Healthcare News & Insights

Healthcare execs looking forward to future: Keys for hospitals

The future of the healthcare industry isn’t all doom and gloom, even though sometimes it seems that way. Many healthcare leaders are actually optimistic about where the industry is heading and how their businesses will perform in the coming year. 

A new survey from Capital One asked healthcare execs about their businesses’ performance and how they feel about the future, and almost three-quarters think they’re heading in the right direction.

Future business performance

Of the leaders surveyed, 72% said they expect their businesses to perform better in the next year when compared to 2017, and 28% said they expect their businesses to perform about the same. None thought their businesses were headed for a downturn.

A key reason for this positivity is the continuing influx of mergers and acquisitions, with most of the execs thinking deal-making will be at the same level or higher in the next year.

Big gains are also predicted for specific segments of the industry: 46% of the leaders surveyed think healthcare information technology will have the highest growth in the coming year, and 31% think home health and hospice will grow the fastest.

The remaining 23% were split among assisted living and skilled nursing, insurance providers, pharmaceuticals and medical devices.

Value-based care

The survey also asked about where hospitals are on the journey toward value-based care – but those numbers were less promising.

More than half said they were just beginning the transition to value-based care, and only 2% of hospitals have fully transitioned. About 21% are halfway through the transition and 6% are closing in on the end.

To make sure your organization is prepared for value-based care, review your strategic plan for next year and double-check to verify you’ll have the necessary resources to make the transition.

You can also check in with state and local government representatives, payors and other strategic partners to see if there’s more your hospital needs to be doing as you shift to value-based care.

Year-end preparation

As 2018 comes to a close, making sure your facility is on target to meet all your quality reporting goals is also important and ties into preparations for value-based care and optimism for the future. After all, it’s hard to have a successful 2019 if you end 2018 on a down note.

Year-end is often a stressful time for every department, so before the holiday season picks up, check in with your employees to ensure they have everything they need to close out the year strong and meet all of the necessary regulatory requirements.

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