Hospitals provide care to more than 34 million patients each year, employ nearly 5.6 million people and spend $782 billion on goods and services from other businesses, according to the American Hospital Association. Yet, 81 percent of U.S. hospital executives say they will transform their business models over the next three years to stay competitive, new research sponsored by Prudential Retirement in collaboration with The Economist Intelligence Unit, revealed.
The research report, “Tipping Point: Hospital Resilience in a Perfect Storm,” outlines the top three challenges facing hospital executives: business model disruption, Big Data and talent management. The findings are based on a survey of more than 300 executives at hospitals of varying sizes and demographics across the U.S.
Strategic talent management is a top priority for the hospital sector, given the staff shortages it is experiencing as a result of an aging workforce, according to 69 percent of hospital executives surveyed. For example, while the number of critical-care physicians is growing, it won't be enough to provide optimal care to future populations through 2020, according to a Health Resources and Services Administration report.
“Retirement service providers can help solve talent management issues by partnering with hospitals to provide an optimal retirement plan, which is crucial to attract top-level talent and to help longtime employees retire with confidence,” says Scott Boyd, senior vice president and head of Healthcare Solutions for Prudential Retirement. “Prudential has processes in place to support efficiency in retirement plans, like defined contribution optimization, which can create avenues to save money, free up cash flow, and improve how hospitals offer services and retain employees.”
Prudential Retirement administers 600 retirement plans for U.S. health care institutions with $14.5 billion in assets under management, providing retirement security to more than 350,000 participants.
Interested in learning more about the research? Visit www.healthcare.prudentialretirement.com or read the news release. Want to speak with Scott? Contact Monique Reuben.