Seven months after the World Health Organization declared an end to the COVID-19 pandemic, a majority of healthcare executives surveyed by a Dallas company said they expect better organizational health at their facilities next year.
“After weathering the storm of COVID-19, which combined the double whammy of revenue losses with cost increases, many healthcare executives are seeing somewhat brighter skies ahead,” Christine Mackey-Ross, president of AMN Healthcare Leadership Solutions, said in a news release. “Revenues are returning and costs are stabilizing, though the challenges facing healthcare executives today remain serious and unpredictable.”
Dallas-based AMN Healthcare asked more than 660 hospital, health-system, and group-practice professionals to answer questions about the stability of healthcare organizations over the next three to five years. Fifty-two percent said they expect better results — up from 37% of executives who predicted their facilities would experience improved organizational health in 2023. Asked to predict how healthcare organizations would be disrupted next year, 44% cited “financial constraints” more than any other factor.
When AMN Healthcare asked executives to identify the strategies they plan to use to increase revenue, 56% said they plan to expand service lines, while 45% said they want to reduce costs. In addition, 38% plan to increase value-based reimbursement.
“Healthcare facilities have devoted considerable effort to expanding outpatient services and offering patients more convenience,” Mackey-Ross said. “Many are now refocusing on expanding service lines that are proven revenue generators.”
According to the survey, continuity among healthcare leadership could be tenuous next year, with 66% of respondents saying they plan to seek new opportunities.
“Virtually everyone in health care, from clinicians to healthcare executives, has been under immense pressure due to the pandemic and other factors,” Mackey-Ross said. “The result is a high level of turnover that jeopardizes both administrative and clinical continuity at many healthcare organizations.”
The high turnover rates have made it challenging for some healthcare executives to fill leadership positions, with 48% saying that finding the right candidate is “extremely” or “very challenging,” while only 18% said it was “slightly” or “not at all challenging.” Another 49% said that hiring candidates for leadership positions is taking longer than has previously been the case.
When healthcare executives were asked what would keep them at their current jobs, 45% of survey respondents cited organizational culture, and 41% mentioned compensation.