8 Government Takeaways from JP Morgan Healthcare Convention

Mike Serbinis, CEO of League

JPMorgan was buzzing this yr. A part of that’s post-Covid return to convention pleasure. A part of that’s the truth that healthcare has by no means been extra vital. Whereas the economic system was challenged in 2022, traders are able to do enterprise in healthcare. The stakes are getting larger and the chance in entrance of us is huge.

Pete Anevski, CEO of Progyny

People who find themselves at the moment combating infertility, and people who wish to begin or increase their households, wish to work for employers who perceive that entry to fertility and family-building advantages are a necessity, not only a ‘nice-to-have’.  

Fertility and household constructing is a rising want for a lot of and in line with the CDC and Household Equality, 1 in 5 girls are impacted by infertility, and 63 p.c of LGBTQ+ people will use assisted reproductive know-how, foster care, or adoption to develop into mother and father. Firms that wish to prioritize DEI objectives and keep aggressive on this tight labor market want to supply fertility and family-building advantages – presently 45 percent of workers look for a corporation that gives them.  

Worth-based care is rising in prominence throughout the healthcare business – a development that may proceed in 2023. With projected medical price will increase (at the moment they’re anticipated to go up greater than 5 p.c for workers, in line with a latest Mercer survey), people now greater than ever might be looking for out corporations with complete healthcare advantages that cowl each side of their lives, together with their fertility.

John Erwin, CEO of Carenet Well being

Healthcare is at the moment in a wait-and-see atmosphere as a consequence of ongoing challenges referring to fallout from the pandemic and actual considerations a couple of recession. There continues to be a significant backlog of deferred procedures, together with excessive burnout for suppliers and medical employees. Major care continues to be considered as an vital engagement and quarterback for the well being techniques, whereas insurance coverage prices are rising at a file tempo. 

Mick Mazour, president of Carenet Well being

Outsourcing in healthcare continues to be an space of focus for CFOs, as monetary strains referring to income, price, and labor linger. Firms positioned squarely within the nucleus of stress factors are resonating out there, and in the case of healthcare, the human contact mixed with digital options are favorable for healthcare payers, suppliers, and companions.

BJ Schaknowski, CEO of symplr

I’ve by no means seen a extra outstanding acknowledgment of the necessity for know-how adoption than I did whereas talking with software program and well being system executives on the JPMorgan Healthcare Convention. There may be an amazing sense that in the event that they do nothing, they could survive the following yr, but when they do one thing they may thrive regardless of risky macroeconomic situations. The main hurdle is figuring out what ought to be executed, and we are able to take a look at what business leaders have already carried out to information that imaginative and prescient: leaders are embracing know-how’s skill to automate, standardize, consolidate, and simplify. Well being system decision-makers have acknowledged the legal responsibility and vulnerability disparate techniques throughout their amenities can pose and are shifting to convey enterprise-level alignment into actuality, whereas reaching cost-savings and optimum affected person outcomes within the course of.

Tanja Dowe, CEO of the Debiopharm Innovation

With the troublesome capital markets, a number of methods are utilized to make sure continuity of enterprise. Earlier-stage corporations are being bridged by their current traders to keep away from down rounds. People who raised massive rounds in 2021 and employed a lot of folks to speed up development are chopping massive percentages of their headcount. Everyone seems to be on the lookout for a quicker route to interrupt even & profitability. Debt financing and alternative routes to entry capital are getting extra well-liked. Moreover, business consolidation is anticipated. Not all of will probably be fairly, there might be a whole lot of super-structured offers and low-value share swaps. Some corporations will merely disappear. Nonetheless, everybody appears to be a bit on the sidelines nonetheless, ready for the state of affairs to get sweatier and the proof to occur.

Derek Streat, Co-founder and CEO of DexCare

The extreme monetary and operational stress on hospitals has been broadly documented and vividly obvious over the previous two years, however the sentiment amongst stakeholders on the convention signifies the business is now on the trail to restoration. Well being techniques are pivoting and implementing methods and instruments to successfully handle challenges and strengthen their resiliency. Take, for instance, challenges associated to workforce retention, turnover, and burnout. Well being techniques acknowledge that the standard strategy to workforce administration is now not possible, and the important thing to fixing workforce challenges requires a shift towards driving effectivity and redistributing the workload. Decisionmakers are turning in direction of know-how options that drive effectivity on the backend, which helps to optimize capability administration and useful resource allocation, which in the end alleviates the burden on employees.

One other key theme on the convention was innovation, which is notable contemplating that is usually a financially targeted convention. Previous to the convention, I used to be listening to fairly a little bit of chatter amongst stakeholders who felt well being techniques have been pulling again on innovation, however the sentiment amongst well being system CEOs at JPM signifies innovation is top-of-mind. This partially is being fueled by intensifying competitors between well being techniques, notably these in the identical area who’re vying for a similar sufferers. The business’s shift in direction of consumerization has additionally fueled a way of urgency, and well being techniques now acknowledge that innovation is a necessity to draw new and retain current sufferers by offering a superior client expertise.

General, the convention highlighted that the business is shifting in the appropriate path and creating sustainable options to beat present and future challenges. Well being techniques are proving their resiliency and are on observe to emerge from the pandemic stronger than ever earlier than.

Kimberly O’Loughlin, CEO of Well being Restoration Options

We’re all conscious of the workforce challenges which have been plaguing the healthcare business over the previous yr, notably with the extreme nursing scarcity. Whereas this stays a significant concern for well being techniques going into 2023, I’m optimistic that we’re trying on the proper levers to successfully handle this subject. One main method to alleviate the impacts of those staffing shortages is for healthcare organizations to spend money on applied sciences that drive effectivity and increase constrained sources. From what I heard lately at JPM, healthcare executives plan to proceed innovating by broadening their digital methods throughout care settings and undertake options, equivalent to distant care monitoring and telehealth, that may ship excessive ROI whereas actually assuaging workforce challenges and burnout.