How To Navigate Healthcare’s Labordemic Through Virtual Care

Healthcare is a labor-intensive industry and labor costs—including salaries, benefits and training expenses for healthcare professionals—constitute a massive portion of these expenditures. The healthcare industry therefore faces a significant challenge labeled recently by Fitch Ratings as the "labordemic," marked by the urgent need to control these escalating expenses.It's a powerful word, labordemic; it conjures the memories and emotions of being a physician during Covid-19 and still applies now as we construct the ideal post-pandemic recovery model. Despite an uptick in hospital volumes, which have largely recovered from the initial hit during the pandemic, today's hospital struggles in margin management.