Last spring the COVID-19 pandemic flipped daily life on its head, disrupting every sector of the economy. A year later, healthcare leaders are still reckoning with the accelerated evolution brought on by the pandemic’s unprecedented economic demands.
With these new demands, healthcare boards have risen to the challenge, expanding their purview beyond traditional responsibilities. And the expansion is likely to continue through 2021, according to a new report from Pearl Meyer exploring what’s top of mind for healthcare boards. In particular, special attention to the healthcare workforce is needed, with five areas of particular concern:
- Engagement, retention and mental health of the workforce
- Business strategy, compensation and financial recovery and transformation
- Goal-setting for insurers
- Rick management
- Post-COVID-19 renewal of the strategic board
Pearl Meyer anticipates that boards will see burnout among its healthcare workforce, which has been plagued with uncertainty and risks. Special attention and recognition of the unprecedented challenges for healthcare workers are necessary, from the healthcare board down to senior leadership. Managing turnover, open positions, understaffing, engagement, unionization efforts and mental health claims should all be monitored.
Compensation strategies will also play a role, with attention paid and care given to well-designed incentive plans. A balanced scorecard approach is common, with performance measures reflecting margin, operational efficiency, patient safety and quality.
While healthcare providers saw their finances take a hit, insurers, by and large, saw their earnings rise year over year. The lingering impact of the pandemic, however, makes goal-setting and forecasting more complicated for 2021. This means healthcare boards will have to expand their normal performance ranges.
Prior to the pandemic, more healthcare providers were branching out into other, sometimes risky, business ventures. However, the pandemic has redirected risk management, with providers finding their own opportunities through proactive investing and acquisitions, as well as moving away from fee-for-service. Finally, boards are likely to spend more time assessing how to become more agile and adaptive in uncertain times down the road.
To read the full Pearl Meyer report, click here.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."