On the back of unfavorable third-quarter results, many hospitals and health systems are facing their worst financial year in decades. But as the healthcare industry regains a sense of post-pandemic normalcy, hospitals will look to focus on preservation, preparation and growth.
In 2023, health systems will be challenged with modernizing their businesses that took significant financial hits during the pandemic. Their goal is to ensure they have the right foundations to scale, adapt and respond to patient needs, regardless of what lies ahead, according to a Nov. 14 report published by Clearwave.
A rapidly expanding competitive landscape is among the top concerns for health system leaders as payers, patients and providers continue to push care from hospitals to outpatient settings, offering patients more treatment options from which to choose.
With this shift in mind, providing a superior patient experience is a top priority for hospitals and health systems, which will need to show patients that — despite their size — their facilities and networks can match the personalized care that smaller independent practices tout, but with more robust resources, technologies and efficiency, according to the report. If they can achieve this, health systems can position themselves for steady growth in the future.
Here are six key business trends that will drive decision-makers in hospital and health systems next year, according to Clearwave:
1. Lessons learned from the pandemic will accelerate a significant technological upgrade across the healthcare sector.
2. Reimbursements will get more challenging for hospitals and patients due to new regulations and policy changes.
3. Digital-first patient experiences will be the great differentiator in an increasingly competitive healthcare marketplace.
4. Hospitals and health systems will seek creative ways to address staffing shortages as they deal with a tight labor market and economic uncertainty.
5. Healthcare will become more personalized, making big data and IT integration a priority.
6. Despite the economic outlook, private equity investment will fuel consolidation across the healthcare landscape.
Click here to access the full report.