FTI Consulting Survey Identifies Top Operational Challenges and Opportunities for Hospital Leaders
12 June 2024 - 9:30PM
FTI Consulting, Inc. (NYSE: FCN) today announced the results of its
inaugural FTI Consulting Hospital Operations Outlook Survey, which
found that workforce shortages, financial performance and risks
related to new technologies are top of mind for hospital leaders.
All, or nearly all hospital executives surveyed have clinical
(99%), financial (99%) and digital and technology concerns (100%),
as the industry continues to experience post-pandemic
transformation, increasing demand from patients and communities,
and heightened scrutiny from regulators.
“As the healthcare system recovers from the shock of the
pandemic, healthcare executives need to prepare to face future
challenges head-on,” said Lauren Crawford Shaver, a Senior Managing
Director and Head of Healthcare & Life Sciences for the
Americas within the firm’s Strategic Communications segment. “With
a potential administration change and subsequent regulatory
reforms, the inevitable use of AI in healthcare, and hospital
finances under a microscope, hospital leaders need to think
creatively to build strong systems that can withstand new
pressures.”
Key findings from the survey:
- While hospital executives acknowledge cybersecurity risks and
their potential consequences, more than half of respondents (55%)
admit they are not very prepared for a cyber attack.
- Nearly all hospitals involved in the survey (99%) have adopted
a value-based care model, driven by the shift to patient-centered
care (44%) and quality improvement initiatives (40%).
- With industry workforce shortages in the spotlight, nearly half
(49%) of executives believe their hospitals are not fully prepared
to deal with current patient volumes.
“A multitude of factors are impacting hospitals’ ability to
recruit and retain talent, but the good news is, hospital leaders
can influence effective change if they have targeted insights from
their people,” said Alexandra Priola, a Managing Director in the
People and Transformation offering within the Strategic
Communications segment at FTI Consulting. “Long gone are the days
of taking broad approaches to nuanced challenges. The winners will
be the ones that prioritize customization — in messaging,
programming and experiences — that speaks to the specific needs of
their audiences, and in the process, channels resources into areas
that enable engagement, growth and commitment.”
Another top-of-mind issue is the risk of cybersecurity threats.
Hospital leaders recognize the significant potential costs of a
cybersecurity incident to their organization, with half of
respondents (50%) pointing to data loss or compromise as their
biggest concern.
“Hospital leaders can no longer ignore the inevitable
cybersecurity risks plaguing the industry. Adopting a holistic
preparedness mindset, incorporating both technical and
communications aspects of cybersecurity preparedness, is critical
to mitigating risk. Having the right partners at the ready to
augment your response in the event of a cybersecurity crisis can
enable organizations to move quickly and in confidence,” said Jamie
Singer, a Senior Managing Director and and Co-Leader of the
Cybersecurity & Data Privacy Communications practice at FTI
Consulting.
The FTI Consulting Hospital Operations Outlook survey highlights
the growing complexity and scrutiny hospitals face, where
reputations can shift swiftly and crises escalate rapidly.
Hospitals must effectively communicate with regulators, elected
officials, communities and patients, to safeguard and enhance their
reputations. FTI Consulting's Healthcare & Life Sciences
communications team offers expertise in addressing economic, legal
and regulatory challenges, providing strategic guidance in
financial, corporate, public policy and brand communications to
ensure organizations are well-positioned for future success.
The full survey report is available here.
About the SurveyThis research was conducted
online by FTI Consulting’s Strategic Communications segment between
March 27, 2024 and April 4, 2024, with 186 senior executives across
all types of hospitals and 14 mid-level leaders of academic
hospitals. Overall, 62 respondents represent academic hospitals,
102 are part of a health system and 36 are standalone
facilities.
About FTI ConsultingFTI Consulting, Inc. is a
global business advisory firm dedicated to helping organizations
manage change, mitigate risk and resolve disputes: financial,
legal, operational, political & regulatory, reputational and
transactional. With more than 8,000 employees located in 33
countries and territories, FTI Consulting professionals work
closely with clients to anticipate, illuminate and overcome complex
business challenges and make the most of opportunities. The Company
generated $3.49 billion in revenues during fiscal year 2023. In
certain jurisdictions, FTI Consulting’s services are provided
through distinct legal entities that are separately capitalized and
independently managed. More information can be found at
www.fticonsulting.com.
FTI Consulting, Inc.555 12th Street
NWWashington, DC 20004+1.202.312.9100
Investor Contact:Mollie
Hawkes +1.617.747.1791 mollie.hawkes@fticonsulting.com
Media Contact:Matthew
Bashalany +1.617.897.1545 matthew.bashalany@fticonsulting.com
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