Healthcare CFOs are investing in patient experiences, expanding services and addressing worker burnout in 2022, according to the 2022 BDO Healthcare CFO Outlook Survey.
BDO polled 100 healthcare CFOs with revenues between $250 million and $3 billion in October 2021.
Six survey findings:
1. Sixty-three percent of respondents said they are thriving while 34 percent are surviving. Eighty-two percent said they anticipate to be thriving in a year and 73 percent expect a revenue increase. Fifty-three percent are seeking gradual and continuous growth in 2022.
2. Thirty-nine percent are investing in improving the patient experience, 30 percent are investing in expanding service lines and 29 percent are investing in patient confidence. Additionally, 42 percent are investing in front-line worker burnout.
3. For days of cash on hand, 3 percent have more than 100 days, 23 percent have 61-100 days, 45 percent have 31-60 days, 28 percent have 14-30 days and 1 percent have less than 14 days.
4. Thirty-five percent of hospitals and health systems have defaulted on bond or loan covenants in the last 12 months.
5. When it comes to the workforce, 40 percent say workforce retention will be a top challenge in 2022, another 40 percent say recruiting will be a challenge and 35 percent say addressing workforce health and wellness needs will be a challenge. BDO said it expects to see a significant growth in healthcare wages in 2022.
6. Eighty-four percent of CFOs said supply chain disruption is a risk in 2022. The top three supply chain challenges in 2022 are rising material costs, rising transportation costs and lack of supply chain technology.
Read the full report here.