Misaligned operations, fragmented payment systems, clunky technology and unfilled jobs—they’re an all-too-common reality within many healthcare organizations. But leaders are eager to use new technologies and strategies to address and eventually surmount these challenges.
Healthcare leaders from hospital systems, providers and healthcare technology platforms gathered in October at J.P. Morgan’s 10th annual Healthcare Advisory Council in New York, where they explored the challenges and trends facing the industry.
Here are three key takeaways from the event:
Healthcare providers are struggling to attract and retain clinical and non-clinical talent, including laboratory, dietary and environmental service roles. The acute shortage across venues, regions and specialties is having a well-documented impact on outcomes, patient satisfaction, costs and driving notable organizational inefficiencies.
While the situation has been magnified by the current labor market and pandemic burnout, the pattern started decades ago. Several panelists referenced an American College of Healthcare Executives’ survey, which cited personnel shortages as the top issue with 94% of executives saying they need more registered nurses. According to one CEO, “The new pandemic is finding staff.”
Panelists focused on flexibility, manager engagement, mission alignment and individual contributions to attract and retain employees. Panelists offered several solutions, including:
Healthcare advancements aim to create more choices for consumers so they can seek out the right care at the best value. While health professionals are embracing technology that can empower patients, patients and their employers are often making healthcare choices with limited information and unclear goals. Causes may include:
Enhanced collaboration between clinicians can result in better health outcomes, lower expenses and more positive patient experiences. There are many reasons to integrate care, including:
Modernizing healthcare is a project that requires a steady commitment over decades. But the industry is ready for and embracing disruption. With increasing collaboration between major health systems, smaller providers, healthcare technology platforms and significant investment from a variety of sources dedicated to innovation, the industry is poised to continue improving upon better quality and cost-efficient care for patients.
J.P. Morgan has years of experience in the healthcare sector, and we can help you navigate the shifting business landscape. Contact one of our bankers to learn more.
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