During COVID, it would have been dangerous to attend JP Morgan (no way to remain 6 feet apart in all those crowded hallways packed with investors trying to get to the next deal… ). This year, the danger was from the weather: just outside Union Square, a tree fell on a Muni bus during one of many storms that passed through San Francisco.
The days were just as long, the hotels just as expensive, but JPM can still claim to be the most influential assembly in the healthcare business, giving investors an all important read on the next 12 months and medical device executives a chance to compare notes on the number of meetings they held in the crush.
What did we learn at JPM for US hospital systems?
Hospitals are relieved to see 2022 behind them and are expecting 2023 to be better. They expect revenues to recover. We heard of predictions of improved operating margin but concerns about narrower guardrails in the face of any additional, unexpected challenges.
Staffing shortages are still an issue, and hospitals are looking at recruiting internationally to get away from expensive temporary staffing. Wage increases in other industries, as well as the desirability of remote work makes it makes staffing an ongoing issue for healthcare systems for the long term.
Hospitals need to reach a broader patient base and are looking to expand there strategically, without building new facilities. They are considering the acquisition of provider groups, specialty services and other organizations to build capabilities outside of the hospital.
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