January 27, 2023

Mike Serbinis, CEO of League

JPMorgan was buzzing this 12 months. A part of that’s post-Covid return to convention pleasure. A part of that’s the truth that healthcare has by no means been extra essential. Whereas the economic system was challenged in 2022, buyers are able to do enterprise in healthcare. The stakes are getting greater and the chance in entrance of us is very large.

Pete Anevski, CEO of Progyny

People who find themselves at present scuffling with infertility, and people who want to begin or broaden their households, need to work for employers who perceive that entry to fertility and family-building advantages are a necessity, not only a ‘nice-to-have’.  

Fertility and household constructing is a rising want for a lot of and in line with the CDC and Household Equality, 1 in 5 girls are impacted by infertility, and 63 p.c of LGBTQ+ people will use assisted reproductive expertise, foster care, or adoption to develop into mother and father. Firms that want to prioritize DEI targets and keep aggressive on this tight labor market want to supply fertility and family-building advantages – presently 45 percent of workers look for an organization that provides them.  

Worth-based care is rising in prominence throughout the healthcare trade – a pattern that may proceed in 2023. With projected medical value will increase (at present they’re anticipated to go up greater than 5 p.c for workers, in line with a current Mercer survey), people now greater than ever will probably be looking for out corporations with complete healthcare advantages that cowl each side of their lives, together with their fertility.

John Erwin, CEO of Carenet Well being

Healthcare is at present in a wait-and-see setting as a consequence of ongoing challenges referring to fallout from the pandemic and actual considerations a couple of recession. There continues to be a significant backlog of deferred procedures, together with excessive burnout for suppliers and medical employees. Major care continues to be considered as an essential engagement and quarterback for the well being techniques, whereas insurance coverage prices are growing at a report tempo. 

Mick Mazour, president of Carenet Well being

Outsourcing in healthcare continues to be an space of focus for CFOs, as monetary strains referring to income, value, and labor linger. Firms positioned squarely within the nucleus of stress factors are resonating available in the market, and in relation to healthcare, the human contact mixed with digital options are favorable for healthcare payers, suppliers, and companions.

BJ Schaknowski, CEO of symplr

I’ve by no means seen a extra outstanding acknowledgment of the necessity for expertise adoption than I did whereas talking with software program and well being system executives on the JPMorgan Healthcare Convention. There’s an awesome sense that in the event that they do nothing, they could survive the subsequent 12 months, but when they do one thing they may thrive regardless of unstable macroeconomic situations. The foremost hurdle is figuring out what ought to be executed, and we will have a look at what trade leaders have already carried out to information that imaginative and prescient: leaders are embracing expertise’s potential to automate, standardize, consolidate, and simplify. Well being system decision-makers have acknowledged the legal responsibility and vulnerability disparate techniques throughout their amenities can pose and are transferring to convey enterprise-level alignment into actuality, whereas attaining cost-savings and optimum affected person outcomes within the course of.

Tanja Dowe, CEO of the Debiopharm Innovation

With the tough capital markets, a number of methods are utilized to make sure continuity of enterprise. Earlier-stage corporations are being bridged by their present buyers to keep away from down rounds. People who raised massive rounds in 2021 and employed plenty of folks to speed up development are chopping massive percentages of their headcount. Everyone seems to be on the lookout for a quicker route to interrupt even & profitability. Debt financing and alternative routes to entry capital are getting extra common. Moreover, trade consolidation is predicted. Not all of it will likely be fairly, there will probably be a variety of super-structured offers and low-value share swaps. Some corporations will merely disappear. Nevertheless, everybody appears to be a bit on the sidelines nonetheless, ready for the scenario to get sweatier and the proof to occur.

Derek Streat, Co-founder and CEO of DexCare

The extraordinary monetary and operational stress on hospitals has been extensively documented and vividly obvious over the previous two years, however the sentiment amongst stakeholders on the convention signifies the trade is now on the trail to restoration. Well being techniques are pivoting and implementing methods and instruments to successfully handle challenges and strengthen their resiliency. Take, for instance, challenges associated to workforce retention, turnover, and burnout. Well being techniques acknowledge that the normal strategy to workforce administration is now not possible, and the important thing to fixing workforce challenges requires a shift towards driving effectivity and redistributing the workload. Decisionmakers are turning in direction of expertise options that drive effectivity on the backend, which helps to optimize capability administration and useful resource allocation, which finally alleviates the burden on employees.

One other key theme on the convention was innovation, which is notable contemplating that is usually a financially targeted convention. Previous to the convention, I used to be listening to fairly a little bit of chatter amongst stakeholders who felt well being techniques have been pulling again on innovation, however the sentiment amongst well being system CEOs at JPM signifies innovation is top-of-mind. This partially is being fueled by intensifying competitors between well being techniques, notably these in the identical area who’re vying for a similar sufferers. The trade’s shift in direction of consumerization has additionally fueled a way of urgency, and well being techniques now acknowledge that innovation is a necessity to draw new and retain present sufferers by offering a superior shopper expertise.

General, the convention highlighted that the trade is transferring in the suitable route and creating sustainable options to beat present and future challenges. Well being techniques are proving their resiliency and are on monitor to emerge from the pandemic stronger than ever earlier than.

Kimberly O’Loughlin, CEO of Well being Restoration Options

We’re all conscious of the workforce challenges which were plaguing the healthcare trade over the previous 12 months, notably with the extreme nursing scarcity. Whereas this stays a significant concern for well being techniques going into 2023, I’m optimistic that we’re wanting on the proper levers to successfully handle this challenge. One main method to alleviate the impacts of those staffing shortages is for healthcare organizations to spend money on applied sciences that drive effectivity and increase constrained sources. From what I heard not too long ago at JPM, healthcare executives plan to proceed innovating by broadening their digital methods throughout care settings and undertake options, similar to distant care monitoring and telehealth, that may ship excessive ROI whereas actually assuaging workforce challenges and burnout.