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Healthcare industry
The healthcare industry is challenged with the complexity of trying to balance rising costs with attracting & retaining talent. Mercer provides a holistic approach to health & benefits, retirement & other HR solutions to give you an edge.
Supporting your healthcare workforce
The healthcare industry remains in a state of crisis. It is still grappling with significant disruptions, especially around navigating workforce challenges, overcoming financial stress, embracing technology transformation and adopting value based care models. This challenging period is not fleeting. Healthcare organizations must not only weather the storm but also undergo a fundamental reset in the delivery of healthcare in the U.S.
The healthcare workforce is burned out and dwindling. By 2034, there is an estimated physician shortage that ranges from 37,800 to 124,000 workers. Marsh McLennan’s Safe + Well™, a part of the Total Worker Health® initiative, aims to address the factors that contribute to negative health outcomes such increased burnout, safety concerns and wellness among employees. Talent shortages also continue across key roles in the industry. Mercer can provide talent attraction and retention strategies and workforce solutions to address these talent shortages and help organizations to do more with less.
Between 2019 and 2023, healthcare labor costs increased 37%*. Workforce strains, alongside increasing competition from a diverse array of care delivery points is challenging traditional operating and cost models. The current models are deemed unsustainable, necessitating strategic shifts.
*Source: Kaufman Hall, January 2023
As generative AI emerges as an important strategy for increasing employee engagement and productivity, employers need to leverage new technologies to do more with less in the healthcare sector. It’s estimated that there must be a 3-4% operating expense reduction that must come from tech solutionsto reduce care delivery and administration costs.
The healthcare industry is grappling with new payer models and the shift to value-based healthcare. They are challenged with delivering high-quality healthcare, purpose-built care models and enabling care teams to coordinate holistic care for patients. The goal is to provide exceptional patient experience, manage costs and achieve physician satisfaction. A huge win for all, but an even bigger challenge for healthcare organizations.
Mercer's approach
We understand that healthcare organizations are operating under a new normal - faced with insufficient labor supply, operating cost models that are no longer sustainable and a need to address staff burnout while redesigning jobs for sustainability. Our consultants can support your organization with tailored solutions that include:
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Rigorous analytics
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Optimizing attraction & retention
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Delivering savings alongside value
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Healthcare industry expertise
Solutions
We are successfully partnering with hundreds of healthcare organizations and nearly ¾ of US News & World Report’s 2023-2024 Best Hospitals to support their organizations’ human capital strategy. Mercer can partner with your healthcare organization to provide:
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Talent attraction & retention
- Healthcare worker well-being & safety
- Employee experience & engagement
- Employee & change communications
- Total rewards strategy & EVP
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Benefits brokerage & consulting
- Domestic utilization, custom networks & internal pharmacy expertise
- Industry benchmarking
- Life, absence and disability management
- Voluntary benefits
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