The Hospital & 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.
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.