Watch the video of Lee Cockerell, then proceed to the discussion prompt below.
******* Note : I’m not able to copy the link for the video but literally says:
“After 9/11 our business went down 35%, overnight immediately cancellations cause nobody was willing to get on airplane and we had to figure out how to save some money to get our operating income into some kind of format where we were making the right income based on the reductions in all of the customers coming and the idea was, let’s not shoot fireworks every night “, this would save millions. I mean we shoot more fireworks than anybody in the world and this was a multi-million dollar decision, and there if was in front of us and we had to decide what to do.
(Lee Cockerell former Executive Vice President of operations of Walt Disney world)
Finding ways to save money is an important part of every business plan. How would you handle this dilemma that Lee was faced with? Place yourself in the role of a healthcare leader, you are faced with limited resources and budget constraints. How do you address the needs of your patients under these conditions? How do you maintain morale when the financial decision-making stakeholder dictates a reduction in resources (hours, staff, supplies, etc.) while maintaining normal business operations
In times of economic hardship, businesses are often forced to make difficult decisions to reduce costs and save money. Lee Cockerell, former Executive Vice President of operations of Walt Disney World, found himself in such a situation after the 9/11 terrorist attacks, when the business faced a 35% decline in revenue overnight. He was forced to make decisions to save money and maintain the company’s financial stability while continuing to provide quality services to guests. This scenario is not unique to the tourism industry and can be applied to any industry, including healthcare.
As a healthcare leader, I would approach this dilemma with a focus on patient care and the well-being of my staff while also keeping in mind the financial constraints. To address the needs of my patients under these conditions, I would first analyze the situation and identify areas where costs can be reduced without compromising the quality of care. For example, I would look for opportunities to optimize resources, such as reducing non-essential supplies and materials or consolidating certain services.
I would also prioritize staff training to ensure they have the necessary skills to provide quality care with limited resources. This would involve providing education on efficient work practices, effective use of supplies, and promoting teamwork and collaboration among staff to maximize productivity. Additionally, I would encourage staff to be proactive in identifying cost-saving measures and reward those who propose innovative and effective solutions.
Maintaining morale during times of financial difficulty is critical to ensuring the sustainability of the business. I would make it a priority to communicate clearly and transparently with staff about the financial situation and the rationale behind any decision-making. This includes explaining the reasons for any reductions in resources and what measures are being taken to mitigate their impact. Additionally, I would encourage staff to provide feedback on their concerns and ideas for improving morale and addressing challenges.
In conclusion, dealing with limited resources and budget constraints is a challenge that many businesses face, including healthcare organizations. To address this, healthcare leaders must focus on patient care and staff well-being while also keeping in mind financial considerations. By analyzing the situation, prioritizing staff training, promoting collaboration and transparency, and rewarding innovative solutions, healthcare leaders can successfully navigate these challenges and maintain high-quality care for their patients while ensuring financial stability for the organization.