Enhancing What You Know through Who You Know - networking - Brief Article

Healthcare Financial Management, Dec, 1999 by Richard J. Henley

Much has been said about the value of networking in increasing job effectiveness and promoting career development. Yet many healthcare financial managers still seem to pay scant attention to developing and maintaining collegial networks.

Some managers may think the challenges they face are unique to their situations and, therefore, that solutions must be formulated individually Others may be satisfied with the way their careers are going and simply feel no need to begin or continue networking with colleagues. No matter what the rationale, networking often is seen as a goal that would be "nice" to achieve, once other, more pressing matters have been attended to.

My contention is that networking should be a high priority and ongoing effort for every finance professional. Things can change quickly in health care, and careers and organizations that were sound one day may be distressed the next. A professional network can offer financial managers looking for solutions the informed opinions and guidance they need to point them in the right direction.

Healthcare organizations need to explore new ways to keep pace with health care's changing roles and opportunities. The executives charged with strategically positioning their organizations to respond to market changes understandably rely on secondary sources, such as case studies published in books and magazines, for ideas and strategic models. Executives who have a well-developed network of contacts within the industry, however, can do more than read between the lines" of a chapter for real-world insights into how a particular strategy might play out. They can discuss events with those who participated in them directly.

A professional network can be particularly valuable when choosing a consulting firm. Consultants typically offer carefully selected references to executives who wish to evaluate their services, and these references usually are checked. But it is far better to be able to call a reference who is part of your professional network, because a trusted network colleague is more likely to spend the time to report the details of the capabilities of a consultant and the results achieved.

When I have needed to hire a consultant, I have found it very helpful to have a wide-ranging network, developed through my association with HFMA. For example, when asked for references, a consulting firm once supplied me with a list that included a selection of local clients whom the firm assumed I would call first. But the list also included some less-scrutinized clients from other states, some of whom I knew. By calling these out-of-state references, I was able to get a much more accurate picture of the consulting firm's style than I might have gotten otherwise.

Finally, when contemplating a career change or conducting a job search, financial managers who have developed and maintained a network of professional contacts are able to make their own career choices and opportunities more easily. Those who are part of a professional network can act as sounding boards to help managers assess their personal strengths and weaknesses. They can direct managers to individuals in their own network who can share experiences--or who may have an open position for which they are having trouble finding the right candidate.

Schoolmates and peers in provider organizations, health plans, and consulting and accounting firms all represent contacts who could be beneficial throughout one's career. This is not to suggest that one should merely accumulate a [Rolodex.sup.TM] of names. To increase the value of a professional network, it is important to develop and nurture relationships over time.

HFMA can play a role in helping members cultivate a professional network. Many HFMA members and chapter leaders take advantage of the educational programs and services HFMA offers throughout the year to develop their knowledge of important issues in healthcare finance. But they also use these opportunities to meet other professionals and develop relationships. Through such contacts, HFMA members can share common problems, gain information to help solve problems, and learn about emerging career paths and industry trends.

What you know counts, but who you know counts, too. You can enhance your knowledge and your career opportunities by developing and maintaining a professional network.