Economic outlook for 2023*

Global economy: Optimistic 42%; Neutral 26%; Pessimistic 32%

National economy: Optimistic 48%; Neutral 32%; Pessimistic 21%

Local economy: Optimistic 55%; Neutral 32%; Pessimistic 13%

Industry performance: Optimistic 62%; Neutral 23%; Pessimistic 15%

Company performance: Optimistic 71%; Neutral 20%; Pessimistic 9%

^{*Among respondents who indicated they work in the healthcare industry.}

Optimism in healthcare

Optimism about national economy

U.S. healthcare leaders: 48%

U.S. business leaders in general: 22%

Optimism about local economy

U.S. healthcare leaders: 55%

U.S. business leaders in general: 39%

Recession expectations for 2023

U.S. healthcare leaders: 58%

U.S. business leaders in general: 65%

Business expectations*

Revenue/sales: Increase 77%; Remain the same 14%; Decrease 8%

Profits: Increase 66%; Remain the same 21%; Decrease 12% 

Capital expenditures: Increase 62%; Remain the same 32%; Decrease 6%

Capital needs: Increase 69%; Remain the same 29%; Decrease 1%

^{*Among respondents who indicated they work in the healthcare industry.}

Sentiment following the 2022 elections*

Climate change concerns: Worse 16%; Same 46%; Better 38%

Inflation: Worse 40%; Same 42%; Better 18%

Regulatory environment: Worse 21%; Same 44%; Better 35%

Trade policy: Worse 15%; Same 51%; Better 34%

Corporate taxes: Worse 21%; Same 47%; Better 32%

Infrastructure: Worse 11%; Same 50%; Better 39%

Government favorability toward businesses: Worse 20%; Same 49%; Better 32%

^{*Among respondents who indicated they work in the healthcare industry.}

Top ways companies are adapting to inflation*

Raising prices:  53%

Making changes to purchasing: 48%

Automating more processes: 46%

Changing pricing model: 36%

Prioritizing most profitable products: 32%

Strategic stockpiling: 27%

^{*Among respondents who work in the healthcare industry and indicated they are experiencing inflation.}

What’s driving up the cost of doing business*

Retaining/hiring employees: 69%

Supply chain: 67%

Cost of raw materials & energy (tie): 56%

^{*Among respondents who work in the healthcare industry and indicated they are experiencing inflation.}

Steps to maintain margins

Working capital optimization: 56%

Renegotiating payer contracts: 39%

Broadening staffing strategy: 38%

Development of a health plan: 37%

Partnerships or mergers: 36%

Top responses to the labor shortage*

Increase wages and/or benefits: 57%

Provide flexible work location: 57%

Offer flexible hours: 56%

Offer upskilling/training: 49%

Invest in automation:  47%

^{*Among respondents in the healthcare industry who indicated they are planning to increase staff or maintain their current headcount.}

Top external business threats*

General market volatility: 18%

Cost of debt/access to capital:  18%

Energy prices: 16%

Cybersecurity and fraud: 14%

Competition: 13%

Russia-Ukraine War: 8%

^{*Among respondents who indicated they work in the healthcare industry.}

Cyberattacks experienced in last 6 months*

Malware (including ransomware): 37%

Security of data/integrity concerns: 36%

Crashing company’s site: 31%

Data breach/intellectual property theft: 29%

Payments fraud: 28%

Not directly impacted: 29%

^{*Among respondents who indicated they work in the healthcare industry.}

Care delivery/partnerships outside of traditional models

Home care/in-home: 52%

Virtual/telehealth: 51%

Remote patient monitoring: 45%

Shifting to value-based: 43%

Diversifying revenue streams: 37%

Top initiatives to re-engage consumers 

Real-time/effective patient feedback: 49%

Traditional marketing/outreach: 49%

Cost estimation: 39%

Financial counseling: 39%

Patient financing: 36%

Top areas of focus within corporate responsibility*

Governance: 45%

Diversity, equity and inclusion: 51%

Social: 56%

^{*Among respondents who indicated they work in the healthcare industry.}

Top objectives motivating corporate responsibility* 

Improve employee retention: 65%

Build company culture: 54%

Enhance marketing/find new customers: 51%

^{*Among respondents in the healthcare industry who indicated they plan to focus on an area of corporate responsibility in 2023.}

Plans for business transfer* 

Yes, full transfer: 32%

Yes, partial transfer: 18%

^{*Among respondents who indicated they work in the healthcare industry.}

Timeline to transfer business*

Within the next two years: 62%

Two or more years from now: 38%

^{*Among respondents in the healthcare industry who indicated they have a full or partial business transfer plan in place.}

Growth strategies for the next 12 months*

Introduce new products/services: 62%

Strategic partnerships/investments: 60%

Expand into new domestic markets: 47%

Focus on most profitable products: 45%

Expansion into new distribution channels: 41% 

^{*Among respondents who indicated they work in the healthcare industry.}

Who took the survey

CFO: 38%

CEO/chairman/chairwoman: 33%

Other: 17%

Owner/founder: 12%

Company size by number of employees

1-49: 12%

50-99: 2%

100-249: 8%

250-499: 22%

500-999: 29%

1,000-4,999: 23%

5,000+: 3%

Company size by annual revenue

Under $20mm: 15%

$20mm - $100mm: 22%

$101mm - $499mm: 60%

$500mm+: 3%