Commentary — Healthcare Industry Group
By Richard Williams, Global Healthcare Practice Leader, Protiviti
- People, talent and the future of work represent a defining business challenge for the next decade. Workforce challenges, including succession challenges, a tightening talent/labor market, increases in labor costs and increased expectations for a hybrid or remote work environment, are among the top concerns for healthcare executives globally. Succession challenges and the ability to attract and retain top talent amid the constraint of a tightening labor market are pervasive issues that have impacted the healthcare industry for many years, but the worldwide public health emergency brought on by COVID-19 has materially exacerbated the risk for healthcare organisation leaders.
- Healthcare organisations are undeniably impacted by government policies and economic conditions, particularly those surrounding the pandemic, and are concerned about how these may impact business performance, influence margins and restrict growth opportunities. In most countries around the world, there is no additional government support in sight. Thus, healthcare organisations are seeking solutions to decrease operational costs and improve revenues, as their pre-pandemic strategies may no longer be sufficient.
- Regulatory compliance and readiness around patient protection and data privacy, as well as fraud, waste and abuse oversight/enforcement, are causing healthcare organisations to rethink and restructure processes and resource use. As healthcare organisations navigate to the “new normal,” the regulatory environment will only add complexity to an already strained system disrupted by the pandemic.
- Cyberthreats such as ransomware and other attacks continue to be a top concern for healthcare industry leaders, particularly due to their potential to disrupt core operations and damage the organisation’s brand. Cyber events are key disrupters across healthcare organisations of all sizes, and the number of threats and associated attack techniques continues to expand.
- Rapid speed of disruptive innovations enabled by new and emerging technologies and/or other market forces may require significant efforts by organisations to reskill/ upskill employees, outpacing their ability to compete. While the healthcare industry has not yet experienced a true disruptive movement like those seen in more consumer driven industries such as retail, digital products and intelligent technologies will continue to play an increasing role and help change the way we think about and deliver healthcare.