Healthcare industry

The healthcare workforce is burned out and dwindling. By 2034, there is an estimated physician shortage that ranges from 37,800 to 124,000 workers. Marsh McLennan’s Safe + Well™, a part of the Total Worker Health® initiative, aims to address the factors that contribute to negative health outcomes such increased burnout, safety concerns and wellness among employees. Talent shortages also continue across key roles in the industry. Mercer can provide talent attraction and retention strategies and workforce solutions to address these talent shortages and help organizations to do more with less.

Between 2019 and 2023, healthcare labor costs increased 37%*. Workforce strains, alongside increasing competition from a diverse array of care delivery points is challenging traditional operating and cost models. The current models are deemed unsustainable, necessitating strategic shifts.

^{_{*Source: Kaufman Hall, January 2023}}

As generative AI emerges as an important strategy for increasing employee engagement and productivity, employers need to leverage new technologies to do more with less in the healthcare sector. It’s estimated that there must be a 3-4% operating expense reduction that must come from tech solutionsto reduce care delivery and administration costs.

The healthcare industry is grappling with new payer models and the shift to value-based healthcare. They are challenged with delivering high-quality healthcare, purpose-built care models and enabling care teams to coordinate holistic care for patients. The goal is to provide exceptional patient experience, manage costs and achieve physician satisfaction. A huge win for all, but an even bigger challenge for healthcare organizations.