By Emmet Conlon
Chief Financial Officers (CFOs), Treasurers and financial decision makers for healthcare organizations are now required to manage a myriad of responsibilities while acting nimble and innovating in a rapidly changing environment. The technological, regulatory, labor and care provisioning models are changing so quickly that adaptability is a key priority for the industry. All of these changes present operational challenges that require CFOs to manage disparate stakeholders and systems across the entire enterprise while enabling a seamless and cost-effective patient experience.
Here’s a closer look at a few of the issues healthcare CFOs are placing at the top of their priority lists:
Reducing labor shortages and surging salaries
Due to the increases in labor and supply chain costs, expenses exceeded revenues for nonprofit and public hospitals for the second straight year in 2017. The salary for medical workers is steadily increasing year over year. According to the annual Health eCareer’s Salary Guide 38% of the 20,000 healthcare workers polled saw their salaries increase and 41 percent reported it increased over one year ago in 2017.
Despite salary increases the healthcare industry is experiencing a shortage of nurses in certain parts of the country. In fact, according to a report by the U.S. Department of Health and Human Services, the following states are predicted to have the biggest shortage in the next 10 years: California, Texas, New Jersey and South Carolina. [Read more…]