It’s a new year and while many of us are looking for a fresh start, the hospital industry is still reeling from last year’s challenges, both the ongoing impact from Covid, staffing and inflation. Additionally, although the endowment funds were producing dividends in the past decade, it has dramatically slowed with the stock market pulling back. Our team sat down and looked at the hospital-physician landscape to narrow in on five themes we expect to see in 2023. Although there are some tough hurdles ahead, there is also a little bit of good news and plenty of opportunities for hospitals to stay ahead.
So, my advice to hospitals is simple: now is the time to give technology and automation a chance. Automating physician contract and payment processes alone can help hospitals achieve a major reduction in administrative burden on their teams and a 5-6x ROI on their initial investment. Hospitals need to make these and other kinds of tech investments now if they have any hope of chipping away at and counteracting the forces driving down their margins.
Here’s to a fabulous 2023!