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| The Monthly Pulse |
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| Financial Distress is Spurring Health System M&A
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| The Story |
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| According to the latest Kaufman Hall report, health system mergers and acquisitions are starting to return to pre-pandemic levels. Yet, the trend isn’t necessarily indicative of economic health for hospitals. Instead, the gap between top performing health systems and those struggling has widened, with many pursuing M&A due to financial distress. |
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| What You Should Know |
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| The majority of recent acquisitions have been made by academic or university-affiliated health systems. The result is a win-win situation in which both parties enjoy benefits, including alleviated pressures and greater access to residency programs and clinical research trials. Yet, should the M&A trend continue, executives should prepare for increased scrutiny from the Federal Trade Commission and Department of Justice, says Kaufman Hall.
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| Biden's AI Plan Spurs 'Cautious Optimism' in Healthcare
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| The Story |
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| In a recent executive order, President Biden has aimed to establish guidelines for the ethical use of AI to protect Americans against its potential risks. While the order contains little detail regarding healthcare systems specifically, the President has given the Health and Human Services (HHS) Department six months to develop a strategy to determine if AI meets standards for healthcare delivery, and has urged them to create a task force for responsible AI use within the year.
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| What You Should Know |
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| While many health system executives and industry analysts note that the U.S. is lagging behind other countries in terms of AI regulation within healthcare, many have still reacted positively to the executive order and have acknowledged that it’s a step in the right direction. Many healthcare leaders recognize that AI could positively impact healthcare delivery, especially in understaffed areas like rural communities. Yet, they also stress the need to develop strategies and safeguards to avoid worsening existing inequities with AI.
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| Calling healthcare burnout a crisis is an ‘understatement,’ CDC says |
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| The Story |
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| According to new survey data published by the CDC, the state of mental health among healthcare workers is grim. Nearly half of those surveyed experienced burnout in 2022, and the number of people looking to switch careers increased by nearly 50%. CDC officials are warning that U.S. healthcare systems have reached a breaking point and are calling on leaders to develop strategies for addressing the crisis. |
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| What You Should Know |
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| People working in healthcare are already well aware of the burnout crisis among providers. Yet, acknowledgement from organizations like the CDC offers hope that help may be on the horizon. The CDC suggests proactively addressing workers’ mental health by involving them in decision making, decreasing harassment, and offering increased support from supervisors. The National Institute for Occupational Safety and Health will also be launching a campaign for hospital leaders to improve workers’ wellbeing, and the Biden administration has dedicated $103 million to address burnout among healthcare workers.
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| Leadership Reflections |
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Sustainability in Healthcare Staffing
The post-pandemic financial landscape for healthcare organizations has been a rollercoaster ride, marked by unprecedented challenges. Hospitals have undergone a process of recovery and adaptation; however, concerns remain regarding sustainability. This is especially true as hospitals continue to grapple with staffing shortages, supply chain disruptions, and fluctuating patient volumes.
In an effort to assist our partners with moving toward sustainability in their staffing space, our team is working on outside-of-the-box solutions. We are going beyond the traditional staffing and placement models to provide a more holistic approach to filling specialty talent needs. These models leverage extensive networks, recruiting expertise, and technology to build a more comprehensive, agile, and sustainable approach to FTE coverage.
We will be taking a short pause in The Monthly Pulse to spend time listening to our partners and working collaboratively to build these solutions. Stay tuned for case studies and success stories! In the meantime, please reach out to brainstorm ideas and discuss how we can cobuild a new model that will optimize your specialty talent workforce.
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Transforming Healthcare Operations for Growth and Sustainability |
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| Leading With Emotional Intelligence: How to Overcome Workplace Dynamics and Conflict to Develop Highly Trusting Teams |
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| ViVE - Where Digital Health Execs Go to Do Business |
| Sun, Feb. 25 - Wed., Feb. 28 |
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| Becker's Healthcare 14th Annual Meeting |
| Mon. Apr. 8 - Thurs., Apr. 11 |
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| 2024 AHA Annual Membership Meeting |
| Sun. Apr. 14 - Tues., Apr. 16 |
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