The Growth Mindset for 2023
Note: Vizient’s David Levine, MD, FACEP, Group Senior Vice President, Advanced Analytics and Product Management and Simrit Sandhu, Executive Vice President, Strategic Transformation and Clinical-Supply Solutions also contributed to this report.
Health system leaders have faced unprecedented challenges over the past three years. The pandemic caused a sharp decline in inpatient volumes and a temporary loss of elective procedures, which both recovered. Inpatient volume is projected to increase just 2% in the next 10 years, with a shift toward higher acuity patients. Hospital supply chain has also faced major disruptions, from COVID19-related problems and major weather events to effects from the war in Ukraine.
Add to that the issues of inflation, a labor shortage and an influx of new, nontraditional entrants competing with health systems in the industry, and hospitals across the country are facing thinner margins than ever. Margins are down by a median of 5 percentage points from 2021, and as of October 2022, they remained negative.
Responding to these challenges is critical to achieving smart growth in the future. Though it may seem like an uphill climb, leaders who try new tactics and keep a growth mindset can succeed in 2023.
This report highlights how to do so, based on insights gained from working with leading hospital organizations in today’s ever-changing health care landscape.
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