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CFO outlook survey reveals organizations need to do more with data
CHICAGO, March 13, 2024 (Globe Newswire) — Despite continued cost pressures, leaders at hospitals, health systems, and other healthcare organizations across the United States are… The company is optimistic that the organization can build financial health through 2024.
of 2024 CFO Outlook for Healthcare This report features findings from a survey of more than 100 healthcare finance professionals, with more than half (52%) ranking their optimism as a 4 or 5 on a 5-point scale. I understand. Only 1% of respondents said they were not optimistic about their organization’s financial performance.
The improvement in the financial situation in 2023 was a factor that strengthened the optimism. December has reached its 10thth Hospital operating margins were positive for the first two months of 2023 after being negative throughout 2022. Additionally, 52% of survey respondents said they expected their organization’s operating margins to improve throughout the year. 14% expect operating margins to decline, while 28% say it will be about the same.
“For the first time since the pandemic, healthcare leaders have reason to be optimistic about the future of their organizations,” said Steve Wasson, chief data and intelligence officer at Strata Decision Technology. “Operating margins were narrow throughout 2023, but increased sales and margins in the second half of the year laid the foundation for further stabilization. To continue this momentum, organizations will need data and other tools to We need to leverage them to manage our performance and address market changes in the year ahead.”
High costs remain a concern for many. Survey respondents cited contract and hired labor as their biggest unexpected cost in 2023. Looking ahead to 2024, controlling high labor and non-personnel costs is a top priority for 55% of healthcare professionals. Other priorities cited by survey respondents include managing strategic and performance improvement initiatives (51%) and managing service line financial performance (45%). Cost improvement was ranked as the area offering the greatest opportunity to improve profits, with strategic growth coming in second and quality improvement coming in third.
Healthcare finance leaders have new confidence in their teams’ ability to adapt to change. 95% of respondents said they were very or somewhat confident in their team’s ability to adjust strategy in response to sudden market or business changes, such as natural disasters or new pandemics. This is up from 89% in the 2023 survey.
Healthcare leaders are increasingly leveraging data to address current and future challenges. Research shows that 95% of organizations use external performance benchmarks to inform organizational decision-making. More than a third (36%) use benchmarks to measure financial and operational performance, and 30% measure clinical quality outcomes compared to peer organizations. Just over a quarter (28%) said they evaluate their workforce and productivity relative to their peers.
At the same time, more than 9 in 10 (92%) of healthcare finance professionals surveyed say their organizations need to do more to leverage financial and operational data to inform strategic decisions. I answered that there is. Only 8% said there was no need to do more.
Strata’s 2024 CFO Outlook for Healthcare The report combines survey results with year-end financial performance data from more than 1,300 hospitals and health systems and more than 135,000 physicians, including Axiom™ Comparative Analytics, Strata’s All-Payer Claims, and StrataSphere data.
About Strata Decision Technology
Strata Decision Technology provides a cloud-based platform for software and service solutions that help organizations better analyze, plan, and execute in support of their missions. Combined with Axiom solutions from Syntellis Performance Solutions, more than 2,300 organizations rely on Strata to provide financial analysis, planning, and performance solutions. Strata has been named a market leader in business decision support for 18 consecutive years. By combining these two industry leaders, Strata will continue to deliver market-leading solutions and world-class services while further focusing on accelerating innovation. Learn more about. www.stratadecion.com.
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Media contact:
Sally Brown, Ink House
syntellis@inkhouse.com
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