Most healthcare CEOs, CFOs expect to maintain or increase revenue
Most plan to evolve their traditional services through in-home services, virtual care and remote patient monitoring.
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While 58% of healthcare leaders expect a recession in the year ahead, more than nine out of 10 expect to maintain or increase revenue, according to a JPMorgan Chase survey. Seventy-one percent are optimistic about their own company's performance.
Nearly half (48%) of all healthcare executives surveyed in JPMorgan Chase's 2023 Business Leaders Outlook survey have an optimistic outlook for the national economy in the year ahead, compared to 22% of respondents across all industries.
WHY THIS MATTERS
The survey shows not only how CFOs and CEOs are thinking about the economy and their organization's future, but how they're responding to ongoing financial challenges.
Of the survey respondents, 38% were CFOs and 33% were CEOs or in a chairperson role.
Most leaders plan to evolve their traditional services, with 52% exploring in-home services, 51% considering virtual care options and 45% looking at remote patient monitoring.
The top way healthcare companies are adapting to inflation is by raising prices (53%), making changes to purchasing (48%), automating (46%), changing the pricing model, (36%), prioritizing the most profitable products (32%) and strategic stockpiling (27%).
Steps to maintain margins include, in order: capital optimization, renegotiating payer contracts, broadening the staffing strategy, development of a health plan and partnerships or mergers.
Sixty-two percent plan to introduce new products or services.
THE LARGER TREND
The 2023 Business Leaders Outlook survey gathered feedback from leaders of midsize healthcare organizations -- that is, ones with annual revenues between $20 million and $500 million.
This year, 791 respondents completed the online survey between November 29 and December 13, 2022. Additionally, 405 respondents with general annual revenue between $20 million and $500 million were recruited via online survey panels.
JPMorgan Chase started the annual and midyear Business Leaders Outlook survey in 2011.
Twitter: @SusanJMorse
Email the writer: SMorse@himss.org
