Business resolutions for health care business owners

The new year is an important time when many business owners hit the refresh button and look for opportunities to change and improve their company. If you own a healthcare business, have you thought about what resolutions you will be making in the new year?

According to McKinsey & Company, the United States is projected to face a shortage of more than 200,000 registered nurses and more than 50,000 physicians in the next three years.[1] Growth and margins for providers are already strained due to this dynamic, and the impact is likely to worsen. They predict that testing, vaccination, and treatment of COVID-19 and the associated increased burden of behavioral-health and other chronic conditions could add another $220 billion in annual costs over the next five years.[2]

Given this information, it’s essential that business owners take a step back and evaluate what they want to accomplish in 2023. The new year is a great time to make resolutions for your company. Here are some resolutions to consider as we begin the new year:

1) Review/update your financial plan: It is essential to continually review your financial situation regardless of whether 2022 was a positive one or not for your business. Where do you see yourself and your business in five or ten years? Are you on the right path toward obtaining these goals? These past few years has allowed us all to re-evaluate our business’ needs versus our wants when it comes to our budget. Look at your spending over the course of 2022 and use it as a base to create a budget for the upcoming year.

Continually reviewing your financial situation, and updating it where you see fit, is critical to actually achieving these goals.

It is also important to realize that there are financial professionals who can assist you through this process and can construct a financial plan that allows you to implement financial strategies today that will help you reach your goals in the future. Do not hesitate to set up quarterly meetings with these professionals!

2) ​​Care for your people: Your employees will be more than willing to speak up for what’s right and support the business’ decisions and initiatives when they know the company cares about them.

One way to show additional care is byreviewing your workplace benefits. Workplace benefits are constantly changing, and the pace of change is quickening. If you haven’t surveyed employees in the last two years, consider doing so now. Find out what they need and where you can help.

3) Remind yourself that culture is caught, not taught: Business leaders need to communicate their purpose and goals clearly, and back it all up with action. Words can rally people around a cause. But it is essential that you practice what you preach to your employees.

4) Collaborate more and build trust: Work even closer with your stakeholders (for example, customers and suppliers) this year. More time spent with your stakeholders will reveal more opportunities for your business to grow, make a further impact and create more wealth.

5) Commit to create values for generations in the long term: No matter the business, no matter the industry. Remember, that your business should be part of the solution - and not the problem - for society.


Lynn Fryckberg and Lulu Zappy are Financial Advisors at UBS Wealth Management USA. If you would like to learn more about tips for your business in 2023, they can be reached at lynn.fryckberg@ubs.com and lulu.zappy@ubs.com.

References

[1]Assessing the lingering impact of COVID-on the nursing workforce | McKinsey & Company

[2] The gathering storm: The uncertain future of US healthcare | McKinsey & Company

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