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How healthcare leaders can enhance their business acumen

How healthcare leaders can enhance their business acumen

by • Company news

Healthcare leaders need to enhance their business acumen if they want to run successful practices without losing sight of the people they’re called to care for.No one enters into healthcare looking forward to dealing with budgets, profit margins, or return on investment. They do it because they want to make a difference. Still, the reality is hard to ignore. Great care depends on great decisions. And many of those decisions require more than just clinical expertise. They require business acumen. This means a balanced mix of financial savvy, strategic thinking, and real-world insight.

But can healthcare leaders do without this skill? Probably not. According to the American College of Healthcare Executives (ACHE), problems with finances ranked second in the list of concerns for hospital CEOs in 2023.

The message couldn’t be clearer. Healthcare leaders need to enhance their business acumen if they want to run successful practices without losing sight of the people they’re called to care for.

 

 

Is Business Acumen Essential for Healthcare?

Short answer? Yes. But let’s look at why.

When we talk about business acumen, we’re really talking about the ability to make smart decisions that keep the door open.

For healthcare leaders, this goes way beyond spreadsheets. It’s about seeing the whole picture: patient needs, team dynamics, financial sustainability, and the entire ecosystem of your healthcare organization.

And yes, this matters. A lot. In fact, the World Economic Forum clearly ranks business acumen as the No.1 skill every people leader needs, with almost 90% of chief people officers saying it is their top priority in the coming months and years.

While this data applies across industries, it’s no less relevant in healthcare. In other words, knowing how the business side works is no longer optional. It’s expected.

To put things in their proper perspective, without business acumen, you might provide great care, but would you be around to provide it next year or the year after?

 

How to Enhance Business Acumen as a Healthcare Leader

So, how can you enhance your business acumen as a healthcare leader? And no, you don’t need a four-year MBA. Here are practical tips that can work in your healthcare system.

Listen to Your Patients

Your patients aren’t just the people you provide with healthcare services; they’re also your customers. And you know the good thing about customers, feedback from them is gold for business development. So, listen to them.

Paying close attention to what your customers are saying helps you spot gaps in your services. Do they complain about access to telehealth? Perhaps some mention how hard it was to get a follow-up appointment. Insights like these help you fix processes, reduce complaints, and improve outcomes.

We saw a good example of this in 2024, when employers reported growing interest in expensive obesity medications, including GLP-1s. Tuning into patients’ conversations will tell you whether to expand your services in this area or not. It’s like using patient engagement to drive business strategy.

 

Take Specialized Courses

While listening to patients will give you insights into the direction your practice can take, alone, it’s not enough. You can take things a step further by considering a structured environment where you can learn the skills to do the business of healthcare better.

The good news? You don’t have to do another four-year course for this. There are accelerated online programs for working healthcare professionals that you can do to enhance your business acumen.

Take MSN-MBA dual degree online programs, for example. These programs teach you how to both oversee clinical operations and establish policies and processes for better patient care results.

What’s more? According to Spring Arbor University Online, programs like these give you two Master’s Degrees in just two years and five months. And you don’t have to quit your job, too.

You can also consider short courses or weekend workshops on healthcare finance for non-financial managers. In this case, the goal is not to become an expert but to ‘speak the language’ so that you know what to look out for when running a healthcare practice.

 

Find Mentors

Finding a mentor is a secret advantage that not many people use. These are people who’ve been where you are now and are where you want to be in the future. Of course, they’ve likely experienced some of the challenges you’re currently facing and are in the best position to tell you what to do.

Experiencing high turnover rates in your clinic? A mentor can tell you how to make them stay.

According to a 2024 study published in the Journal of Healthcare Leadership, healthcare professionals who participate in mentorship programs report increased leadership awareness, better coping with stress, and improved confidence as leaders. The benefits are self-explanatory.

 

Follow Industry News

One final way to stay on top of your business acumen skills is to keep abreast of industry news. Why? Because the world of medicine moves fast.

Take 2025, for example. Probably one of the biggest healthcare industry trends was artificial intelligence (AI). PWC even predicted that it will power the future of medicine, with 77% of healthcare executives making it a top priority investment for the near future.

Now imagine you’re not paying attention to industry news and don’t have this information. You’ll be left behind while others leverage AI tools to make data-backed decisions.

 

Bottom line? Stay on top of things. Even if it’s one solid newsletter, subscribe to it.

 

Building Your Business Acumen in Healthcare

Managing a healthcare facility is tough work. You’ve got to make sure that the numbers add up while at the same time, ensuring that patients get the best possible care. Enhancing your business acumen is one of the most effective ways to make this work. Hopefully, the points discussed in this article have shown you how to do just that.

It’s important to point out that this doesn’t happen overnight. It’s a slow and thoughtful process, but one that pays off at the end. The best way to go about it is to pick one strategy and work on it. Once you start seeing results, you move on to the next.

Your patients, your team, and your healthcare operations will thank you for it.

The role of local businesses in promoting mental health and wellbeing

The role of local businesses in promoting mental health and wellbeing

by • Company news, Wellbeing

Once seen as an individual responsibility, mental health is now recognised as a shared, community wide issue.Across the UK and over recent years, there has a change in how the general public views mental health and wellbeing. Once seen as an individual responsibility, mental health is now recognised as a shared, community wide issue. Our mental health is both our individual and collective responsibility and requires effort from family members, workplaces and organisations. For many, the workplace is where they spend most of their time. For others, local cafés, gyms, hairdressers, or local shops are their daily social spaces. These are the places that people connect, relax, and interact with other people. It’s in these spaces that local businesses have a unique power to influence how people think and feel as well as their mental health. (more…)

Health Secretary orders review into acceleration in mental health diagnoses

Health Secretary orders review into acceleration in mental health diagnoses

by • News, Wellbeing

The UK government has commissioned an independent review into the rise in mental health and neurodevelopmental diagnoses, reflecting growing concern about the number of people leaving the workforce because of conditions such as depression, anxiety, autism and attention deficit hyperactivity disorder.The UK government has commissioned an independent review into the rise in mental health and neurodevelopmental diagnoses, reflecting growing concern about the number of people leaving the workforce because of conditions such as depression, anxiety, autism and attention deficit hyperactivity disorder. The announcement signals a renewed focus on welfare spending and the wider economic impact of long-term sickness, with ministers arguing that too many people are becoming detached from work for reasons that may not always require formal medical intervention. (more…)

Government report warns of growing health-related economic inactivity

Government report warns of growing health-related economic inactivity

by • News, Wellbeing

The Government has published its final Keep Britain Working report, warning that the United Kingdom faces a continuing rise in economic inactivity linked to ill health, disability and long-term sicknessThe Government has published its final Keep Britain Working report, warning that the United Kingdom faces a continuing rise in economic inactivity linked to ill health, disability and long-term sickness. The report, issued by the Department for Work and Pensions and the Department for Business and Trade, sets out evidence that more people are leaving the workforce because of health conditions, reducing productivity and increasing costs for employers and the state. (more…)

Workplace design that supports health, learning and growth

Workplace design that supports health, learning and growth

by • Company news, Workplace design

In 2025, workplace design looks to prioritise employee health, learning, and growth.In 2025, workplace design looks to prioritise employee health, learning, and growth. This article will investigate how contemporary environments enhance wellness, handle technology, and adapt to the fluctuation of work. You will learn the techniques businesses use to amplify productivity and participation. The approaches and fundamentals that construct dynamic work environments are the focus of this article. (more…)

Global commission on healthy indoor air launches at United Nations

Global commission on healthy indoor air launches at United Nations

by • Facilities management, News, Wellbeing, Workplace design

The Global Commission on Healthy Indoor Air has been formed to drive action on indoor air qualityA new international initiative was launched in New York during Climate Week to address what experts describe as one of the most overlooked public health issues of our time. The Global Commission on Healthy Indoor Air has been formed to drive action on indoor air quality, bringing together nearly 170 leaders from over 30 countries across health, academia, business and the built environment. The Commission was announced at a United Nations side event and is backed by the International WELL Building Institute. Its members include former United States Surgeon General Dr Richard Carmona, leading scientists and researchers, deans of major universities, as well as executives and sustainability leaders from real estate, technology, and manufacturing. Architecture, engineering and building science are also strongly represented, reflecting the cross-disciplinary nature of the challenge. (more…)

Climate health risks threaten global productivity, warns WEF

Climate health risks threaten global productivity, warns WEF

by • Environment, News

Climate-related health impacts could strip at least $1.5 trillion from global productivity by 2050, according to a new report from the World Economic ForumClimate-related health impacts could strip at least $1.5 trillion from global productivity by 2050, according to a new report from the World Economic Forum (WEF). The study warns that food and agriculture, the built environment, and health and healthcare are among the sectors most at risk unless businesses take urgent steps to adapt. The report, Building Economic Resilience to the Health Impacts of Climate Change, produced in collaboration with Boston Consulting Group, highlights the growing economic burden of heat stress, infectious disease and other climate-driven health threats. It argues that protecting workforce health is now a strategic priority, not only for humanitarian reasons but also to safeguard business continuity and economic stability. (more…)

Only half of Europeans say they work in psychologically healthy workplaces

Only half of Europeans say they work in psychologically healthy workplaces

by • News, Wellbeing, Workplace

Only a little over half of employees across Europe believe they work in psychologically healthy workplaces, according to a new pollOnly a little over half of employees across Europe believe they work in psychologically healthy workplaces, according to a new poll from Great Place To Work [registration]. The research, which surveyed nearly 25,000 employees across 19 countries, highlights significant disparities between industries and regions, with the UK falling slightly below the European average. The authors argue that, while many organisations have recognised the importance of fostering mentally healthy workplaces, the survey suggests that progress remains slow. (more…)

Older workers enduring a ‘silent workplace mental health crisis’

Older workers enduring a ‘silent workplace mental health crisis’

by • News, Wellbeing, Workplace

A new poll from workplace mental health provider Unmind claims to highlight significant generational, gender, and role-based divides in attitudes towards workplace mental health and emerging technologies like AIA new poll from workplace mental health provider Unmind claims to highlight significant generational, gender, and role-based divides in attitudes towards workplace mental health and emerging technologies like AI. The study of 2,500 employees across the UK reveals that older workers feel particularly excluded from conversations around mental health, with stigma proving the biggest barrier to accessing support among this demographic. (more…)

Poor job quality leaves people exhausted and at risk of ill health

Poor job quality leaves people exhausted and at risk of ill health

by • News, Wellbeing

A new report from the Institute for Employment Studies warns that poor job quality is significantly affecting people's health and wellbeingA new report from the Institute for Employment Studies warns that poor job quality is significantly affecting worker health, with 1.7 million people in Great Britain reporting work-related ill health in the last year. The research reveals that half of all workers report having to work more hours than contracted or expected – the highest rate in Europe. Rising work intensity and job strain have left around half of the UK workforce regularly exhausted. The impact of ill-health on spiralling economic inactivity is a focus of an anticipated government White Paper looking to tackle the ‘greatest employment challenge for a generation’ and support more people into good work. (more…)

A new approach is needed to tackle ill health and economic inactivity, report argues

A new approach is needed to tackle ill health and economic inactivity, report argues

by • News, Wellbeing

A ‘whole-of-government approach’ is needed to tackle the causes of ill health, increase economic activity and reduce NHS demandA ‘whole-of-government approach’ is needed to tackle the causes of ill health, increase economic activity and reduce NHS demand, a new report from the NHS Confederation and Boston Consulting Group claims. According to the report, “Improving our Nation’s Health: A Whole-of-Government Approach to Tackling the Causes of Long-Term Sickness and Economic Inactivity”, reintegrating between half and three-quarters of people who have dropped out of the workforce for reasons of ill health since 2020 could deliver an estimated £109-177 billion boost to the UK’s GDP (2-3 per cent in 2029) and unlock £35-57 billion in fiscal revenue over the next five years. (more…)

Millions of parents face work struggles due to children’s mental health challenges

Millions of parents face work struggles due to children’s mental health challenges

by • News, Wellbeing

Millions of parents across the UK are finding it increasingly difficult to balance work responsibilities with the demands of caring for children who suffer from mental health issuesMillions of parents across the UK are finding it increasingly difficult to balance work responsibilities with the demands of caring for children who suffer from mental health issues, according to a new poll. In the UK, approximately 2.5 million children are grappling with mental health issues, a statistic that has significant repercussions for their families. The study of 652 parents commissioned by the charity Parenting Mental Health offers a detailed look into how these challenges affect the lives of parents. (more…)

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