The Healthcare industry is expected to reach over $10 trillion in global spending by 2022, with the North American market alone spending more than $4 trillion. As hospitals, clinics, and other facilities work to improve patient outcomes, increase provider and patient safety, and deliver value, they are diversifying care delivery models to accommodate changing needs across a variety of geographies. But with this diversification comes new challenges and considerations when it comes to conserving resources, managing risk and brand image, and delivering on sustainability goals.

What Challenges Are Healthcare Facing Today?

Facilities in this industry, such as medical centers, free-standing clinics, and hospitals, have unique operational needs. Energy and water are critical, high-use resources and therefore more susceptible to price fluctuations, as well as disruptions from natural disasters and climate change. Waste management also carries a measure of risk as regulations on both patient records and medical waste become more stringent, carrying the risk of crippling fines and reputational damage.

Maintaining business continuity, creating financial sustainability, maintaining regulatory compliance, adapting to changing consumer needs, demands and expectations, and being carbon neutral are all critical goals for Hospitals & Healthcare.

It might seem that high resource use is simply the cost of doing business in an industry where “cutting corners” can have detrimental, costly effects. However, there are plenty of opportunities for healthcare to be more sustainable in its operations and daily practices, and as a result more profitable.

What Should the Healthcare Industry be Thinking About?

• Financial resilience: In an uncertain health economy, where disruption is imminent, the Healthcare industry must focus on creating financial sustainability and resiliency. By defining sustainability targets and commitments, and then better tracking and managing resources through management software, audits and analytics, facilities can reduce costs, reduce maintenance expenses and minimize risk.
• Regulatory compliance: Each healthcare facility deals with unique hazardous waste and privacy regulations, from General Data Protection Regulation (GDPR) to industry-specific state, local, and federal regulations. Waste audits are an essential component of a strong privacy and compliance program. Proper documentation of your findings reveals the greatest areas of risk, provides evidence of implementation and measures ongoing program effectiveness.
• Renewable energy strategy: As part of a long-term sustainability strategy, defining a renewable energy strategy can help facilities transition to a healthier backup energy supply and close the gap between zero-carbon commitments and goals.
• Improving brand image: Hospitals can transform from care centers to community resiliency centers and earn new revenue streams through supplying EV charging stations to campus employees and visitors as well as reliable electricity in times of crisis.