When we lived in the Fort Worth area, I had the opportunity to get to know the CEO
and president of RadioShack. Not so much on a personal level, but he served on the
corporate board for a group of hospitals with which I was employed. It was interesting
to hear him talk about his strategies for RadioShack — a national company. Of course,
during this year's Super Bowl everyone noticed the advertisement for RadioShack and
how it centered on plans to change the corporation's image. Last week, RadioShack
announced plans to close up to 1,100 stores or about a fifth of its U.S. locations
after weak holiday sales. At the same time, Staples announced plans to close 225 stores.
The reason management of Staples gave is that nearly half of its sales are now generated
online. The CEO said his plan is to fundamentally reinvent Staples. It stands to reason
that since people are shopping online so much these days that there is not the need
for so many retail locations.
Businesses and their strategies change. Smart businesses anticipate and adjust to
the climate, while others fade out of existence. Relate these business developments
to health care. The needs and expectations of our customers are constantly changing.
We have an opportunity to practice some disruptive innovations right here at Texas
Tech Physicians. Take, for example, the reporting of lab test results. It is no longer
necessary to have the patient wait several days and then contact the clinic by telephone
(where there may be delays) to obtain the desired information. Now, the patient can
secure most lab results online from our portal. Another example: a patient can now
request an appointment online. Furthermore, he or she can complete much of what we
use to call "paperwork" via the portal. The portal speeds things up — and we need
to encourage our patients to sign up for the portal and use it.
Regarding the registration process, I think it has all sorts of potential for change.
More about that later. In the immediate future, we will be measured by Centers for
Medicare and Medicaid Services on two things, among others: how quickly we get test
results to patients and how many patients are seen within 15 minutes of their scheduled
appointment. Both of these are demanding measures, but remember Tech's motto, from
here it's possible.