Governance Institute January 18, 2024
By Steven T. Valentine, President, Valentine Health Advisers, and Guy M. Masters, President, Masters Healthcare Consulting

The headwinds shaping financial success or detriment for health systems, hospitals, and physicians for the past three years include labor (travelers, registry, or temporary staff); salaries, wages (with some states and cities passing minimum wage requirements), and benefits (SWB); cybersecurity attacks; drugs (especially specialty drugs, now exceeding 40 percent of dispensary revenue); supplies; lower volumes (for most not quite reaching pre-pandemic levels; and recently, inflation and interest rate increases (causing debt and operating costs to be more expensive). Many of these elements will persist in shaping the financial, operational, and outcomes for 2024.

Key Board Takeaways

  • Update and cross-correlate strategic, operations, financial, capital, and philanthropic plans. Make sure these plans create synergies and enhance interdependencies versus operating in...

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