Healthcare CFOs are rethinking their financial strategies as they head into 2023. The workforce and financial challenges faced by hospital CFOs is at an all-time high and several reports suggest that 2023 is going to be a tumultuous year. According to a study by Pricewaterhouse Coopers, released in January this year, there are six key issues that CFOs need to focus on.
The core objective of healthcare leaders is to provide the highest quality of care while containing costs. But is it going to be tougher than ever, this year?
The current healthcare climate places downward pressure on CFOs to contain escalating costs while driving up the quality of care and value delivered to patients. It is essential that hospitals reinvent existing business models to meet evolving demands.
Technology and the rise of consumerism in healthcare is setting the stage for a healthcare experience that delivers exceptional value at affordable costs. An increasing number of healthcare organizations are turning to digitization to light the way towards decentralized and affordable care.
The Hospital of The Future study conducted by PwC shares that dozens of healthcare organizations have invested in remote monitoring and home health. It also stated that health systems are planning to spend one billion more to build digital capabilities.
The pandemic transformed the way care is accessed and delivered. And the change is here to stay. This is one of the major driving forces behind the accelerated transition to digital health.
Patients are expecting the frictionless and personalized consumer experience that they are accustomed to from other industries. Tedious forms and impersonal physician interactions are passe’.
Healthcare organizations are striving to create connected and personalized care experiences to create and strengthen patient relationships.
For healthcare organizations data security is a front and center issue. It is the nerve center of hospitals. With the digitization of data and patients demand for anytime access to their health data, strong security and data privacy practices are critical. It is imperative for healthcare CFOs to design and deploy security best practices to minimize risks and put in place effective risk programs. Anticipating and taking proactive steps to zero down on security risks is a top concern of healthcare CFOs, going forward.
The Great Resignation has sparked widespread concerns in healthcare circles. Employing and retaining talent is crucial to create the agile and technology-focused hospital of the future. Increasing headcount aggressively while ensuring operational costs are reined in remains a key challenge.
Clinical workforce shortages are hamstringing the healthcare industry and are leading to hospital closures in some instances. The shortage of clinical and non-clinical staff are leading to huge margin losses and increased burden on staff. Coming out of the perfect storm of high patient expectations and staff shortages will be the major focus of hospital leaders.
As non-traditional and digital-first players like Amazon and Apple enter the industry the time is ripe for disruption. Healthcare leaders understand that value is the operative word in the current healthcare marketplace. Providing and delivering value in expected and unexpected ways will differentiate truly successful healthcare organizations
from the rest.
At SolvEdge, we solve complex business challenges.
What problem can we help you solve?