Horizons Fall/Winter 2019

INDUSTRY UPDATE HEALTHCARE

Today’s Healthcare Challenges: Minimizing Costs, Increasing Quality, While Reeling with High Turnover by Tom Zetlmeisl, CPA, CFE, CFF, CGMA

T he healthcare industry in recent years has been challenged with minimizing healthcare costs, while also improving the quality of care patients receive. This is becoming a challenge considering the industry has seen an increase in employee turnover year-after-year since the conclusion of the financial downturn in 2008 and 2009. According to the Bureau of Labor Statistics, in 2010, the United States healthcare industry saw a total of 4 million separations between employee and employer. Since then, this number has increased steadily to a total 5.5 million separations as of the end of 2018.

But what is happening, and what is the industry attempting to do to right the ship? According to a recent study published by the Association of American Medical Colleges, the United States is projected to have a shortage of approximately 121,300 doctors by the year 2030. Some of the shortage can be attributed to the increase in the average American life expectancy resulting in a larger population to care for. But, the majority is a result of doctors leaving the medical field and young Americans not choosing the practice of medicine as a profession.

18 Today’s Healthcare Challenges: Minimizing Costs, Increasing Quality, While Reeling with High Turnover