Principles For Healthcare Finance Executives To Lead A Cross-Functional Project Team And Build A Strong Team Dynamic

How do you start to build a strong team dynamic on your projects?

As a leader, the skill of team building has become one of the key skills that I’ve had to master to continue to grow my impact. Some time around when I became a Director at KPMG, my individual ability was no longer enough to get things done. I needed to leverage the strengths of my team to achieve our goals.

Through observing great teams and a lot of trial and error, I’ve identified several principles that are essential for building a successful finance team in the healthcare sector.

Find People with Operational Experience in Finance

Operational experience in finance is crucial for a successful team.

My best finance teams have a strong understanding of operations, which bridges the gap between finance and clinical outcomes. This synergy ensures that financial decisions support operational efficiency and patient care quality. As Patrick Lencioni emphasizes in “The Five Dysfunctions of a Team,” cohesive teams understand the business at multiple levels. Understanding each domain is essential to being effective in any of them.

Operational experience strengthens the team’s ability to make informed decisions.

Provide Clarity

Clarity is essential for team success.

Smart people can figure things out, but a lack of clarity causes frustration. Teams need clear goals to understand what they are working towards. They should also know why those goals matter and have a general idea of how to achieve them. As a leader, it’s your responsibility to provide this clarity through clear communication and setting expectations. According to Stephen Covey’s “The 7 Habits of Highly Effective People,” beginning with the end in mind is critical for success.

Clear goals lead to focused and motivated teams.

Find People Who Underestimate Their Abilities

Humble team members drive continuous improvement.

Surround yourself with individuals who are humble and aware of their vulnerabilities. These team members, who often have insecurities and self-confidence issues, tend to be more open to learning and growth. They’re more likely to seek feedback and strive for continuous improvement. This mindset fosters a culture of development and resilience within the team. Jim Collins, in “Good to Great,” points out that Level 5 Leaders build enduring greatness through a blend of humility and professional will.

Humility in team members leads to a stronger, more adaptable team.

Train Them to Prioritize Outcomes, Not Hours Worked

Outcomes should be the focus, not hours worked.

Someone who works 20 hours per day doesn’t impress me; it raises concerns about problem scoping, solution understanding, or expectation management. Teams grinding hours is a sign of a troubled project. Instead, focus on training your team to prioritize outcomes over hours worked. Efficiency, effectiveness, and achieving desired results should be the measures of success, not the time spent. As Peter Drucker famously stated, “Efficiency is doing things right; effectiveness is doing the right things.”

Prioritizing outcomes leads to better project management and team satisfaction.

Building a strong team dynamic in healthcare finance requires deliberate effort and adherence to proven principles.

By integrating operational experience, providing clarity, fostering humility, and focusing on outcomes, you can create a high-performing team capable of navigating complex challenges. Remember, the strength of your team reflects your leadership. Invest in your team, and they will drive the success of your projects and your organization.

As you continue to lead and develop your team, keep these principles in mind. They are not only the foundation for building a strong team dynamic but also the keys to achieving long-term success in the ever-evolving healthcare industry.