The decline in revenue from elective care has created financial hardship for most hospitals. But the results of Bain & Company’s latest survey of frontline providers, conducted with Dynata, indicate that not all are feeling the pain equally. Prior to Covid-19, 64% of providers described their employers as financially secure, and just 4% responded that they were financially challenged. Both groups are now more pessimistic, with those financially troubled before the pandemic especially so. Providers at financially challenged organizations have an employee engagement Net Promoter Score® significantly below that of financially secure organizations. So on top of their financial problems, these organizations may also face retention issues.
As the global pandemic deepens and the human cost of Covid-19 rises, the novel coronavirus outbreak is sending shocks through the world economy. But across industries, companies can take action now to protect their employees and customers and minimize the economic damage.
Joshua Weisbrod, a Bain & Company partner based in New York, leads the firm’s Healthcare practice in the Americas. Michael Brookshire is a partner in Bain’s Healthcare practice and is based in Dallas. Erin Ney is a board-certified internist and an expert manager in Bain’s Healthcare practice; she is based in Boston.
Net Promoter System®, Net Promoter Score®, Net Promoter® and NPS® are registered trademarks of Bain & Company, Inc., Fred Reichheld, and Satmetrix Systems, Inc.
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