More than half (52%) of health care executives expect their facilities to experience improved organizational health in 2024, up from just 37% this year.
"After weathering the storm of COVID-19, which combined the double whammy of revenue losses with cost increases, many health care executives are seeing somewhat brighter skies ahead," said Christine Mackey-Ross, president of AMN Healthcare Leadership Solutions. "Revenues are returning and costs are stabilizing, though the challenges facing health care executives today remain serious and unpredictable."
AMN and its leadership solutions division, B.E. Smith, surveyed more than 660 hospital, health system and group practice leaders about their expectations for the coming year. Forty-four percent expect financial constraints to be the most disruptive factor to their organizations in the next three to five years. They also identified their top three strategies to enhance revenue in 2024:
- The majority (56%) plan to expand existing service lines,
- 45% plan to implement cost-reduction measures, and
- 38% plan to increase value-based reimbursement.
This is a departure from previous years, in which executives identified outpatient service expansion, post-COVID revenue recovery and telehealth development as key growth strategies. "Health care facilities have devoted considerable effort to expanding outpatient services and offering patients more convenience," Mackey-Ross said. "Many are now refocusing on expanding service lines that are proven revenue generators."
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