Abstract buildings

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. 

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.

Economic outlook for 2023

More positive than others

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

Optimism in healthcare
Recession expectations

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.

Business expectations

Election effects

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

Sentiment following the 2022 elections

Business challenges

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

Top ways companies are adapting to inflation
What’s driving up the cost of doing business
Steps to maintain margins
Top responses to the labor shortage
Top external business threats
Cyberattacks experienced in last 6 months

Meeting patient needs 

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

Care delivery/partnerships outside of traditional models
Top initiatives to re-engage consumers

Social responsibility

Top areas of focus within corporate responsibility
Top objectives motivating corporate responsibility

Business transitions and growth plans

Plans for business transfer
Timeline to transfer business
Growth strategies for the next 12 months

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.

Who took the survey
Company size by number of employees
Company size by annual revenue

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


Kerry Jessani

Kerry Jessani

Head of Healthcare, Higher Education & Not-for-Profit at J.P. Morgan Commercial Banking, Middle Market Banking & Specialized Industries

Lauren Ruane

Lauren Ruane

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

JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.