Welcome to our May 2023 issue of ProCARE Perspectives, where we highlight important, relevant healthcare news, compensation trends, and provider integration topics. We’re here to help you keep up with it all!
Boosted minimum wage, lump sum payments + across-the-board wage increases
A number of hospitals and health systems, including Nuvance Health, and Dignity Health Hospitals, have shared plans for raising workers’ pay since April. This approach aims to increase employee and provider satisfaction while also improving retention.
Takeaway: Should your organization consider pay raises to increase retention and inspire excellence?
One million patients’ data compromised, one class action lawsuit
Unfortunately data breaches and lawsuits like what Community Health Systems is facing are not uncommon. The average cost of a healthcare data breach has reached $10M, an increase of 42% since 2020, and the highest average data breach cost of any industry. With nearly half of all data breaches occurring in the cloud and 13% of attacks due to vulnerabilities in third-party software, identifying software partners that implement adequate security measures is critical in maintaining secure environments.
Takeaway: How do you evaluate third party software to prevent vulnerabilities or breaches?
Access, Ease of Doing Business, Digital Engagement & Trust are Non-Negotiable
When it comes to creating health experiences that meet consumers’ experience expectations, these aspects are non-negotiable. 30% of consumers switched providers in 2021, with younger generations 6x more likely to switch. Nearly 80% of provider switchers cite ‘ease of navigation’ in their care journey as the reason for leaving.
Takeaway: With loyalty and engagement in the balance, what is your organization doing to address patient satisfaction?