Transcript Generated by AI 00:01 Hi Mark Parkinson back with Park Place and thank you for joining us today for a 00:06 kick off in our leadership series. 00:09 So you might wonder what the heck is the leadership series? 00:11 The leadership series will be 20 segments that I will be doing that will be sort of 00:17 self-contained at the entire program on leadership. 00:21 It's pretty much everything that I know, that I've learned and that I think might 00:26 be helpful to you in your organization, and the intention is to provide you 00:31 information that you can use. 00:33 I think you could do this either individually or if you think it's 00:38 worthwhile, it might be good for a few people from 00:41 your organization to kind of watch and talk about these each week that we 00:46 release one. 00:47 But the idea is, is that by the time we finish this, 00:50 you'll have a full understanding of everything I know about how to set up an 00:55 organization and run effectively. 00:57 They'll be some specific traits that I think are important that we'll focus on 01:02 and they'll be a huge reliance upon what's happened in long term care. 01:07 So the idea is how do you create a great long term care organization? 01:12 And or if you've already got one, how do you keep it where it's at or 01:16 hopefully make it better? 01:18 So in today's segment, we're going to talk about lessons learned 01:22 from the book LTC Success. 01:24 LTC Success is the book that David Gifford, 01:27 Rand Davis and I produced last year. 01:30 We decided that we had, you know, seen over the years that the really great 01:35 companies seem to be doing a lot of the same things. 01:38 A lot of companies that weren't so great weren't doing those things. 01:42 And before I left ACA and Cal, I really wanted to write all of it down. 01:46 So that's what the project was all about. 01:48 We ran a bunch of clinical numbers to identify companies that had great quality 01:53 outcomes. 01:55 We identified them and then we asked them if we could spend a few days with each of 02:00 them to really learn the secret sauce. 02:02 What was it that they were doing that was making them so successful? 02:06 For five of the companies, there's a chapter written about each of 02:10 them. 02:10 And then we also highlighted 18 other companies that were good at specific 02:15 measures like turnover, survey history, rehospitalization, etcetera. 02:21 And in the end, we hope that we created a template that 02:24 you can use to understand how these folks have achieved success and maybe how you 02:29 might achieve success as well. 02:32 People often ask me what are the lessons learned from the book. 02:36 And as I really boil it down, I think that the companies that have 02:41 succeeded the most, there are 4 characteristics to each of 02:45 those. 02:45 And I want to talk about each of those characteristics a little bit today. 02:51 The first characteristic is that the companies are completely driven by 02:55 mission vision and values. 02:57 They're completely driven by mission vision and values. 03:00 Each of them has a clear mission statement. 03:04 And beyond just having a mission statement, 03:06 it's a mission statement that they all live and that they all know. 03:10 When you talk to the folks in the CC suite, 03:12 they can recite the mission statement. 03:14 When you go out to the buildings and talk to the front line administrators, 03:18 they can tell you what the mission statement is. 03:20 So they don't just have a mission statement, 03:22 they're actually living it better, which of course is one of the very best 03:26 organizations in the country has a saying. 03:28 We don't just want our mission statement on the walls, 03:31 we want it walking the halls. 03:33 That's what all five of the companies that we feature have. 03:37 Clear mission statements, a clear set of values, 03:40 and each of them has figured out a way to actually make it live in the buildings, 03:45 and usually the frontline workers in the buildings are aware of what those mission 03:50 and values are. 03:52 The second characteristic is that these successful companies create metrics and 03:57 goals that reflect their mission and values, 04:00 and they hold themselves and their leaders accountable to them. 04:05 What do I mean by that? 04:07 It's one thing to have a mission statement, and that's fine, 04:11 but if you don't tie it to any actual outcomes, 04:14 it's not going to achieve very much. 04:16 What these successful companies have done is they've said, you know, 04:20 we might have something lofty in our mission statement about our employees, 04:24 and that's fine, but we're going to set a specific metric 04:27 and hold ourselves accountable to it. 04:28 So, for example, they will set as a goal that turnover has 04:32 to be less than, say, 56%, which is the national average. 04:36 Or they will set a goal that says that your employee satisfaction must be above 04:41 the national average. 04:42 They set metrics that reflect their mission and then they incentivize their 04:48 leaders to achieve them. 04:50 If they hit the mission, if they hit the metrics, 04:52 they receive a bonus. 04:54 If they don't hit the metrics, they don't. 04:56 They've learned that people will respond to the incentives that are created. 05:00 So they set a very specific list of metric based goals. 05:05 The third thing that all these companies do is they really invest in their leaders. 05:09 They're very careful about who they place in a building to run it. 05:13 They don't just hire folks off the street. 05:15 Often times they go through one or two or even 3 years of training before they're 05:20 allowed to run a building. 05:21 And then once they're in a building, there is ongoing training. 05:26 All of these companies bring all of their leaders together at least once a year to 05:30 celebrate and to talk about leadership and the future of the company. 05:34 All of these companies have ongoing training with their leaders throughout 05:38 the year to make sure that they're continuing to have the best possible 05:42 leaders and that they're retaining the ones that they have. 05:46 And then the fourth thing that these companies all have in common is that they 05:49 have low debt. 05:51 They avoided the temptation that many of the large companies succumb to back in 05:56 the 2010 time period when so many buildings were sold with and then leased 06:00 back at very high lease rates. 06:02 None of those models ended up making it. 06:05 All of these successful companies have managed to keep their debt levels low, 06:10 which has given them sufficient room when things go wrong to make it through the 06:15 very difficult times. 06:17 In this leadership series, we're going to be elaborating much more 06:21 on each of those characteristics. 06:23 We'll be talking about mission and vision and whether or not you have a good 06:28 mission statement and what you need to do to get one. 06:31 We'll be talking about the metrics that these companies use to incentivize 06:36 behavior, exactly what the metrics are and how they 06:40 use them to get results. 06:42 We'll be talking about the specific leadership programs that they have to 06:46 make sure that the leaders that they have continue to be very good. 06:50 We will get into the specifics in the next segment. 06:53 We're going to focus on mission and values. 06:55 We're going to talk about what a good mission statement is, 06:58 what a good set of values is. 07:00 We're going to allow you to compare where you're at with what the best can really 07:05 be. 07:05 So I'm super excited to basically download to you everything I know about 07:10 leadership, everything I know about creating an 07:13 effective organization. 07:14 And so I hope you'll join me on the next segment where we'll be talking about 07:18 mission and values. 07:19 Thank you for being here on Park Place. 07:22 Oh my God, If you're still watching this, this means that you watch the end of a 07:27 very long video on Park Place. 07:29 I'm not sure what that means. 07:30 It says something about you or maybe there was just nothing else to watch 07:34 today or maybe your priorities are a little bit off. 07:37 But whatever it is, we really appreciate your support. 07:40 And if you want to continue to follow us, follow us on LinkedIn, 07:43 on our various social media sites and, you know, 07:46 try to find something else to do.
