We no longer support this browser. Using a supported browser will provide a better experience.

Please update your browser.

Close browser message

Treasury and Payments

Improve your working capital, reduce fraud and minimize the impact of unexpected disruptions with our treasury solutions—from digital portals to integrated payables and receivables—all designed to make your operations smoother and more efficient.

Learn more about our treasury solutions:

Commercial Real Estate

Get the strategic support to be successful throughout market and real estate cycles with insights, hands-on service, comprehensive financial solutions and unrivaled certainty of execution.

Learn more about our commercial real estate solutions:

International Banking

Global opportunities mean global challenges. But real success means understanding the local markets you serve—which is why we bring the business solutions, insights and market perspective you need. 

Learn more about our international banking solutions:

Business Leaders Outlook

2023 Business Leaders Outlook: Healthcare 

Our first-ever healthcare survey shows industry leaders overwhelmingly expect a profitable 2023 for their companies, even as most expect a recession.

Despite a challenging few years, healthcare leaders are relatively optimistic about the economy and their financial performance for the year ahead.

Our 2023 Business Leaders Outlook survey gathered feedback from leaders of midsize healthcare organizations — those with annual revenues between $20 million and $500 million. The results show that just under half (48%) of healthcare executives have an optimistic outlook about the national economy. That’s a dramatically more upbeat position than the findings across all U.S. industries, where only 22% are optimistic about the national economy.

A commanding 91% of respondents expect to maintain or increase their revenue and sales this year, and 87% expect to maintain or increase profits—even as 58% expect a recession in 2023.

The survey also reflects the consumer-driven transformation happening in healthcare. Nine in 10 industry leaders identified at least one way they plan to evolve beyond their traditional models, with a majority considering in-home care (52%) and virtual care (51%).

On the labor front, 76% of respondents said they plan to maintain or add to their headcount. More than half (56%) of businesses are taking steps to optimize their working capital, and 38% are broadening their staffing strategy to maintain margins. 

Cybersecurity and fraud remain a widespread threat to the healthcare industry. More than two-thirds (71%) of those surveyed indicated they have been directly impacted by cyberattacks in the last six months. 


Top takeaways

Pie chart showing 76%

Workforce outlook

Despite concerns about the economy, a strong majority of healthcare leaders expect to add or keep staff.

Two-bar horizontal bar charts showing 52% with Home and 51% with Virtual

Care delivery

Most leaders are considering home care and virtual care as ways to deliver their services.

Big number showing 56%

Steps to maintain margins

A majority of healthcare businesses are optimizing their working capital to maintain margins.

Two-bar horizontal bar charts showing 48% with Healthcare and 22% with U.S.

Views on economy

Optimism about the national economy is higher among healthcare executives than in other U.S. industries.



Pie chart showing 71%

Cyber threats

More than two-thirds of healthcare businesses have been directly impacted by cyberattacks in the last six months. 


Our experts

Kerry Jessani, Head of Healthcare, Higher Education and Nonprofit, Middle Market Banking & Specialized Industries, J.P. Morgan Commercial Banking

Kerry Jessani
Head of Healthcare, Higher Education and Nonprofit, Middle Market Banking & Specialized Industries
Commercial Banking, J.P. Morgan

Lauren Ruane, Co-Head of Healthcare, Middle Market Banking & Specialized Industries, J.P. Morgan Commercial Banking

Lauren Ruane
Co-Head of Healthcare, Middle Market Banking & Specialized Industries
Commercial Banking, J.P. Morgan


Economic outlook and expectations

More than 40% of healthcare executives are optimistic about the global, national and local economies. And they feel even more positively about the healthcare industry and their own company’s performance.


More positive than others

Healthcare leaders are significantly more optimistic about the national and local economy than U.S. survey respondents across all industries.


Bullish on their own businesses

More than nine in 10 healthcare executives (91%) expect their revenues to hold steady or increase in 2023. An even greater percentage (94%) expect their capital expenditures to remain the same or increase.


Election effects

Healthcare leaders generally don’t expect many changes due to recent elections. 


Business challenges

Healthcare organizations face a variety of challenges today. Among them: inflation, snarled supply chains and a shortage of available workers.


Meeting patient needs 

Healthcare leaders are finding innovative ways to deliver alternative methods of care and re-engage consumers in a post-pandemic environment. 


Social responsibility


Business transitions and growth plans


About the survey

Started in 2011, the annual and midyear Business Leaders Outlook survey series provides snapshots of the challenges and opportunities facing executives of midsize companies in the United States. 

This year, 791 respondents completed the online survey between Nov. 29 to Dec. 13, 2022. Additionally, 405 respondents with general annual revenue between $20 million and $500 million were recruited via online survey panels. These additional respondents were recruited to achieve readable base sizes for the healthcare industry. Results are within statistical parameters for validity; the error rate is plus or minus 8.2% at the 95% confidence interval.

Note: Some numbers may not equal 100% due to rounding.

© 2023 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.

Healthcare Business Resiliency Business Leaders Outlook Annual Outlook Cybersecurity and Fraud Protection

Get in Touch and Stay Informed