The first EAB meeting was held in the spring of 2014. The topic: The Future of Payment Reform on Consumerism/Patient Activation produced an engaging and provocative discussion among the members and staff.
- Excellent evaluations from all the company participants
- Commitments from both the company and EAB members to continue
- A well-prepared monograph summarizing the results of the first meeting which is being shared with the industry to reinforcing our client’s brand and reputation for thought leadership
- Comments from the company’s leadership expressing appreciation for all the time and efforts of C-Suite Resources in the development of the EAB and the management of the entire process