Financing new hospitals in LMICs demands ethical leadership and wise governance. In Colombia, ethical civic and business leaders came together to resist temptations for easy capital financing from improper revenue sources, but to rely on the more challenging path of private sector investments, capital financing, and eventually transparent contracting with private and public insurance bodies. The Founding Board of Directors hard-wired a bold vision with an honest understanding of market needs and a financial feasibility study by an HGI Founder, and an uncompromising commitment to ethical funding and operational excellence standards to develop and operate what is now one of the top 200 international hospitals.
The Hospital Board used disciplined policies and practices to secure a leadership team of talented and ethical medical and corporate business executives to define the business and marketing plans around high standards for not only clinical excellence, but rigorous ethical business practices. These commitments gave confidence and pride to early funding sources from a core circle of wise and ethical civic and business families, as well-respected medical professionals.
Ethical governance was essential, therefore, to attract and retain key resources for enterprise success: capital funding, operational revenues, efficient supply chains for supplies and pharmaceuticals, respected physicians, effective managers, talented employees, trusted public use of services, and periodic support from public regulators and the media.
Ethical governance does not just happen. It requires leadership commitment to structures for competency-based board and committee work (Big G Governance), and a performance driven culture and processes for group decision-making that is patient centered, human resource enabled, and publicly accountable (Small g Governance).
The ROI from such ethical leadership and governance is now becoming evident across other LMICs in Latin America, Asia, Africa, and Eastern Europe. Health Governance International (HGI) is dedicated to supporting public and private enterprises to understand and consistently apply SMART governance that is Stakeholder engaged, Mission driven, Accountability expected, Resource enabled, and Transparently empowered. A complimentary, mobile app with wise governance practices is also now available for Apple or Android platforms from our affiliated Foundation to put “governance knowledge in the palm of your hand.”