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| The Monthly Pulse |
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| Healthcare costs will grow 7% next year, PwC finds
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| The Story |
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| According to PwC’s annual report, healthcare costs are expected to swell by 7% for 2024, an increase that’s higher than that of 2022 and 2023. While certain trends, such as the availability of biosimilar medications, could help offset some of the rising expenses, there are several factors driving prices. |
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| What You Should Know |
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| Due to factors such as multi-year provider contracts, healthcare typically isn’t as affected by annual inflation as other industries. Yet, 2024 is likely to see several drivers behind rising costs, including the shortage of healthcare workers, and an increasing demand for nonessential care from patients who delayed such procedures during the pandemic. Emerging cell and gene therapies which have received recent FDA approval will also be costly, as will those with increasing demand such as prescriptions for diabetes and obesity. Factors such as biosimilars, virtual care, and an increasing demand for outpatient surgeries could control some of these costs, however.
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| What You Need to Know About the Big Stay
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| The Story |
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| The number of job vacancies in the U.S. has declined sharply over the last year, indicating more workers are sticking with the same employer. Further research indicates Americans are quitting their jobs at lower rates than in years past. Such findings have employment experts predicting a shift in employment trends they’re now referring to as the “Big Stay.”
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| What You Should Know |
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| A slow in quitting could be attributed to several factors, an important one being rising inflation. Employers can no longer be as accommodating to jobseekers, who have had the upper hand in recent years, when it comes to demands like salary, benefits, and flexible work arrangements. Of course, healthcare is still seeing workforce shortages, and we have yet to see whether the trend will affect the industry. Nonetheless, it’s never a bad time to focus on employee growth and development, as well as strengthening your organizational culture, to keep current employees happy and engaged.
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| State legislatures around US grapple with how to handle nursing shortages |
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| The Story |
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| Across the U.S., advocates for nurse and hospital associations are at odds over nurse staffing bills, many of which call for nurse-to-patient ratios. While at least 18 states have introduced new bills and Congress has reintroduced legislation to address ratios on a federal level, there’s been considerable pushback from hospital associations, who claim that the move could affect patient care. |
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| What You Should Know |
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| Hospital associations cite recent changes such as advanced technology and the current shortage of healthcare workers, arguing that the current climate of healthcare doesn’t reflect a need for nurse-to-patient ratios. Proponents of staffing ratio bills, on the other hand, argue that requiring more nurses on staff could actually alleviate staffing issues. Advocates point to the success that came after the first nursing ratio bill was passed in 2004 in California, which ultimately attracted more nurses and improved patient outcomes. Still, many states remain conflicted, and it’s unlikely that any major changes will take hold for at least several months or even years.
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| Leadership Reflections |
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Trust and Inspire
I recently had the privilege of attending the Tugboat Institute Summit 2023, where we celebrated 10 years and listened to 18 Tugboat talks. One of those speakers was Steven M. R. Covey, author of Trust & Inspire. I was particularly inspired by Steven’s talk as well as a great conversation with him over lunch.
Some key takeaways:
- The old leadership style of Command & Control no longer works, but many organizations are still operating with this. A new, more effective leadership style is Trust & Inspire.
- The most effective Trust & Inspire leaders view their leadership as stewardship. They recognize there is greatness in the people around them and trust them to deliver great results.
- Trust is made up of two factors:
- Trust that is given
- Trustworthiness that is earned
- A trust-inspired leader models trust, connects with people through caring and belonging, and connects to purpose.
- Inspiring others is a learned skill and not just for the charismatic. People don’t want to be managed, they want to be led. They want to be trusted. They want to be inspired. And when people are inspired, it motivates them to a level beyond engagement.
Join me in considering how we can move our leadership approach toward one of stewardship, trusting, caring, orienting toward purpose, and inspiring our teams.
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| Southwest Physican Recruiters Association (SWRPA) Conference |
| Thurs., Sept. 21 - Fri., Sept. 22 |
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| PMRC Practice Match Annual Recruitment Conference |
| Sun., Sept. 10 - Tues., Sept. 12 |
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