Becker's Healthcare October 4, 2024
Hospitals are facing significant financial challenges driven by market dynamics, rising costs and the struggle to recruit and retain talent. As health systems navigate these pressures, leaders are emphasizing the importance of market dominance, cost control and innovation as essential strategies for long-term viability.
One major factor influencing financial stability is a hospital’s strategic position within its market.
“Even within a generally successful health system, strategic positioning in a market is key. If you’re not number one or number two in your market, there are real disadvantages, such as difficulty achieving the scale needed or securing fair rates for services,” Robert Broermann, CFO of Norfolk, Va.-based Sentara Healthcare, told Becker’s. “This can affect the quality of medical staff and...
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