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| The Monthly Pulse |
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| Strengthening the Health Care Workforce - Strategies for Now, Near and Far
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| The Story |
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| A strong workforce is essential to a quality healthcare system, but the sector has seen significant labor challenges in recent years. Amid staffing shortages, hospitals and healthcare systems must support their workforce’s current needs while preparing them for tomorrow and laying the foundation for a stronger future. The American Hospital Association has developed an in-depth guide to help hospitals address challenges and embrace new opportunities to strengthen their workforce. |
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| What You Should Know |
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| The AHA’s guide proposes a three-pronged approach to strengthening the workforce. To address their needs now, hospitals are encouraged to focus on creating a culture of healing, deploying creative staffing strategies, adopting technology solutions, and meeting current data needs. In the near term, healthcare organizations should update care model design, technology integrations, and leadership training and development. Finally, to support future success, hospitals should build an educational pathway structure, promote healthcare career interest, and perform workforce strategic planning.
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| Healthcare Bankruptcies Slowing After Hitting 5-Year Peak
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| The Story |
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| After healthcare bankruptcies hit a five-year high in 2023, they have slowed in the past three quarters and are seeing a consistent decline. The decline has been attributed to fewer cases involving middle-market organizations, though bankruptcies involving very large organizations remain high. Experts note that the decrease in bankruptcies doesn’t mean that healthcare organizations aren’t facing financial stressors.
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| What You Should Know |
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| Operating margins for hospitals have stabilized throughout recent quarters. Nonetheless, the gap between high- and low-performing facilities continues to grow. Workforce shortages continue to drive costs, too, and the pressures remain especially challenging in nursing homes and rural facilities.
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| Confessions of a CEO: The biggest challenges facing healthcare |
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| The Story |
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| The challenges currently faced by healthcare organizations span far and wide. To understand the most pressing issues healthcare leaders are experiencing, Becker’s Hospital Review interviewed several hospital and health system CEOs from across the U.S. Several common themes emerged among their responses, including rising costs and workforce challenges. |
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| What You Should Know |
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| Forward-thinking healthcare leaders offer several solutions to address the sector’s biggest challenges. For example, J.P. Gallagher, President and CEO of Endeavor Health, notes that attraction and retention are difficult, but can also be viewed as healthcare’s greatest opportunity. He recommends gathering team member feedback and creating a culture of belonging. To continue providing high-quality care while maintaining fair reimbursement rates, Matt Caldwell, President of Bon Secours St. Francis Health System recommends investing in highly skilled staff and leading technology alike. David Banks, CEO for Primary Health for AdventHealth, advises healthcare leaders to reevaluate business models and resources to strengthen financial resilience and continue providing excellent care.
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| Leadership Reflections |
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Vendor Relationships
Over the past year, I have evaluated several key vendor relationships. These evaluations served as a valuable reminder of the importance of periodically reviewing factors such as pricing, customer service, and expertise. I highly value strong relationships, and therefore, do not advocate for changing vendors frequently. However, a review cycle every three to five years is a prudent approach. Below, I outline the three primary factors that influence my vendor review process.
Pricing is important to all of our organizations. When you have a strong relationship with a vendor, pricing can gradually become less competitive, often due to a lack of regular review. Without periodic evaluations, pricing may drift away from market standards. Red flags include a lack of visibility into competitive quotes and reviews that consistently result in retaining the same vendor without adequate consideration of alternatives. In general, unless there are other pressing concerns, my rule of thumb is that pricing needs to be at least 5-10% more favorable to justify switching vendors.
Customer service is another area that can be overlooked, especially in long-standing relationships. It’s crucial to define and hold vendors accountable through Service Level Agreements (SLAs), which clarify roles, responsibilities, and response times. Changes in vendor personnel can sometimes negatively impact these service commitments, so regular monitoring is essential.
Lastly, expertise is what sets key vendors apart as trusted advisors. It's important to evaluate their knowledge and industry involvement. Are they active in professional organizations? Do they stay updated on current trends and industry developments? Are they able to respond to questions quickly and professionally?
Periodic evaluations based on these factors help ensure that vendor relationships remain beneficial and aligned with the organization's needs.
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Hospitals and Health Systems Summit 2024 |
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HLTH 2024 |
| Sun., Oct. 20 - Wed., Oct. 23 |
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| Patient Experience Summit |
| Thurs., Oct. 24 - Fri., Oct. 25 |
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| Becker's 12th Annual CEO + CFO Roundtable |
| Mon., Nov. 11 - Thurs., Nov. 14 |
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| NGPX 2024 - Next Generation Patient Experience |
| Mon., Dec. 2 - Wed., Dec. 4 |
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