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2021 State of Healthcare Report Part Three: Budgets

2021 healthcare budgets

Accessible, high-quality, and compassionate patient care is always at the forefront of every healthcare institution – but what is the biggest priority that our industry faces on the backend? It’s simple: budgets, budgets, budgets.

At Mission Search, we have identified the struggles and concerns that our healthcare partners face every month, every quarter, every fiscal year. With the unprecedented events of 2020 pushing the healthcare industry to the edge of innovation and adaptation, we have surveyed the landscape and have seen new trends emerge in the aftermath of COVID-19.

Read our third installment of our 2021 State of Healthcare Report, focusing on budgetary concerns for the present and future for our healthcare partners.

Departmental Shifts to Accommodate a Global Health Threat

One of the most significant trends that impacted the majority of healthcare facilities was the need to modify departmental budgets, move beds, and coordinate staffing to accommodate patients afflicted by the coronavirus.

According to Health Affairs, the curtailing of elective procedures made a massive financial impact.  Throughout 2020, hospitals lost an average of $50 billion in procedure revenues a month, while insurers reaped record-breaking profits over the same period from avoided claims.

The increase in the need for ICUs and the increase in the demand for respiratory care forced many less-urgent-based departments and medical services to take a pause, and help wherever it was needed most.

The Increased Need for High-Impact Leadership

Similarly, the need for high-performing leadership continues to be a trend in the healthcare industry. As vaccines are rolled out, and healthcare facilities go back to “normal” – the demand for C-suite leaders continues its upward trajectory to guide and lead hospitals through new processes, new protocols, and a new “normal” altogether.

Cancer Patients Always Are a Priority

Despite the delays in elective procedures and other areas of medicine, cancer departments did not see a downward trend nor did healthcare organizations modify their budgets to accommodate their patient load and services. In fact, it was the exact opposite.

According to the National Cancer Institute, the Consolidated Appropriations Act and the 21st Century Cures Act allocated $6.56 billion to NCI, a $119 million increase over the regular and Cancer Moonshot appropriations allocated in 2020.

While cancer remains a global health issue, healthcare organizations that provide these treatments will continue to see new research, development, and innovations in this area of medicine. The growth of new treatment protocols, such as proton therapy, continues to innovate and become available across the country as healthcare entities continue to invest in these technologies.

Be Ready for the Future with Mission Search

Helping our partners navigate the challenges and circumstances of a world altered by COVID-19, Mission Search has the experience and roster of excellence to satisfy the needs of healthcare organizations and help them succeed.

For more information about our healthcare recruiting services, contact a member of our team today. We’re ready to help all facets of the healthcare industry in this next phase! Call 888-300-1504 to get started.

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