Health care industry executives aren't nearly as concerned today about the intricacies of, and potential threats to, their businesses represented by the Patient Protection and Affordable Care Act as they were just one year ago.
Yet understanding the law, and integrating it into their businesses, still ranks as their No. 1 challenge for 2015.
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That's what GE Capital learned when its health care financial services business sector surveyed 521 health care industry executives, asking them about their concerns and plans for the year ahead.
"While they acknowledge the challenges facing them, health care industry leaders in the U.S. are less concerned about health care reform and regulatory oversight than they were one year ago," the surveyors reported. "Overall, they're optimistic about the future and are relying on a combination of mergers and acquisitions and organic growth to expand."
When asked to cite their greatest challenges in the year ahead, here's how they responded, with last year's results in parentheses:
- Implementing the Patient Protection and Affordable Care Act: 43 percent (57 percent)
- Regulatory oversight: 30 percent (20 percent)
- U.S. economy: 17 percent (13 percent)
Looking ahead, 68 percent expect their businesses to outperform 2014 this year. Just 3 percent said they anticipate a drop-off in business this year compared to last.
When asked about their growth strategies for 2015, the top two were revitalizing and upgrading existing offerings (38 percent), and buying or merging with existing businesses (37 percent). But it won't be a year of high-risk new ventures: Only 25 percent said they planned to start new segments or lines of business in 2015.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
