66% of health care leaders surveyed said they plan to leave their current positions
A survey of health executives found that not only are they optimistic about the future, they are so excited they are planning on leaving for a better job.
The majority of health care executives (52%) expect better organizational health at their facilities in 2024, according to a new survey by AMN Healthcare and its Leadership Solutions division, B.E. Smith. This is up from just 37% of health care executives who predicted that their facilities would experience improved organizational health in 2023.
“After weathering the storm of COVID-19, which combined the double whammy of revenue losses with cost increases, many health care executives are seeing somewhat brighter skies ahead,” said Christine Mackey-Ross, president of AMN Healthcare Leadership Solutions, in a statement “Revenues are returning and costs are stabilizing, though the challenges facing healthcare executives today remain serious and unpredictable.”
The survey of more than 660 hospital, health system, and group practice leaders indicates that while the picture may be improving, the primary long-term challenge facing health care facilities remains financial. When asked to project what factor would be the most disruptive to health care organizations in the next three to five years, more healthc are executives (44%) cited “financial constraints” than any other issue.
To deal with this issue, the majority (56%) plan to expand existing service lines, 45% plan to implement cost reduction measures, and 38% plan to increase value-based reimbursement. In previous years, executives surveyed identified outpatient service expansion, post-COVID revenue recovery, and telehealth development as key growth strategies.
““Health care facilities have devoted considerable effort to expanding outpatient services and offering patients more convenience,” Mackey-Ross said. “Many are now refocusing on expanding service lines that are proven revenue generators.”
Leadership is going to change
Two-thirds of health care executives surveyed (66%) said they plan to seek a new opportunity. Of these, 12% plan to seek a new position immediately, 62% plan to do so within the next 12 months, and 38% plan to do so within the next three to five years.
“Virtually everyone in health care, from clinicians to health care executives, has been under immense pressure due to the pandemic and other factors,” Mackey-Ross said. “The result is a high level of turnover that jeopardizes both administrative and clinical continuity at many healthcare organizations.”
According to the survey, health care executives seeking new opportunities may have job offers from which to choose. The majority of those surveyed (79%) said they have been approached about a new job opportunity within the last six months. 62% of those surveyed said they were approached about a new opportunity but did not pursue it, while 17% said they were approached about a new opportunity and did pursue it. Only 21% said they were not approached about a new opportunity.
High turnover rates may be one reason why 48% of health care executives surveyed said that finding candidates for leadership positions is extremely or very challenging, while only 18% said finding candidates is only slightly or not at all challenging. An additional 49% said that hiring candidates for leadership positions is taking somewhat or much longer than it has in the past.
When asked what factors would be most likely to cause them to stay with their current organizations, 45% cited organizational culture as among the top two factors, while 41% cited compensation.