Health systems across the U.S. must rethink their strategies to remain competitive amid workforce and financial challenges, according to a report released Jan. 5 by PricewaterhouseCoopers.
Here are six issues for executives at these organizations that are critical to doing so, per the report:
1. Confronting affordability and disrupting costs. "The business environment of 2023 will likely force all health plans and health systems to confront affordability head on," PwC wrote. "They need to reshape strategies, reengineer financial and business models to aggressively deliver greater value — or others will."
2. Digitizing healthcare. PwC's Hospital of the Future 2022 study showed dozens of health systems have invested $2.5 billion in remote monitoring and home health alongside $1 billion more to support digital capabilities. The company predicts healthcare organizations will continue implementing digital health and analytics that change care delivery.
3. Attracting and retaining customers. "The sector is embarking with renewed energy on the quest for members and patients," PwC wrote. "Trust and loyalty remain paramount."
4. Rethinking risk. PwC predicts health systems will continue to face cyber breaches in 2023, The company recommends organizations keep a watchful eye when it comes to anticipating, understanding and controlling risks in compliance, operations, finance and technology.
5. Solving clinical workforce shortages. Amid the workforce shortages health systems face, executives can "be more proactive in developing the nursing workforce pipeline and attracting talent into a more agile and tech-enabled workplace. Simultaneously, they need to set aggressive goals on doing more with less," according to PwC.
6. Delivering deals value. "PwC sees a strong outlook for deals in the health services sector," the company wrote. "The operative word is value, which remains the driving force. Payer-provider convergence and headline-grabbing investments from nontraditional players underlie the broader evolutionary theme of the sector."
To view the full report, click here.