A Happy and healthy New Year to all. We are happy to say that as of May 31, 2023, “Reset and Repeat” ended as the federal government announced the official end of the COVID-19 pandemic. While this is excellent news, the residual aspects of the pandemic lingered throughout the remainder of 2023 and will continue throughout 2024.
Inflation, regulatory constraints, and staffing shortages in all healthcare industry sectors remain at the forefront. Labor and operating costs also continue to be at an all-time high. Proposed regulatory changes in minimum staffing are currently under discussion. While the direct care labor shortage has started to ease, we expect labor to remain a challenging aspect for management in 2024.
Since interest rates are projected to soften, we believe 2024 will continue to have a significant volume of transactions in the senior living sectors, dental market, and physician practice arena. The questions remain on values and multiples. Will values be as high as in the past?
Like the healthcare industry, CBIZ has plans for a robust year. We continue to grow throughout the country in all the healthcare sectors we serve. We also have new and ongoing initiatives planned for 2024.
What’s New
- Looks for us on the speaking circuit. Right out of the gate, we will present at the New England Healthcare Alliance in early January and at the Yankee Dental Conferences later this month.
- Expanding our communication on Dental statistics. Look for our new “Dental Key Operating Indicators” report in early June.
- Continuation of our Healthcare 360 webinar series. We are covering critical developments in specific sectors of healthcare. Last year, 250-300 people attended each event!
Back by Popular Demand
- Our monthly newsletter, “Trending in Healthcare,” continues. We focus on key areas specifically related to the entire continuum of care.
- Growing Vertical IQ. An updated, expanded version of our highly anticipated reporting on healthcare industry trends.
- The sixth annual nursing home statistical analysis. This year’s research into the current state of nursing homes will be released in the first quarter of 2024.
Together, we made it through the pandemic, and together, we will work together through the recovery. We thank you for your support as we offer ours and wish each of you great success, health, and peace in the coming year.
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“CBIZ” is the brand name under which CBIZ CPAs P.C. and CBIZ, Inc. and its subsidiaries, including CBIZ Advisors, LLC, provide professional services. CBIZ CPAs P.C. and CBIZ, Inc. (and its subsidiaries) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. CBIZ CPAs P.C. is a licensed independent CPA firm that provides attest services to its clients. CBIZ, Inc. and its subsidiary entities provide tax, advisory, and consulting services to their clients. CBIZ, Inc. and its subsidiary entities are not licensed CPA firms and, therefore, cannot provide attest services.