Latest / Becker’s Healthcare Podcast / Airica Powell-Steed, Ed.D, MBA, RN, CSSMBB, FACHE, FAAN, IASSC, CEO & Managing Partner of Breakthrough Innovation Partners

Transcript

Airica Powell-Steed, Ed.D, MBA, RN, CSSMBB, FACHE, FAAN, IASSC, CEO & Managing Partner of Breakthrough Innovation Partners · Becker’s Healthcare Podcast

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  The most important health care decisions don't happen
• 0:05
  in isolation.
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  They happen when leaders come together.
• 0:08
  Becker's sixteenth annual meeting brings together more than
• 0:11
  3,500
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  hospital and health system executives this April in
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  Chicago.
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  With 800 speakers from Ascension,
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  Cleveland Clinic, CommonSpirit and more, the conversations get
• 0:22
  real. Leaders will share how their scenario planning
• 0:24
  for policy shifts, breaking through value based care
• 0:27
  barriers, and building clinical teams that translate new
• 0:30
  ideas into real world care.
• 0:32
  Join top decision makers in the room April
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  13 through the sixteenth.
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  For the agenda and event details, visit beckershospitalreview.com
• 0:41
  and click on the events tab in the
• 0:43
  upper right.
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  This is Laura Dirda with the Becker's Healthcare
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  podcast. I'm thrilled today to be joined by
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  doctor Erica Powell Steed, CEO of Breakthrough Innovation
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  Partners. Doctor Powell Steed, it's a pleasure to
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  have you on the podcast today.
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  I'm so excited to welcome the the new
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  year,
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  2026.
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  Absolutely. Now,
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  to get us kicked off, I'm wondering, can
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  you tell us a little bit more about
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  yourself and, your background? I I know you've
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  served in many top executive roles in hospitals
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  and systems, and so looking forward to catching
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  up a bit with you and and seeing
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  where you're at today.
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  Sure. Sure.
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  So I've I've been a long term,
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  partner and and certainly,
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  not a new face or voice to to
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  Becker's.
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  But by way of introduction, I'm, doctor Erica
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  Steed,
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  a fourth generation nurse,
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  health care system executive,
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  and transformational
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  leader spanning twenty five years.
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  So my career has really been built in
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  the hardest places in in health care.
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  Really, what pulls my heartstrings
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  is
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  safety net
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  health systems,
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  highly unionized
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  environments,
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  financially
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  distressed organizations,
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  and communities that
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  historically have been underinvested
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  yet deeply resilient. So that's the spaces that
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  I've
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  really, been very fortunate to play in,
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  over the course of my career.
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  And as of the the last several years,
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  I currently lead and advise through my own
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  company,
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  Breakthrough Innovation Partners,
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  where we work alongside
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  hospitals,
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  health systems,
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  payers, and
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  public sector organizations
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  really navigating through,
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  a great deal of complexities,
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  whether it's financial pressure,
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  regulatory change,
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  cultural,
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  fractures or or circumstances.
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  The real focus is,
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  not just on leading and driving incremental
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  improvement,
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  but really helping organizations stabilize,
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  reset, and redesign
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  how care is delivered and how people are
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  led,
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  without losing sight of
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  mission,
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  dignity, and
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  long term focus. So,
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  that that truly is is what,
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  my organization is all about, and I'm very,
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  proud to have lived through a variety of
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  capacities over the past several years.
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  That's amazing to hear. And, you know, what
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  a great experience to have. And then coming
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  into this new year too,
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  you know, when health care is in such
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  an interesting place in The US is critical.
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  Now I'm curious. When you think back at
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  the last year, could you talk a little
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  bit about the most important initiative that you
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  led? What did you do, and what were
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  the results?
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  Sure. Sure.
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  My goodness. This past year, I I I
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  really can't believe,
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  2025
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  is already up.
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  But what I would say is the most
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  important initiative
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  wasn't a single program or a single circumstance,
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  is really
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  has been leading and navigating
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  through complex,
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  multifaceted,
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  transformational
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  journeys.
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  So over the past year, I stepped into,
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  a multitude of environments,
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  and and in my current capacity
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  as interim,
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  chief operating officer.
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  I've I've stepped into environments that have been
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  really navigating through severe
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  financial
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  and troubling circumstances,
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  due to a variety of factors.
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  But, really,
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  some of the the key symptoms I've I've
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  really had to help navigate through
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  is the severe
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  workforce
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  exhaustion,
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  and burnout
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  that still has been,
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  a residual
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  damage and harm from the COVID pandemic that
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  really didn't fully,
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  rebound,
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  but also really helping organizations
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  navigate through
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  complex
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  people centered
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  change and improvement.
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  And and that encompasses
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  really pulling the community in on that that
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  transformation.
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  So it's it has not just been a
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  one side,
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  or one size fits all type of,
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  efforts that I've been navigating through on the
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  financial sense. It's really helping organizations
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  elevate quality performance,
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  really keep the community well and out of
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  the hospital while also balancing the dynamic of,
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  pay for performance,
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  really helping to stabilize
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  executive teams and reestablishing
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  operational rigor and discipline
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  without
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  defaulting to very quick,
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  tempting solutions to, like, blunt
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  cost cut our way to health and success,
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  which is not always the,
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  the go to solution for sustainable
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  transformation. So I've really been
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  extremely fortunate to really lead some large scale
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  transformational turnarounds that has had a combined effect
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  on financial performance, operational
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  performance,
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  cultural performance, as well as community engagement.
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  That's amazing to hear. And, you know, so
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  critical right now. I I know there's so
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  many hospitals and systems across the country that
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  are going through similar challenges, especially, I know
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  you mentioned,
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  workforce transformation and and and thinking about how
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  you can bring people along that human dynamic
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  of continuing to to change in health care,
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  whether it's through digital transformation or some of
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  the other initiatives. So what do you do
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  to make sure that change management sticks?
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  You know, honestly,
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  change management at its at its core is
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  all about people. It is all about culture,
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  and is all
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  about
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  rebuilding a sense of trust and and just
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  respect in in in in the,
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  people centered aspects of of change management.
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  So every initiative,
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  every effort, every
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  transformational
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  journey that I've been so fortunate
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  to navigate through, I I bring people along
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  the way on on that journey.
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  So it was it was all about getting
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  back to the core principles of of listening
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  more than you're speaking as as a leader,
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  really winning over the hearts and minds of
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  of the heart and soul of of of
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  the culture,
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  bringing the community in.
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  So a a lot of times,
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  the community feels like
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  change is is happening to them and not
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  for them. So I've I really,
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  pride myself in in opening up seats at
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  the table for the community to have a
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  a real voice and unmute the muted,
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  that is often not heard or respected
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  in the change management process.
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  So that,
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  is is certainly not a one size fits
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  all, and it's certainly not just one one
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  stick of spaghetti that really sticks on the
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  wall when it comes to change management. But
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  those are some of the core principles that
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  I really lean on and and leverage as,
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  as I go about this important work.
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  That's fascinating to hear. Thank you so much
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  for digging a little bit deeper and and
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  great advice. Now looking ahead to 2026,
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  what are some of the big priorities you
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  have as well as headwinds that you're focused
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  on?
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  Well, honestly,
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  what what I would say, and I know
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  I'm not alone in in my voice on
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  this,
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  I think the biggest priority for leaders and
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  organizations
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  and communities alike,
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  is moving beyond
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  the survival mode that we've been in. And
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  I I think that we've been on this
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  perpetual
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  survival mode quite honestly well before the pandemic,
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  but the pandemic certainly,
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  spring boarded us into this.
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  But health care right now is is is
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  facing a convergence of pressures,
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  even even more heightened
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  regulatory tightening,
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  reimbursement
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  erosion,
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  capital constraints,
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  political
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  volatility,
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  and quite honestly, and I touched on this,
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  of extremely
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  exhausted workforce.
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  So leaders
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  are are really being put in in a
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  delicate balance of being able to balance all
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  of those things simultaneously.
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  And for many systems, the question quietly being
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  asked is no longer how will we thrive,
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  but can we even survive,
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  all of these,
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  components.
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  And that's really a dangerous place to lead
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  from.
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  But my focus right now is to,
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  avoid
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  those short term fixes that really mortgages the
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  future of of of health care survival,
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  and
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  really
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  focusing heavily
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  on values
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  anchored decision making,
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  that is going to preserve long term viability
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  for health care organizations.
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  So the headwinds are real,
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  but the bigger risk is fear based leadership
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  and
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  those that really exercise a a different level
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  of courage
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  and not really losing
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  strategic nerve to execute effectively.
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  I love that, and I think it really
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  shows the the bold,
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  strategy that you bring into place and really
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  understanding the long view of things versus just
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  the the short quick fix as you said.
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  And I'm curious. You know? C suite leaders
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  across the board are are facing these issues.
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  And so for some that might have the
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  tendency to look for those quick fixes, look
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  for more cutting than,
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  you know, really would bode well for them
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  in the future. How do you kind of
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  talk through that or,
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  you know, bring those leaders over to your
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  side when you're looking at the long view,
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  when you're thinking about,
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  the big financial issues in health care, how
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  do
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  you avoid that or, kinda turn around that
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  tendency and and really,
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  make sure that everybody is aligned and, going
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  in the same direction when you think about,
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  you know, next year and how that sets
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  you up for the next five, ten years
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  and and more?
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  Yeah. I I think the the hardest thing,
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  Laura, quite honestly,
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  is saying no to false solutions,
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  even when they're politically
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  expedient,
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  even when they're financially
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  tempting.
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  So the hardest thing right now for leaders
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  is courage
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  and and, you know, pressure under fire. So
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  in 2026,
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  leaders are gonna be under immense pressure to
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  act more swiftly,
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  to show movement, to reassure
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  all all the the parties that be. But
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  speed without strategy
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  is how organizations really create self inflicted wounds.
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  So it really takes courage
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  to slow those decisions down,
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  to challenge assumptions,
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  to bring the community in, to open up
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  more voices at the table that have not
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  historically
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  been at the table, and and really to
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  even challenge yourself as a as a leader
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  and as an individual to to really
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  hone in on that voice,
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  voice of reason,
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  and to make different decisions in a much
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  more prudent way.
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  So it it takes a lot of courage
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  to say we cannot cut our way to
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  health or or success.
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  It takes even more courage
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  to really protect people, especially in environments where
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  the workforce
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  morale is already fragile.
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  So,
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  leadership right now in this in this era
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  is not about being popular and making the
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  popular decisions. It's about being anchored, being disciplined,
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  being focused,
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  and and taking the courage to slow yourself
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  down and and really,
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  act more strategically
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  that's gonna propel us into long term success.
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  That's really fascinating to hear. You know, such
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  a an important reminder
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  and mindset to have when thinking about the
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  next twelve to twenty four months or so.
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  Before we wrap up, I have one more
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  question for you. How are you thinking about
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  growth in the next year or so? What
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  are you excited about, and what opportunities are
• 13:20
  are really abreast?
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  You know, I as I as I think
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  about growth,
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  I'm I'm gonna take a different spin on,
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  on this as as opposed to how I
• 13:31
  would have traditionally answered this question.
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  I think the the greatest opportunity for growth,
• 13:36
  honestly,
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  lies in rethinking how value
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  is created, not just
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  in where revenue comes from. And that's gonna
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  be a very challenging
• 13:48
  mind shift for health care leaders. So organizations
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  that will truly grow in in this day
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  and age and in in in in this
• 13:57
  climate with all the headwinds coming our way
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  are those that truly
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  makes a a real
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  investment in workforce and culture and capability
• 14:08
  and trust,
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  because at the end of the day, the
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  people are the the most strategic assets that
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  we actually have. So really drawing on
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  people centered solutions is is is what where
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  the long term growth and viability is gonna
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  come from.
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  Also, I would I would say, in building
• 14:29
  smarter partnerships,
• 14:30
  so you're gonna see a lot more innovation
• 14:33
  in the way partnerships
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  and collaboratives
• 14:37
  and coalitions
• 14:38
  really come together. So,
• 14:40
  traditional brick and mortar
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  mergers and acquisitions are not are not gonna
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  be
• 14:46
  the dynamic. I think that,
• 14:48
  strategic
• 14:49
  collaborations
• 14:50
  is is really the space for for growth
• 14:53
  right now and and really checking our titles
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  at the door and not being competitive
• 14:59
  in that collaboration.
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  Because at the end of the day, we're
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  fighting for the same populations that we're trying
• 15:04
  to drive value on.
• 15:06
  And then I would I would also say
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  that,
• 15:09
  we need to truly align clinical
• 15:12
  excellence with
• 15:14
  financial stewardship instead of pitting those dynamics against
• 15:18
  each other. And that is where that value
• 15:20
  growth is is is going to,
• 15:24
  continue to prosper.
• 15:25
  But what I would say is growth is
• 15:27
  not gonna come from
• 15:29
  chasing those shiny objects anymore and and replicating
• 15:33
  what worked
• 15:34
  five, ten, fifteen years ago. It's gonna come
• 15:37
  from
• 15:38
  leaders willing to redesign care models,
• 15:42
  decision rights, cultures, and and really embrace
• 15:46
  innovation
• 15:46
  in a very nifty, creative type of way.
• 15:50
  And then,
• 15:51
  always for me, I like I like to
• 15:54
  hide the health equity pill in the apple
• 15:56
  sauce because I'm I'm never gonna move away
• 15:59
  from from that as a core priority for
• 16:01
  me.
• 16:02
  You know, so, really, we can't abandon health
• 16:05
  equity as a as a strong semblance of
• 16:08
  growth,
• 16:09
  as a as a as that,
• 16:11
  anchored force that we're all chasing and moving
• 16:15
  towards
• 16:16
  and in doing so in the in the
• 16:18
  wake of all of these pressures that we're
• 16:21
  up against.
• 16:23
  That makes a lot of sense. And, you
• 16:24
  know, it's it's so, so critical, especially right
• 16:27
  now when it like you said, it's tempting
• 16:28
  to
• 16:29
  move to other solutions or or or think,
• 16:32
  a little bit more narrowly having that ability
• 16:34
  to
• 16:35
  strongly understand where health equity is and and
• 16:38
  what health care could and should be in
• 16:39
  the future, especially when you look at value
• 16:41
  and what value,
• 16:43
  means for patients as well as health organizations.
• 16:45
  It's just critical. Doctor Steve, thank you so
• 16:47
  much for joining us on the podcast today.
• 16:49
  This has been a really fun conversation, and
• 16:51
  I'm looking forward to seeing you in April.
• 16:53
  I know you'll be speaking at our annual
• 16:54
  meeting,
• 16:55
  and truly continuing to spotlight some of the
• 16:57
  great things that you're doing there too. Well,
• 16:59
  I'm I'm really excited and and always always
• 17:03
  a a major fan of of of Becker's.
• 17:06
  And you you all truly,
• 17:09
  contribute to really elevating the voice of of
• 17:13
  what's needed,
• 17:14
  right now and forever. So, thank you for
• 17:16
  being a just a tremendous
• 17:18
  partner to
• 17:20
  the health care community.