February 2024 Issue of Becker's Hospital Review
ON THE COVER
Bob Flannery. CFO at UW Health
Madison, Wis.-based UW Health finished the 2023 fiscal year in the black.
Michael Young. President and CEO at Temple University Health System
Two health system CEOs recently shared with Becker's what they are most optimistic about in the new year, from adjusting to long-term changes to addressing maternal mortality:
Andy Zukowski. CFO at ECU Health
Andy Zukowski, CFO of Greenville, N.C.-based ECU Health is heading into 2024 with a goal to make a big impact on rural healthcare.
Claudia Fegan, MD. Chief Medical Officer at Cook County Health
Integrating new technologies to reimagine care delivery and bolstering the clinical workforce are among chief medical officers' core focuses this year.
Michael Saad. CIO at Munson Healthcare
In 2024, hospital and health system CIOs are focusing on exploring generative AI use cases, with the aim of driving greater efficiencies for their organizations and staff.
Hospital financial 'never events' need attention
There have been plenty of contentious payer negotiations in the last year as hospitals request increased pay rates to match inflation and cover services for the community while insurers seek slower rate growth after the pandemic.
CEOs turn attention from recovery to growth
Hospital margins appear to be stabilizing as 2023 comes to a close and health systems continue working through their turnaround strategies. As hospital margins and overall finances eke back to a healthier footing, health system leaders will be able to spend more time and resources on the growth and transformation of their organizations.
'Everyone is nervous': Indiana system CEO on rising hospital closures
As hospitals and services continue to shut down due to financial challenges and labor shortages, many healthcare leaders are growing more concerned.
Care, staff, value-based models: 5 leaders on priorities in 2024
Hospital leaders across the country are gearing up to find new ways to tackle persistent issues like nurse retention and recruitment, how to navigate Medicare Advantage plan nuances, preparing to respond when communities are in crisis, standardizing and developing policies and more.
Where healthcare execs stand on generative AI
Fifty-eight percent of healthcare executives said their organization will implement or acquire a generative AI solution in 2024, according to a Dec. 6 KLAS report.
Hospitals with revenues under $500M likely to struggle this year
Despite a modest turning point for some hospital and health system margins in 2023, this year is expected to be another "make or break" year for much of the sector, particularly among smaller hospitals with annual revenues under $500 million, according to outlooks from Fitch Ratings and S&P Global Ratings.
The state of price transparency compliance in 2024
More than 90% of hospitals that are required to post a machine-readable file have done so as of Dec. 15, according to a Jan. 4 report from Turquoise Health.
Healthcare job cuts up 91% from 2022
Healthcare/products companies and manufacturers, including hospitals, announced the third-most job cuts in 2023 among 30 industries and sectors measured, according to one new analysis.
Hospitals won't see a 'V-shaped recovery'
Hospitals are starting to dig themselves out of a formidable operating trench, but results for the sector still lag far behind pre-pandemic levels, according to Fitch Ratings.
What 'won't be optional' for hospital marketers in 2024
Deploying artificial intelligence and boosting patient experience will be major focuses of health system marketing leaders in 2024.
HR leaders' plans to tear the 'paper ceiling'
In 2023, when the Supreme Court handed down its ruling striking down affirmative action in university admissions, some industry leaders expressed concern that the decision could hinder efforts to create a more diverse healthcare workforce.
CFO / FINANCE
'We exceeded our budget expectations': Wisconsin health system CFO on 2023 fiscal year
Madison, Wis.-based UW Health finished the 2023 fiscal year in the black.
Hospitals with revenues under $500M likely to struggle this year
Despite a modest turning point for some hospital and health system margins in 2023, this year is expected to be another "make or break" year for much of the sector, particularly among smaller hospitals with annual revenues under $500 million, according to outlooks from Fitch Ratings and S&P Global Ratings.
Hospital financial 'never events' need attention
There have been plenty of contentious payer negotiations in the last year as hospitals request increased pay rates to match inflation and cover services for the community while insurers seek slower rate growth after the pandemic.
Optum, SSM Health end partnership
St. Louis-based SSM Health and UnitedHealth Group's Optum have ended their administrative partnership around inpatient care management, digital transformation and revenue cycle management, an SSM Health spokesperson confirmed with Becker's.
How hospitals are battling employee turnover: 5 survey findings
Most hospitals and health systems are bolstering pay and benefits to help attract and retain talent amid increasing employee turnover, which is expected to continue to challenge the healthcare industry in 2024, according to a Dec. 13 survey published by Aon.
CEO/STRATEGY
CEOs turn attention from recovery to growth
Hospital margins appear to be stabilizing as 2023 comes to a close and health systems continue working through their turnaround strategies. As hospital margins and overall finances eke back to a healthier footing, health system leaders will be able to spend more time and resources on the growth and transformation of their organizations.
What 2 health system CEOs are optimistic about in 2024
Two health system CEOs recently shared with Becker's what they are most optimistic about in the new year, from adjusting to long-term changes to addressing maternal mortality:
Healthcare job cuts up 91% from 2022
Healthcare/products companies and manufacturers, including hospitals, announced the third-most job cuts in 2023 among 30 industries and sectors measured, according to one new analysis.
'Everyone is nervous': Indiana system CEO on rising hospital closures
As hospitals and services continue to shut down due to financial challenges and labor shortages, many healthcare leaders are growing more concerned.
'The current model doesn't work': Illinois hospital CEO on private equity hospital acquisition
As more hospitals continue to be picked up by private equity firms, recent studies have tied these acquisitions to adverse patient outcomes.
THOUGHT LEADERSHIP
'I'm filled with optimism': New Orleans East Hospital's journey to value-based care
New Orleans East Hospital was built after Hurricane Katrina destroyed the previous hospital in 2005. Ten years after it opened, President and CEO Takeisha Davis, MD, is focused on implementing quality-based performance measures and population health to transform health within the community.
Care, staff, value-based models: 5 leaders on priorities in 2024
Hospital leaders across the country are gearing up to find new ways to tackle persistent issues like nurse retention and recruitment, how to navigate Medicare Advantage plan nuances, preparing to respond when communities are in crisis, standardizing and developing policies and more.
Hospitals won't see a 'V-shaped recovery'
Hospitals are starting to dig themselves out of a formidable operating trench, but results for the sector still lag far behind pre-pandemic levels, according to Fitch Ratings.
'We're all in this together, and we need each other:' says ECU Health CFO
Andy Zukowski, CFO of Greenville, N.C.-based ECU Health is heading into 2024 with a goal to make a big impact on rural healthcare.
INNOVATION
'We heal better in our homes': Intermountain hospital-at-home program surpasses 1K patients
Salt Lake City-based Intermountain Health's hospital-level care at home program has surpassed 1,000 patients since the service began in May 2020.
Viewpoint: Why health systems should have a chief AI officer
UC San Diego Health's first chief artificial intelligence officer, Karandeep Singh, MD, encouraged health systems to develop leadership roles focused on AI, The San Diego Union-Tribune reported Jan. 2.
Where healthcare execs stand on generative AI
Fifty-eight percent of healthcare executives said their organization will implement or acquire a generative AI solution in 2024, according to a Dec. 6 KLAS report.
2 healthcare aspects on the cusp of change
Large language and multimodal models that respond with text explanations and ambient documentation in healthcare are on the cusp of change, UC San Diego Health's first chief health artificial intelligence officer, Karandeep Singh, MD, told the La Jolla Light in a Jan. 4 report.
CMO/CARE DELIVERY
'Use less, lose less, hire more': Inside the strategy that cut nurse turnover at AdventHealth
Two years ago, AdventHealth's nurse turnover rate was 31%. In November, that figure dipped to 18.9% — progress leaders at the Altamonte Springs, Fla.-based system link to a three-pronged nurse staffing strategy: Use less, lose less, hire more.
'Physician associate' marks a return to the past
The term "physician associate" is not as new as some might think.
4 chief medical officers' core focuses for 2024
Integrating new technologies to reimagine care delivery and bolstering the clinical workforce are among chief medical officers' core focuses this year.
CIO/HEALTH IT
What 'won't be optional' for hospital marketers in 2024
Deploying artificial intelligence and boosting patient experience will be major focuses of health system marketing leaders in 2024.
How one health system made its EHR 'fun'
One health system reduced the stress and burnout associated with EHR use by making a recent update to its system "fun," the American Medical Association reported.
What CIOs are focusing on in 2024
In 2024, hospital and health system CIOs are focusing on exploring generative AI use cases, with the aim of driving greater efficiencies for their organizations and staff.
WOMEN'S LEADERSHIP
HR leaders' plans to tear the 'paper ceiling'
In 2023, when the Supreme Court handed down its ruling striking down affirmative action in university admissions, some industry leaders expressed concern that the decision could hinder efforts to create a more diverse healthcare workforce.
Burnout climbs its way to boards
Board members are a professional group less often linked to the chronic exhaustion and emotional fatigue of burnout. But governing bodies are now increasingly feeling the strain, Fortune reports.
Sutter Santa Rosa CEO on the hospital's relentless pursuit of better care access
Megan Gillespie, DNP, RN, began serving as CEO of Sutter Santa Rosa (Calif.) Regional Hospital in October, and she entered the role already aware of work being done at the hospital's parent organization, Sacramento, Calif.-based Sutter Health, to make it easier for patients and communities to access care.