We're more than halfway through the year, and many of the predicted trends of 2022 are here to stay. Is your practice effectively managing through these market trends?

Race to become an employer of choice

While COVID-19 was not the beginning of clinical burnout, the long hours and stress of the pandemic certainly compounded. Across the nation, we're seeing what many have called the great resignation (or as Harvard Business Review calls it, "the Great Rethink").

As a result of the staffing crisis, many health systems and physician practices are competing for a smaller pool of clinical staff. To attract and maintain a qualified staff, culture matters. Differentiate your practice where you can by emphasizing career growth, work-life balance, and flexible schedules. Effective messaging in your recruitment campaigns is especially important.

Inflated operating expenses

Demands on supply chain and pressure to offer competitive salaries can quickly increase overhead costs. The current landscape of constantly changing expenses it can make it difficult to adjust budgets and ensure practice profitability. Adding options like telehealth can also increase infrastructure costs to a practice.

Consider re-evaluating your operations playbook on a regular basis. Do you have formal processes in place? Organization is the secret to success. Prioritize documenting your practices' processes, and take as many data points as possible. Evaluating your results on a quarterly or bi-annual basis can shed light on opportunities and make your practice more agile.

Patient convenience is key

It's no secret that the pandemic accelerated telehealth trends. As consumerism increases even among specialist healthcare providers, considering the patient experience has never been more important. According to a recent survey by Deloitte, 92% of respondents are satisfied with their virtual medical care.

As consumer preferences continue to evolve, listen to your patients and offer options - often a telehealth appointment can be more cost effective for your practice as well as your patient.

Each year brings new trends and challenges for your practice. Partners like CMG Health Marketing can help you navigate changes and stand out in a crowd. Reach out today to learn more.