More than half of healthcare professionals participating in a new survey said they expect the United States economy to improve over the next 12 months.
Umpqua Bank conducted the nationwide survey of small and middle-market companies across the country as part of its annual 2023 Business Barometer report.
“Healthcare businesses are focused on enhancing their fundamentals as they prepare for 2024. This translates into increased attention to managing staffing issues, promoting their services and investing in cybersecurity,” Umpqua Head of Middle Market Banking Richard Cabrera said in a press release. “Although an essential industry, healthcare leaders are not taking this status for granted and are intent on improving efficiencies, strengthening financial management as well as employee recruitment and retention.”
As businesses await an economic rebound, their top three business areas of focus are improving operational efficiency, financial management, hiring and retention, according to survey results.
Healthcare leaders are also concerned about rising costs. The report shows 65% of respondents expect prices for their products and services to increase over the next 12 months, and 70% of healthcare leaders have raised the prices on their products and services in the last 12 months.
In the year ahead, healthcare companies are most likely to invest in equipment, artificial intelligence, automation, recruitment and retention, and cybersecurity, according to participating executives.
“It’s important for businesses to have a detailed understanding of where opportunities for enhanced efficiencies lie and make targeted investments to implement changes,” said Kathryn Albright, head of global payments and deposits at Umpqua Bank.
“Especially if margins are tight, I encourage businesses to start with the lowest-hanging fruit and work from there. In many cases, very modest investments can yield significant savings or greater productivity,” she said.
