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.

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According to the American Hospital Association, staffing shortages are exacerbated by hospital patients who are increasingly sicker and whose cases are more medically complex than before the pandemic. In closing, the labordemic demands innovative approaches in healthcare. Providers can create long-term solutions by embracing virtual care, investing in telehealth platforms (both in cost and educating the user) and creating workflows where vendor management is consolidated and automated tasks are delegated to AI or lend themselves to IT solutions. Virtual care can create a better work-life balance for workers while offering a sustainable focus on patient care.

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