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Learn MoreHealthStream recently published its annual white paper on the top ten trends healthcare leaders can expect in the coming year. The paper was authored by Robin Rose, MHA, Thought Leadership Consultant. This blog will focus on the first two of the ten trends identified in the paper. Future blogs will cover the remaining trends.
Rose began with a George Miller quote from a March 28, 2022, Health Affairs article. “With all the short-term disruption seen in the health care sector since the pandemic began… the longest lasting impacts may be accelerations of shifts that were already underway.” While the pandemic created some new issues for healthcare organizations, it also greatly exacerbated existing issues such as the staffing crisis.
Hospitals experienced unprecedented financial pressures and deeply negative margins in 2022. Even the most optimistic projections for 2022, estimate that operating margins will be 37% lower than 2019’s pre-pandemic levels. Less optimistic estimates project a staggering 133% decline.
Bad news becomes worse as it appears that a quick turnaround is unlikely. According to experts, the primary drivers of these negative margins will linger throughout 2023.
Major contributors to the poor financial performance were:
Not surprisingly, healthcare financial performance for 2022 is predicted to be the worst on record. Persistent staffing issues, rising costs and supply chain concerns are likely to make 2023 financially disappointing as well.
While financial concerns will persist into 2023, staffing and labor costs will remain a top issue for healthcare leaders, leading to increased healthcare expenses. A September, 2022 poll conducted by MGMA revealed that 58% of respondents indicated that staffing would be their main concern going into 2023. Respondents reported that staffing was significantly ahead of expenses (20%), revenue (17%), and technology and other (2%) on their list of concerns.
“The Great Resignation” became a much talked about phenomenon during the pandemic and healthcare was far from immune from its impact. An estimated 333,942 healthcare workers left the workforce in 2021.
These staffing issues came with an enormous cost. From 2019 to 2021, the cost of labor per patient per day rose 8%, causing the average 500-bed hospital's labor expenses to rise approximately $17 million. The figure for 2022 is expected to be 5% higher.
These rising expenses have had far-reaching impact. According to Kaiser Health News, many healthcare organizations have laid off non-essential workers and have also eliminated some healthcare services. Obstetrics and maternity services appear to be the most frequently eliminated, but emergency, inpatient acute-care and/or pediatric services may be at risk to, according to Journal of Urgent Care Medicine.
HealthStream’s learning management system and healthcare training solutions support medical training initiatives and allow for the best patient care.
View All Learning & PerformanceHealthStream offers performance learning management solutions to help develop your healthcare staff into leaders and reduce turnover.
View All ProductsHealthStream works with healthcare organizations to create engaging and high-quality training videos for your staff and management.
View All ProductsImprove care quality and save money by making informed decisions about your healthcare facility and staff with HealthStream's reporting analytics solution.
View All ProductsHealthStream's proven methods for the improvement and overall engagement of your healthcare staff foster a positive workplace and increase retention rates.
View All ProductsWhen you enact HealthStream's quality compliance solutions, you can do so with the confidence your healthcare organization will meet all standards of care.
View All Quality & ComplianceBe confident in your staff’s ability to reduce risk by providing compliance training that changes behavior.
View All ProductsDevelop next-level people for next-level care by prioritizing quality and safety improvements.
View All ProductsEstablish a culture of belonging with education supporting DEI, wellness, engagement, and leadership development.
View All ProductsUtilize patient access solutions and advanced reimbursement solutions to manage clinical denials and improve your organization’s reimbursement strategy.
View All ReimbursementExpand the decision-making skills and effectiveness of your healthcare workforce with HealthStream's clinical development programs and services.
View All Clinical DevelopmentLearn about our advanced resuscitation training solutions. Our solutions are designed to help improve patient outcomes.
View All ProductsOur competency development solutions personalize learning for clinicians to bridge the gap between theory and practice for your nurse residents.
View All ProductsEnhance maternal & child nursing care with solutions focused on improving the quality of care for mothers, infants, and children.
View All ProductsAddress staffing orientation challenges to easily achieve and maintain certification with our emergency and acute care training solutions.
View All ProductsAs a premier provider of healthcare education, we are committed to promoting safer, more successful surgical and sedation outcomes for each and every patient.
View All ProductsOur solutions are designed to cater to the needs of patients, healthcare professionals, and organizations dealing with illnesses or chronic conditions.
View All ProductsOnline clinical placement software allows schools, healthcare organizations, and students to seamlessly manage clinical and nursing rotations.
View All ProductsComprehensive, industry-leading provider onboarding and credentialing software that validates health outcomes and supports provider assessment.
View All CredentialingOur affordable CVO credentialing services establish patient safety by enabling primary source verification for your healthcare organization.
View All ProductsIntegrate with Epic to validate and add new providers directly to your provider master file.
View All ProductsMake sure your healthcare staff can schedule out appointments and work schedules with ease using HealthStream's line of software solutions.
View All SchedulingHealthcare workforce management is essential. We provide advanced scheduling solutions for organizations to solve issues such as nurse retention
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