DHG Survey Finds CEOs Concerned Over Pandemic’s Impacts on Strategy
Late last month, the Nashville-based DHG (Dixon Hughes Goodman LLP) assurance, tax and advisory services firm released a survey-based report capturing the sentiments and perspectives of CEOs and other senior patient care organizations nationwide, and uncovering considerable concerns related to the COVID-19 pandemic and its impacts on the healthcare industry; that survey is confirming some of the key themes unearthed by other recent surveys and research. In an introduction to the release of the results, Kevin Locke, managing principal for DHG Healthcare, wrote that, “Earlier this year, DHG Healthcare conducted our second annual Senior Leadership Survey, MINDSETS. The survey included a cross-section of the nation’s c-suite executives from across the provider landscape. MINDSETS was designed to gather the collective insights of industry leaders, identify key challenges driving the post-COVID market, and surface strategic themes that leaders employed to meet those challenges—with the specific objective of ultimately sharing those perspectives with our clients and friends. What emerged from the survey were four distinct themes centered around strategy, growth, value-based care, and organizational health.”
With regard to the first category of questions and survey responses, around strategy, the report stated that, “While our economy, society and industry have absorbed the events of COVID-19, strategic initiatives and future planning have taken a backseat. MINDSETS showed that 53 percent of respondents were forced to pause strategic initiatives that we imperative to advancing their organizations. While this isn’t unexpected in the throes of a global pandemic, the impact these pauses will have may be considerable. Organizations will need to determine how to best jumpstart their strategic initiatives to regain their pre-pandemic momentum.”
Among the key survey results:
Ø 65 percent of respondents say that their organization’s operating model is not aligned with the needs of their strategic vision
Ø 45 percent plan to revise their enterprise strategic plan; and of that 49 percent, 82 percent plan to do so within the year
Ø 45 percent believe that consolidation of services will accelerate within their markets, with over 79 percent believing that the ability to increase financial stability through regionalization and comprehensive network design are the primary drivers behind the consolidations and affiliations.
Ø 75 percent say that they have seen a significant increase in fatigue among members of their organizations. And 66 percent of organizations are testing clinicians for signs of burnout.
Ø Indeed, 44 percent of respondents say that burnout is their primary near-term concern.
Ø 69 percent say that “a high to significant level of change is required to achieve the rate of success they desire.”
Ø 70 percent believe that “significant change agility will be needed for success in the new normal.”
Several key findings involved value-based delivery and payment issues:
Ø 53 percent of respondents said that their value-based arrangements had been negatively impacted by the COVID-19 pandemic
Ø 48 percent said their current organizational capabilities do not match their strategic needs
Ø 89 percent believe that their organizations need to engage in more value-based arrangements
Ø 94 percent say that their operational risk tolerance is not in line with their organizations value-based organizations
The report was based on an emailed survey of senior executives of patient care organizations reached by Gerson Lehrman Group (GLG) between August 13 and August 20, 2021; 87 responses were collected.
