Starling Board Holds Important Strategic Retreat
On Friday, December 2nd, the Starling executive board completed a full day strategy planning retreat in Rocky Hill. The strategic planning session was facilitated by an outside national healthcare consulting company called Veralon.
In preparation for the retreat, Veralon worked with the executive management team to set the agenda and complete a detailed environmental assessment of Starling and our market. Included in the development of the strategy was a strong analysis of Starling’s Strengths, Weaknesses, Opportunities and Threats (“SWOT” analysis).
The key questions for Starling in this critical post-merger time frame are: Where are we now? Where are we going? And how do we get there? The goal of the strategy retreat goal was to plan out the next three years. As noted by Veralon, healthcare entities no longer do five year planning because the rate of change in healthcare, including regulatory dynamics, is hard to predict beyond three years.
The critical issues identified from the SWOT analysis were used to organize critcial thinking around the key issues which included:
- Becoming Starling
- Positioning for Value based care
- Relationships with other provider entities
- Size, Mix and Geographic Distribution
At the end of the day, it was clear that there is strong consensus within the Starling board on the priorities and goals of the group, which are aligned with the same principles that brought the two groups together a year ago.
The next steps involve moving from strategy formulation and specific goal setting to implementation planning. More details regarding the outcome of the retreat will be shared in the weeks and months ahead.