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The 2023 HIDA Hospitals and Health Systems Market Report

Publisher Health Industry Distributors Association (HIDA)
Published Sep 01, 2023
Length 23 Pages
SKU # HD18195291

Description

The 2023 HIDA Hospitals and Health Systems Market Report



Market-At-A-Glance
Spending on U.S. hospital services is projected to reach $1.52 trillion by the end of 2023 and is estimated to increase 54% to $2.34 trillion by 2031. Hospitals persist in leading U.S. healthcare expenditures, accounting for 31% of total U.S. healthcare spending.

U.S. hospitals and health systems have continued to cope with intense financial pressure following the COVID-19 pandemic. An estimated 53% of hospitals had negative operating margins in 2022. In the second quarter of 2023, operating margins began to increase with a median operating margin of 0.3% in May 2022.

Inpatient Volumes Predicted To Increase By 2024
Over half of surveyed hospital and health system executives predict that inpatient volumes will increase through 2023 and into 2024. As of March 2023, hospital inpatient volumes remain 18% below pre-pandemic levels. Staff shortages are the driving factor in the inpatient volume decrease.

Technology Is Leading Hospital And Supply Chain Investments
One-third of hospitals and health systems have invested in digital health tools since 2020 with telehealth and virtual care tools as the top investments. Labor shortages and inflation concerns are driving hospitals’ new technology investments. Seventy percent of supply chain leaders are accelerating digital transformation in response to the COVID-19 pandemic and plan to automate advanced planning and forecasting solutions by 2025.

Staffing Shortages Remain The Top Challenge For Hospitals And Health Systems
In 2023, over 90% of surveyed registered nurses in hospitals indicated that hospitals are short-staffed. For the second year in a row, community hospital CEOs identified personnel shortages as their top concern. The top three reported workforce-related challenges are registered nurse shortages, technician shortages, and burnout among non-physician staff.

Hospitals Dedicate Resources To Identify Social Factors Impacting Health
Hospitals are investing in programs that address social determinants of health (SDOH) and health equity in their communities in 2023. Nearly 75% of surveyed hospitals report having at least one program or strategy addressing SDOH and 84% report screening patients for their social needs. The top three areas of hospital focus include health behaviors, transportation, and food insecurity.

Mergers And Acquisitions Regain Momentum
In 2022, hospital merger and acquisition activity resulted in more than $45 billion in transaction volume. The 2022 transactions included four “cross-market transactions” that connect health systems located in different geographies. In the first and second quarters of 2023, the number of announced mergers and acquisitions have rebounded to pre-pandemic levels following a historic low in 2021.

Table of Contents

23 Pages
Executive Summary
Market Overview
Hospital Leaders Anticipate Increase In Patient Volumes
Hospital Payer Mix Returning To Pre-Pandemic Levels
Hospital Operating Margins Tick Up Amid Continued Financial Pressures
Hospital Expenses Remain Elevated Compared To Pre-Pandemic Levels
Population Increases And Industry Consolidation Are Driving The Growth Of U.S. Hospitals
Rural Hospital Closures Continue As Rural Emergency Hospital Conversions Begin
Key Changes Prompted By The Ending Of The COVID-19 Public Health Emergency
Personnel Shortages And Financial Challenges Remain Top Two Hospital CEO Concerns For Third Year
Hospital Registered Nurse Turnover Declining
Hospitals And Health Systems Adopt New Retention And Recruitment Strategies
Hospitals Are Prioritizing Social Factors That Influence Health In 2023
Digital Health Investments Focus On Telehealth And Data Management
Challenges During The Pandemic Prompt New Supply Chain Resiliency Strategies
Supply Chain Leaders Are Focused On Technology Solutions For The Future
Purchasing Leaders’ Strategies Rely On Close Working Relationships To Deliver Top Priorities
Workforce Challenges And Site Of Care Shifts Are Driving IDNs’ Strategies
HCA Remains The Largest Integrated Delivery Network
GPO Annual Revenue Projected To Steadily Increase Through 2029
Mergers And Acquisitions Regain Momentum In 2022
Clarivate Lists Top Hospital Products Sold Through Distribution

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