Two-thirds of full-time U.S. workers report they would immediately start looking for a new job with flexibility if their ability to work from home was taken away—and 39% would quit.1 Clearly, based on this data and other sources, remote work is here to stay. The COVID-19 pandemic accelerated the move to remote work for […]
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Healthcare has a transparency problem. In the first blog of this series, we looked at this challenge through the patient lens. Now, we pivot to look at how this lack of transparency impacts providers. Namely, providers don’t have decision-support tools capable of optimizing patient care. It’s a lose-lose situation – and it plays out every […]
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In our first article in this series, we talked about building your total rewards strategy. Now, let’s dig into some questions to gut-check whether it is working: Are your employees consistently maximizing the benefits available to them? Are your employees and broader community recognizing your organization’s investments in employee benefits? Is your total rewards […]
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Number of New Leading Health System CEOs Doubled Compared to 2021 Leading Health Systems (LHS) saw CEO turnover double in 2022, with 24 new CEOs starting compared to 12 in the year before. In 2020 and 2021, executives delayed planned transitions or retirements to manage the pandemic. However, the 2022 turnover rate more closely reflected […]
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Healthcare’s labor market has never been more challenging. Thoughtful investment in a total rewards strategy is an often overlooked, underutilized way to address your workforce engagement and retention issues. We are all familiar with today’s healthcare challenges. Persistent labor shortages, rising inflation and narrowing margins are crippling health systems’ best efforts to maintain a healthy […]
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Leading Health Systems (LHS) are facing once-in-a-generation margin pressures caused by runaway inflation, labor shortages, and decreased demand for services. They have no choice but to dial back spending – which stands in stark contrast to one year ago. Still, they realize their strategy needs to “see through” the downturn in critical areas, which warrant […]
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Imagine this scenario: A provider prescribes a necessary medication, and the patient attempts to fill it at the pharmacy. When they get to the counter, they realize the medication is unexpectedly expensive, and they can’t afford to purchase it. Unfortunately, this is not an uncommon occurrence, as more than 30% of prescriptions are abandoned at […]
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Going into 2022, many Leading Health Systems (LHS) felt positive about their 2021 financial performance with the average operating margin in-line with pre-pandemic levels (3.7% in 2021 vs 3.8% in 2019). However, a combination of inflation, volume and labor pressures significantly tanked 2022 margins with a projected 53% of hospitals expecting negative operating margin for […]
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As health systems continue to slowly transition to Alternative Payment Models (APM), they are faced with an immense challenge – how to expand their footprint in risk-based arrangements given the highly variable levels of revenue at play. In fact, within The Academy’s Leading Health Systems (LHS), the majority of health system revenue is still tied […]
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What Chief Nursing Officers and Chief Human Resource Officers are Prioritizing in 2023: Insights for Nurse Leaders As we all know, rising costs coupled with slowing revenue are resulting in operating margin challenges for health systems. These headwinds are expected to prevail in 2023, impacting health systems’ ability to grow. The Health Management Academy recently […]
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