Leading an Effective Team to Deliver Peak Revenue Cycle Performance

Companies with great revenue streams have great leaders. However, these leaders aren’t “great” solely because of their experience, charisma, or business savvy. Their “greatness” lies in their ability to create teams that work at peak performance. As Steve Jobs famously said, the best thing a leader can do is to surround themselves with really smart people and then “get out of the way.” This is often easier said than done, especially in turbulent times.

With rising expenses and sluggish margins, healthcare leaders are experiencing greater pressure from shareholders and other high-level stakeholders. This pressure is then passed along to employees who are pushed to work harder. But with our industry’s ongoing labor shortage, most employees are already working hard, often putting in longer hours, and taking on extra duties. However, harder isn’t necessarily better. In fact, it’s usually the opposite. People under pressure typically perform more poorly, and that poor performance is reflected in a poor-performing revenue cycle.

The most impactful step healthcare leaders can take to improve revenue performance is to build an environment where their teams can’t help but succeed. As a CEO, I’ve learned that when your team succeeds, they’re more likely to treat your clients well, leading to client success, stronger relationships, and better revenue performance.

It's time for a new leadership style

According to Harvard Business Review, there are six basic leadership styles: Coercive, authoritative, pacesetting, affiliative, democratic, and coaching. In reality, most leaders are a bit of each.

With my roots firmly in the Midwest, I’ve experienced another style of leadership that could be considered more down-to-earth, more pragmatic, and more heartfelt. I call it “Leadership by the Golden Rule,” where leaders treat their teams as they would want to be treated themselves. This means showing high regard and respect for every member of the team, no matter how new or experienced they are or where they are on the pay scale.

For providers looking to outsource all or a portion of their revenue cycles, leadership styles should be top of mind. When a vendor embraces Leadership by the Golden Rule, they will do all they can to help their clients succeed because they know that the client’s success is ultimately their success, too. Conversely, partnering with a vendor whose leaders primarily follow a coercive or authoritative leadership style will likely create a stressful relationship and a poor return on investment.

Leadership by the Golden Rule: Three Key Elements

• Purpose. Leadership expert Max De Pree said, “The first responsibility of a leader is to define reality. The last is to say thank you. In between, the leader is the servant.” My purpose is simple: To drive value for our team members, our company, and our clients by treating everyone with integrity and respect.
• Passion. Team members who love what they do and feel a sense of ownership are passionate about the results they deliver. Creating an environment that fosters passion and an ownership mentality is my number one priority. When everyone believes they are a vital part of our clients’ success, they can’t help but become passionate about what they do.
• Caring. Caring is a cornerstone of a high-functioning team, embodying the empathy and dedication required to foster a positive and productive work environment. As a leader, demonstrating genuine care for your team's well-being and professional growth builds trust and motivates individuals to perform at their best. When team members feel valued and supported, they are more likely to go above and beyond in their roles, contributing to the organization's overall success.
• By prioritizing care, leaders set a standard of compassion and respect, creating a culture where everyone feels empowered to thrive. This expectation of caring and gratefulness should permeate all levels of the team, ensuring that every member understands the importance of looking out for one another and working collaboratively towards common goals. It's this collaborative spirit that makes a caring team a force to be reckoned with, each member feeling connected and part of a larger purpose. One of my expectations as a leader is that every interaction — whether internal or with a client or vendor — should demonstrate a substantial caring component, from facial expressions to words to actions.

The Importance of Honesty

While it may seem somewhat contradictory to the Golden Rule leadership style, I encourage leaders to be bold and to tell it like it is — in a respectful manner, of course.

Leaders need to be direct and honest with both team members and clients by laying out what needs to be done and what is expected on both sides. Trust comes by succeeding together, and sometimes, that requires being tenacious about making sure promises are delivered.

While some may consider the Golden Rule as just a lesson they learned in Sunday school, I believe it has relevance in our current business climate. As a leader, I am grateful for the opportunity to lead an organization with purpose, passion, and caring. I believe we have the best team in the industry, and so do our clients. It’s success by the Golden Rule.

Tim Brainerd is CEO of Revenue Enterprises. He has about four decades of revenue cycle experience, including 19 years with RSI Enterprises. He has been a past president of Colorado Chapter of the HFMA and a presenting speaker on the topic of leadership.