New Report from Sage Growth Partners Reveals Hospital and Health System C-Suite Priorities for 2024-2025
New Report from Sage Growth Partners Reveals Hospital and Health System C-Suite Priorities for 2024-2025 unknown
Annual survey of C-suite executives shows a new prioritization on health IT, digital health, and artificial intelligence (AI) to address challenges in the health care ecosystem and workforce, while growing revenue and reducing costs
BALTIMORE, Jan. 23, 2024 /PRNewswire/ -- A new report from healthcare consultancy firm Sage Growth Partners illustrates that health system and hospital executives have a new list of top strategic initiatives for the years ahead.
The report, The New Healthcare C-Suite Agenda 2024-2025, is based on a survey of 108 top healthcare executives and examines what leaders are strategically prioritizing to help navigate their evolving industry ecosystem, where health IT, EMRs, digital health tools, virtual platforms, and artificial intelligence (AI) are helping to address today's greatest challenges.
"Prior to the crises of the last three years, healthcare executives were already struggling to establish a more resilient workforce and that challenge remains. However, we now see an even more immediate need to reduce costs and operating expenses. Combined, this creates a very difficult agenda for the C-Suite," said Dan D'Orazio, CEO, Sage Growth Partners. "Our new report is designed to inform hospital and health system leaders about what their competitors and peers are doing by clearly illustrating where organizations are planning to invest in the next two years."
Among other key findings in the report:
- 57% of respondents said that growing revenue is their top strategic initiative, while 55% indicated it was staff recruitment and retention.
- 61% of those surveyed indicated that workforce resilience is a top challenge, and 43% said that access to care is among their top five greatest challenges.
- 65% of those surveyed believe that the health of their patient population is worse now than pre-pandemic and only 5% said that they are confident patients have caught up on delayed care.
- 60% of respondents believe an economic recession is likely and 52% plan to prepare by reducing costs and improving efficiencies.
- 43% of executives participating in the survey said they are planning to increase capital investment over the next year, including technology such as a new EMR (20%), artificial intelligence (15%), and virtual monitoring (13%).
"Today's healthcare organizations are facing a barrage of challenges," said Stephanie Kovalick, Sage Growth Partners, chief strategy officer. "By prioritizing EMR optimization, increasing digital and virtual health offerings, addressing the workforce crisis, leveraging evolving payment models, and deploying AI technology, C-Suite executives can strategically prepare for sustainability — even against the looming possibility of a coming recession and challenging marketplace."
The full copy of the report, The New Healthcare C-Suite Agenda 2024-2025, can be found here.
About Sage Growth Partners
Sage Growth Partners is a healthcare advisory firm with deep expertise in market research, strategy, and communications. Founded in 2005, the company's extensive domain experience ensures that healthcare organizations thrive amid the complexities of a rapidly changing marketplace. Sage Growth Partners serves clients across the full healthcare spectrum, including GE Healthcare, Medecision, ProgenyHealth, Kyruus, Best Buy Health, GroundGame.health, New Jersey Brain and Spine, the National Minority Health Association, and Philips Healthcare. For more information, visit sage-growth.com.
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SOURCE Sage Growth Partners
