How gaining “trusted provider” status is a prescription for
success in 2023.
Learn about healthcare market trends and
insurance rate changes for 2023.
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Healthcare
HUB 2023 Outlook
What's covered...
Setting the Scene
What to Expect in 2023
Make a Plan
About HUB
Economic Viability
Vitality
Resiliency
Workplace Safety
Employee care
Re-emphasize safety
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HUB Healthcare
Setting the Scene
Seeking healthy outcomes in an era of unprecedented change.
Healthcare organizations are facing more risk and disruption — labor shortages, supply chains under duress, safety issues and the emergence of new competitors and payment models. But even with these pressures, healthcare providers who are willing to innovate will find opportunities to thrive.
What to Expect in 2023
Even as economic and staffing pressures mount, healthcare organizations will find opportunity. Those that commit to investing in their people will have an edge over peers. Detailed risk management strategies will help healthcare institutions remain resilient despite the many pressures they face.
Make a Plan
Download our 2023 Healthcare Outlook and Insurance Market Rate Report to see what to expect in the coming year.
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Be Prepared
Re-emphasize safety.
Employees — especially healthcare workers — expect you to support their health, safety and wellbeing. Give them the ability to personalize their benefits without increasing costs. HUB’s QEX approach will give you a competitive advantage.
Understand your loss trends.
Hope for the best, prepare for the worst.
Take better care of employees.
Take better care of employees.
Violence against employees has reached epidemic proportions. Train and onboard employees to understand expectations and maintain a safe work environment. Working with a risk management consultant can identify problems with safety protocols and how to fix them.
Re-emphasize safety.
Uncover the root cause of your large losses and explain to carriers what you’re doing to prevent them in the future. Develop a strategy with your broker to determine the best time and frequency to review alternative markets.
Understand your loss trends.
Understand your loss trends.
Hope for the best, prepare for the worst.
Take better care of employees.
Re-emphasize safety.
Hope for the best, prepare for the worst.
Given the increased frequency of weather-related disasters, attempted cybercrime and financial downturns, hospitals and health systems will be at the mercy of threats over which they may have little control. Strong risk management will help strengthen vulnerable facilities, computer networks and balance sheets.
Take better care of employees.
Re-emphasize safety.
Hope for the best, prepare for the worst.
Understand your loss trends.
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Jim Burke
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Healthcare
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Changes in how providers are reimbursed will further burden healthcare organizations’ finances. Providers remain heavily reliant on fee-based reimbursement, but payers, especially Medicare and Medicaid, will continue their push toward a value-based care (VBC) reimbursement model. Providers that don’t start transitioning to a VBC model in 2023 are setting themselves up for financial failure.
finances. Providers remain heavily reliant on
fee-based reimbursement, but payers, especially Medicare and Medicaid, will continue their push toward a value-based care (VBC) reimbursement model. Providers that don’t start transitioning to a VBC model in 2023 are setting themselves up for financial failure.
A sickly business model will need new treatments.
The economic viability of the healthcare industry came under unrelenting pressure in 2022, and that pressure will get worse in 2023.
The continuing struggle with pandemic-driven revenue losses and skyrocketing expenses have compounded pressures on the bottom line. More than one-third of U.S. hospitals and health systems ended 2021 losing money, and as many as two-thirds will be in the red for 2022.
With an industry-wide shortage of skilled staff, some healthcare institutions have cut back on delivery of care, foregoing revenue. In comparison, standalone outpatient services are proliferating, representing a market with more than $20 billion in annual revenues. Pharmacy chain Walgreens is partnering with VillageMD and plans to open more than 500 full-service clinics in stores by 2025.
Changes in how providers are reimbursed will further burden healthcare organizations’
2. American Hospital Association, “Massive Growth in Expenses and Rising Inflation Fuel Continued Financial Challenges for America’s Hospitals and Health Systems,”
April 2022.
Workplace Safety
Resiliency
Vitality
Economic Viability
Workplace Safety
Resiliency
Vitality
Economic Viability
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and benefits. Beyond increasing pay, a strategy offering personalized benefits that meet individual employee needs can give providers a competitive advantage in attracting and keeping talent.
With other career opportunities available in healthcare, hospitals need to show employees — especially clinicians and nurses — compelling reasons to choose the high-stress environment of a hospital. Flexible scheduling, childcare and eldercare support, and financial wellbeing programs will engender loyalty from employees often overburdened by patient needs.
The acute shortage of healthcare workers will continue.
The dearth of healthcare workers has reached epidemic levels. By the end of 2022, the nursing shortage will climb to an estimated 1.1 million positions, a number that doesn’t include shortages of physicians, lab technicians or home health aides.
The structural issues involved — employee burnout, suboptimal working conditions and a thin educational pipeline of healthcare professionals — require long-term solutions. However, providers have options to ease staffing shortages in the near term.
Namely, they can boost their recruiting and retention immediately through improved pay
6. U.S. News & World Report, “Staff Shortages Choking U.S. Health Care System?” July 28, 2022.
Be transparent with your broker.
Be transparent with your broker.
Be transparent with your broker.
Be transparent with your broker.
Let your broker know what changes have occurred in your organization so there are no surprises at renewal. Review exposures and insurance needs at least 90 days prior to policy renewal so your broker can identify the best options.
Hope for the best, prepare for the worst.
Take better care of employees.
Re-emphasize safety.
Understand your loss trends.
Be transparent with your broker.
Workplace...
Resiliency
Vitality
Economic Viability
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expand their vendor base to deal with chronic shortages and improve cybersecurity.
Insurance rates will reflect the additional risks. Property coverage could increase as much as 20% in 2023, and even higher in areas with high exposure to catastrophes. With ransomware attacks doubling in 2021 — and more than two-thirds of U.S. healthcare organizations experiencing an attack that year — the cost of cyber insurance could increase 10% to 40%.
For more information on what to expect with insurance rates, download our 2023 Healthcare Outlook and Rate Report.
Remaining a
trusted provider requires better risk management.
Healthcare providers’ resilience will be further tested in 2023. In addition to maintaining health protocols to ensure a high level of patient care, the COVID-19 pandemic transformed delivery models. The chronic labor shortage is forcing institutions to rethink their missions. Previous risks viewed as peripheral have become major concerns, such as weather-related events, power failures and cyber risk.
Even more important: Providers must remain a trusted provider that can deliver care, no matter the circumstances.
For healthcare organizations to deliver care reliably in 2023, it will depend on their ability to adopt sound risk management and insurance strategies. They will need to improve their disaster preparedness to account for more frequent weather events and power failures,
7. The Guardian, “’Lives are at stake’: hacking of U.S. hospitals highlights deadly risk of ransomware,” July 14, 2022.
Workplace Safety
Resiliency
Vitality
Economic Viability
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mitigation plans that identify triggers and include the implementation of appropriate physical safeguards.
The depth and scope of workplace violence in healthcare also may affect the cost of general liability and workers’ compensation insurance. Creating a safe environment can reassure underwriters and help bring workers a sense of safety and security when it’s needed most.
Providers must protect against the risks of workplace violence.
The prevalence of workplace violence from patients and visitors continues to exact a high price on healthcare, exacerbating the labor shortage. Managing this risk will be imperative.
Violence against nurses has been particularly troubling. Healthcare workers are 20% more likely to be a victim of violence than workers in other professions, and 44% of nurses reported being a victim of physical violence between February and June 2022.
The hidden costs of these incidents include emotional distress, depression, isolation and anxiety. Victims are four times more likely to take time off due to workplace violence-related injuries than for any other reason.
Healthcare accreditation organizations have taken notice. For example, the Joint Commission issued new workplace violence standards that highlight updated safety measures and
8. Nurse.org, “Nurses Say Violent Assaults Against Healthcare Workers Are a Silent Epidemic,” October 11, 2021.
HUB healthcare specialists will work with you to develop a tailored strategy that protects the bottom line, supports your workforce and builds resiliency for 2023.
Here are some initial considerations:
HUB healthcare specialists will work with you to develop a tailored strategy that protects the bottom line, supports your workforce and builds resiliency for 2023.
Here are some initial considerations:
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Expert
Dan Nash
Healthcare Practice
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Chip Harris
Healthcare Practice
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2. National Roofing Contractors Association, Supply Chain Shortage Information, August 30, 2022.
3. Fierce Healthcare, “'Unsustainable' losses are forcing hospitals to make 'heart-wrenching' cuts and closures, leaders warn,” September 16, 2022.
4. Global Newswire, “United States Urgent Care Centers Markets, 2020-2025,” December 9, 2020.
5. Walgreens, “Walgreens and Village M.D. to Open 500-700 Full Service Doctor Offices Within Next Five Years in Major Industry First,” July 8, 2020.
Understand loss trends
Broker transparency
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9. Sage Journals, “Nurses’ Experience With Type II Workplace Violence and Underreporting During the COVID-19 Pandemic,” August 3, 2021.
10. Online Journal of Issues in Nursing, “Are Healthcare Professionals Optimistic About Workplace Violence?” September 2022.
11. Joint Commission, “R3 Report: Workplace Violence Prevention Standards,” June 18, 2021.
1. American Hospital Association, “Massive Growth in Expenses and Rising Inflation Fuel Continued Financial Challenges for America’s Hospitals and Health Systems,”
April 2022.
3
4
6
7
8
9
10
11
Dan Nash
Expert
Healthcare Practice
Linkedin Profile
2. American Hospital Association, “Massive Growth in Expenses and Rising Inflation Fuel Continued Financial Challenges for America’s Hospitals and Health Systems,”
April 2022.
6. U.S. News & World Report, “Staff Shortages Choking U.S. Health Care System?” July 28, 2022.
5
7. The Guardian, “’Lives are at stake’: hacking of U.S. hospitals highlights deadly risk of ransomware,” July 14, 2022.
8. Nurse.org, “Nurses Say Violent Assaults Against Healthcare Workers Are a Silent Epidemic,” October 11, 2021.
Healthcare institutions
are paying
18%
more on supplies
more on drugs
19%
than two years ago
1
1. U.S. News & World Report, “How Hospitals Are Battling Shortages in Staffing, Supply-Chain,” August 3, 2022.
Practice Leader
Peter Reilly
Healthcare Practice
Linkedin Profile
Expert
Dan Nissi
Healthcare Practice
Linkedin Profile
Risk Advisor
Jim Burke
Healthcare Practice
Linkedin Profile
Risk Advisor
Gigi Acevedo-Parker
Healthcare Practice
Linkedin Profile
Expert
Dan Nash
Healthcare Practice
Linkedin Profile
Expert
Chip Harris
Healthcare Practice
Linkedin Profile
Property insurance
increases in 2023:
Cyber insurance
increases in 2023:
20%
40%
as much as
as much as
Practice Leader
Peter Reilly
Healthcare Practice
Linkedin Profile
Expert
Dan Nissi
Healthcare Practice
Linkedin Profile
Risk Advisor
Jim Burke
Healthcare Practice
Linkedin Profile
Practice Leader
Peter Reilly
Healthcare Practice
Linkedin Profile
Expert
Dan Nissi
Healthcare Practice
Linkedin Profile
Risk Advisor
Jim Burke
Healthcare Practice
Linkedin Profile
Risk Advisor
Gigi Acevedo-Parker
Healthcare Practice
Linkedin Profile
Expert
Dan Nash
Healthcare Practice
Linkedin Profile
Expert
Chip Harris
Healthcare Practice
Linkedin Profile
Practice Leader
Peter Reilly
Healthcare Practice
Linkedin Profile
Expert
Dan Nissi
Healthcare Practice
Linkedin Profile
Risk Advisor
Jim Burke
Healthcare Practice
Linkedin Profile
Risk Advisor
Gigi Acevedo-Parker
Healthcare Practice
Linkedin Profile
Expert
Dan Nash
Healthcare Practice
Linkedin Profile
Expert
Chip Harris
Healthcare Practice
Linkedin Profile
HUB
more on supplies
18%
Dan Nash
Expert
Healthcare Practice
Linkedin Profile
Practice Leader
Healthcare Practice
Peter Reilly
Linkedin Profile
Dan Nissi
Expert
Healthcare Practice
Linkedin Profile
Gigi Acevedo-Parker
Risk Advisor
Healthcare Practice
Linkedin Profile
Jim Burke
Risk Advisor
Healthcare Practice
Linkedin Profile
Dan Nash
Expert
Healthcare Practice
Linkedin Profile
Chip Harris
Expert
Healthcare Practice
Linkedin Profile
Practice Leader
Healthcare Practice
Peter Reilly
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Dan Nissi
Expert
Healthcare Practice
Linkedin Profile
Gigi Acevedo-Parker
Risk Advisor
Healthcare Practice
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Jim Burke
Risk Advisor
Healthcare Practice
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Dan Nash
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Healthcare Practice
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Healthcare Practice
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Healthcare Practice
Peter Reilly
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Healthcare Practice
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Gigi Acevedo-Parker
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Healthcare Practice
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Jim Burke
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Healthcare Practice
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Healthcare Practice
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Peter Reilly
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Jim Burke
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Dan Nash
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Healthcare Practice
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Healthcare Practice
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Healthcare Practice
Peter Reilly
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Healthcare Practice
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