Issue link: https://beckershealthcare.uberflip.com/i/1484704
16 CEO / STRATEGY 5 questions hospital CEOs want answered — and why By Kelly Gooch H ospital and health system CEOs have a lot of issues domi- nating their thoughts, including questions about workforce challenges in today's economic environment. To gain more insight into executives' top concerns, Becker's asked hospital and health system CEOs to share the questions they need answered right now. Below are their responses, in listed alphabetical order of the respondents. John Hennelly. President and CEO of Sonoma (Calif.) Valley Hospital Question: How will hospitals keep up with rising costs while reimbursement constantly lags far behind? Why this question is important: 2022 has exasperated an already fragile financial system. For over 20 years I have watched reimburse- ment fail to keep pace with rising costs. 2022 has seen oversized in- creases on the expense side with modest advances in reimbursement. Stop gap measures, while helpful, do not address the fundamental disequilibrium. Hospitals are now dependent upon philanthropy for much of our investment in growth. We need change.... Question: When will healthcare entities be competitively re- imbursed for much less costly and less invasive preventative care? Why this question is important: Caregivers got into healthcare to heal and promote health. And yet we are directed, through reimburse- ment, to focus on the fire and ignore the smoke. Fires certainly must be put out (heart attacks, strokes, etc.), but if we oriented more toward the smoke, obesity, diet, smoking(!), lack of exercise, how many fires could be avoided? e infrastructure to provide acute care can't go away, but the volume (and cost) could change dramatically if reim- bursement supported more preventative activities. Question: Where will I find staff as my workforce ages? Why this question is important: Labor shortages are only getting worse. Our population is aging. e proportion of the population who consumes the most healthcare, seniors, has grown from 13 percent to 17 percent over the past 20 years. at's a 30 percent in- crease. How do we find staff for nursing and technical areas as de- mand grows and the labor pool remains constantly deficient? Arthur Sampson. Interim President and CEO of Lifespan (Prov- idence, R.I.) Question: In light of the persistent labor shortage across many industries, what are some alternative models for providing quality care that can be operationalized with existing staff? Why this question is important: Traditional recruitment and reten- tion incentives have not been enough to fill the staff vacancies that grew exponentially during the COVID pandemic. Substantial hiring and referral bonuses, free on-the-job training programs, tuition re- mission, loan forgiveness have helped, but many healthcare human resource leaders will tell you that attrition is outpacing hiring. e solution that many hospitals implemented during the pandemic — to pause elective surgeries — is not a long-term sustainable model, nor is keeping hospital beds closed. ere is an urgent need for immediate viable alternatives while we rebuild our workforce. Mark Wallace. President and CEO of Texas Children's Hospital (Houston) Question: In the midst of the U.S. and global economies teetering on recession, combined with the highest inflation in decades, highly restrictive U.S. monetary policy, ongoing disruption from supply chain challenges, exceptionally low unemployment and a healthcare labor force that is exhaust- ed from the pandemic, how do we further support our in- credible workforce, while continuing to provide exceptional, platinum-level patient care to our patients and families with greater operational efficiency than ever before? Why this question is important: It is clear from our research that 2022 is turning out to be one of the most challenging operating en- vironments for healthcare institutions in years. Margins for health- care systems across the country are under pressure from rising costs resulting from persistently high inflation, ongoing supply chain dis- ruptions, and a challenging labor market. We expect the macro en- vironment will remain challenging, volatile and uncertain for the foreseeable future. As a result, it is imperative that we swily adapt to the current environment. We must continue to invest in our people, while constantly seeking opportunities to enhance operational effi- ciency as we deliver best in class, high quality care that our patients and their families expect from us. We must think differently and lead differently. n Care New England names Tufts exec as next CEO By Molly Gamble C are New England announced Oct. 6 that Michael Wagner, MD, will succeed James Fanale, MD, as president and CEO, effective Dec. 1. Dr. Wagner will join Providence, R.I.-based Care New En- gland from Boston-based Tufts Medicine, where he has served as chief physician executive since 2018 and added the role of interim president and CEO during 2019. Before that, Dr. Wagner was president and CEO of Tufts Medical Center for 10 years. Care New England announced Dr. Fanale's planned re- tirement in May. He has led the system as president and CEO since 2018. Before then, was senior vice president for system development and COO of Jordan Hospital, now known as Beth Israel Deaconess Hospital-Plymouth (Mass.). n