Talent is a top concern of U.S. healthcare finance leaders as they prepare for economic challenges in the coming year, according to the Deloitte Center for Health Solutions. The center surveyed 61 finance leaders in U.S. healthcare systems and health plans and interviewed six CFOs to understand their organization's financial outlook, opportunities, and top challenges and to illuminate their perspectives on preparing their organizations to succeed.
All interviewees listed talent as their top concern and said their organizations are focused on talent investments, among other solutions like automation and upskilling. Most finance leaders said they view talent investment equally to other major capital expenditures.
Challenges facing healthcare organizations include labor expenses which have significantly outpaced historical rates. This is attributed to talent burnout and retention challenges, particularly in the nursing field. Additional challenges include inflation and a bleak economic outlook, which compounds other expenses, including the supply chain. One in two surveyed CFOs predict stagnant or declining operating margins in 2022 compared to last year.
Cyberthreats remain a consistent problem, and finance leaders are making greater investments in digital spaces and cybersecurity as they navigate business model transformations. Sustaining business model transformations was also a concern while balancing budgeting to achieve cost efficiencies, virtual and in-person care delivery, and a hybrid workforce.
As challenges grow, finance leaders have a growing stake in their organizations' stability, climate, and equity efforts. Four in 5 surveyed CFOs indicated an interest in leading broader organizational efforts to address sustainability, climate, and health equity issues. Nine in 10 CFOs said they defined their organization's environmental, social, and governance strategy or are in the process of doing so. To accomplish these goals, they are creating task forces, assessing measures and risk, and aligning investments based on the outlined strategy. Furthermore, two-thirds of CFOs report overseeing implementation at full scale and measuring the impact, while one-third said they are still in the initial stages of the process.