The healthcare industry is currently going through some changes that can affect health institutions big and small.
These changes can put a lot of pressure on healthcare executives who may struggle with effectively preparing for the changes in the healthcare landscape.
Lets quickly examine 5 major changes that healthcare executives need to face:
1) Price Transparency
Lack of price transparency in the healthcare system has historically imposed great burdens on a patient’s ability to choose their provider (by analyzing costs) and especially paying off their medical bills.
Now the CMS has imposed new regulations to make hospital pricing more transparent and clearly publish the prices they negotiate with insurers for various medical treatments, medications, and even devices.
2) Patient Experience
People expect a higher level of satisfaction from their healthcare providers, fueled in part because of the high costs often associated with even basic health services.
Healthcare organizations will likely face a tougher time retaining patients if they do not increase patient satisfaction levels. Growing competition in the industry means the hospital can quickly lose even its long-term patients, especially if prices become more transparent and people can research providers different rates.
3) Introducing New Payment Models
New payment models are becoming more and more present in the healthcare industry. Systems such as bundled payments, shared savings, or even medical subscriptions are slowly becoming a necessity for every hospital to introduce at some point.
Of course, adding a new payment model comes with a lot of challenges, as executives have to balance current systems, integrate new ones, and effectively monitor their performance to determine whether this new model yields the desired results.
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4) Staffing
Staffing will, unfortunately, remain one of the biggest roadblocks hospital managers and executives face. Finding qualified individuals is made even harder for smaller practices that may not be able to offer the same incentives that bigger healthcare institutions have.
And the issue isn’t just about finding doctors. Hiring nurses, medical assistants, and auxiliary personnel can also pose some difficulties for managers.
5) Staff Satisfaction
Apart from patient satisfaction, managers need to care for the happiness of their staff, a lot of whom are still feeling the burnout of the Covid-19 pandemic.
Ignoring these issues can, unfortunately, underline the staffing issues as current staff may leave or retire early due to the unaddressed pressures of their work environment.
How Can Hospital Executives Prepare for These Changes?
Many hospitals are finding themselves in the midst of a much-needed transition. Apart from the 3 new trends discussed, many healthcare executives are also facing increasing pressure to respond to various consumer demands, such as more accessible eHealth services.
This is a time for transformation, and to effectively navigate all these changes, executives may want to collaborate with healthcare coaches that are trained to guide these institutions through new waters.
A healthcare coach role may be instrumental in helping hospital leaders effectively plan for these new trends and take their health institution further.
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