Concerns Remain About Budget Cuts, Rising Labor Costs
ITG Market Research today released the results of a new global
survey of hospital executives in the US, France, Germany, the UK, Japan,
and Korea that highlights positive trends as well as looming challenges
facing the global hospital industry.
On the positive side, improving economies in Europe and the US and
higher patient volumes are buoying the confidence of hospital executives
in these regions. "The primary indicators are positive," said Graeme
Christianson, Director of Healthcare Market Research at ITG. "We
typically see hospital investment rise along with economic growth and
higher patient volumes, and executives in both the EU and the US are
optimistic that macroeconomic conditions and patient volumes will
improve over the next year."
In addition, hospital executives in Europe and the US are reporting
lower levels of uncertainty about the hospital industry, as well as the
overall economy. "We've seen a significant drop in the percentage of US
hospital executives reporting high levels of concern regarding the
Affordable Care Act over the past year and half. Some executives are
clearly coming to terms with how the overhaul will affect their
business," said Christianson. Furthermore, improving economic conditions
in the EU and the US are motivating hospitals to push through
previously delayed spending on capital equipment and other longer-term
investments.
At the same time, hospitals in global markets are facing significant
headwinds, and economic uncertainty continues to constrain investment in
Asia. In Japan and Korea, mixed economic performance in the first half
of 2014 sapped executive confidence, and a recent trend towards lower
patient volumes is adding to their uncertainty. Consequently, most
hospital executives in Japan and Korea expect to spend less over the
next 12 months on new infrastructure and capital equipment.
In Europe and the US, on the other hand, executives are primarily
concerned about remaining profitable and maintaining quality standards
despite a steady stream of reimbursement and budget cuts. In these
regions, lower margins are forcing many hospitals and health systems to
maintain a cost cutting mindset and to prioritize investment in specific
areas, such as cardiology, radiology / imaging, and
orthopedics. Finally, executives in all markets are struggling with
higher labor costs, as rising salaries, pensions, and benefits for
physicians and staff consume a growing share of hospitals' budgets.
Additional topics in the new ITG Market Research report include
brand-level purchasing for robotic surgery equipment, large capital
equipment, and a variety of cardiovascular, orthopaedic, and spine
implants. The report also introduces ITG's Global Hospital Executive
Confidence Index, tracks deployment of supply chain management
strategies such as vendor consolidation and market-share discounting,
and also provides insight into how current trends are affecting
executives' investment and purchasing plans.
About GLOBAL HOSPITAL EXECUTIVES
ITG's GLOBAL HOSPITAL EXECUTIVES is a syndicated report series based on
a biannual survey of 230 executives currently employed by hospitals and
hospital systems in Asia (Japan, Korea), Europe (France, Germany,
United Kingdom), and the United States.
In 2011, ITG Market Research initiated a survey of hospital executives
in the United States in response to the growing role of C-Suite
Administrators (CEOs, COOs, CFOs, CMOs, CIOs, etc.) and Purchasing /
Contracting Executives in decision-making for capital equipment and
medical device purchasing for hospitals and health systems. Expanding
this successful report series to include Asia and Europe, these reports
provide timely insights and forward-looking projections to support
decision-making regarding the impact of new products, changing economic
conditions, financial pressures, regulatory constraints, managed care
policies, and governmental regulations on global hospital purchasing
plans and market dynamics.
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