What You Should Know:

你应该知道的：

– A new

– 一个新的

survey

调查

from the

来自

Deloitte Center for Health Solutions

德勤健康解决方案中心

reveals a significant shift in priorities among healthcare finance leaders. While previous outlooks predicted a year of growth, 84% of respondents are now concerned about business conditions driven by regulatory changes, macroeconomic uncertainty, and supply chain disruptions. Notably, 73% are expressing concerns about revenue growth and operating profitability, signaling a more cautious yet strategic approach for 2025..

揭示了医疗保健财务领导者在优先事项上的重大转变。虽然之前的展望预测将迎来增长的一年，但84%的受访者现在担心由监管变化、宏观经济不确定性和供应链中断所导致的商业环境问题。值得注意的是，73%的受访者对收入增长和运营盈利能力表示担忧，这表明在2025年将采取更加谨慎且具有战略性的方法。

– The

– 这

Deloitte Center for Health Solutions’ sixth annual US Health Care CFO Survey

德勤健康解决方案中心第六次年度美国医疗保健首席财务官调查

, conducted in spring 2025, gathered insights from 64 US health care finance leaders, split evenly between health systems and health plans. The survey aimed to identify their top issues and priorities in an increasingly dynamic environment.

，于2025年春季进行，收集了64位美国医疗保健财务领导者的见解，这些领导者平均来自卫生系统和健康计划领域。该调查旨在确定他们在日益动态的环境中的首要问题和优先事项。

External Pressures Reshaping Healthcare Landscape

外部压力正在重塑医疗保健格局

Healthcare finance leaders are grappling with a complex array of external factors that directly impact their financial performance. Consumer affordability and escalating healthcare costs are major concerns. For instance, some health insurers observed that the Medicare Advantage medical loss ratio in early 2025 reached its highest point in several years, attributed to a significant surge in members’ utilization of healthcare services.

医疗保健财务领导者正在努力应对一系列直接影响其财务绩效的外部因素。消费者承受能力和不断攀升的医疗成本是主要问题。例如，一些健康保险公司发现，2025年初Medicare Advantage的医疗赔付率达到了近年来的最高点，原因是会员对医疗服务的使用量显著增加。

This trend is anticipated to continue throughout the year..

预计这一趋势将持续全年。

Interestingly, internal concerns such as workforce challenges, cost reduction, and cybersecurity, which were once top priorities in previous surveys, appear to have become less urgent. While workforce attrition and shortages have stabilized, issues like clinician burnout and low employee trust in leadership persist.

有趣的是，以往调查中曾是首要任务的内部问题，如劳动力挑战、成本削减和网络安全等问题，似乎已变得不那么紧迫。虽然员工流失和短缺的情况已经趋于稳定，但临床医生倦怠和员工对领导层信任度低等问题依然存在。

Cost concerns have also waned, with finance leaders now prioritizing growth over aggressive expense cutting, though continuous cost monitoring remains crucial amidst evolving policy and technology. Similarly, cybersecurity has dropped in priority despite the increasing threat landscape. Overlooking these internal issues, however, could create blind spots, particularly as organizations pursue innovation and growth..

成本方面的担忧也有所减弱，财务领导者现在优先考虑增长而不是激进的削减开支，尽管在不断变化的政策和技术环境中持续的成本监控仍然至关重要。同样，尽管威胁形势日益严峻，网络安全的优先级却有所下降。然而，忽视这些内部问题可能会造成盲点，特别是当组织追求创新和增长时。

Regulatory and Policy Shifts

监管和政策转变

A key focus of the survey was understanding which upcoming or potential policy changes finance leaders believe will have the most significant impact on their organizations. Tariffs and trade policy shifts emerged as the top concern. Given that prescription drugs, medical equipment, and other medical supplies constitute approximately 20% of the average US hospital’s expenses—and a substantial portion of these are imported—potential new tariffs could escalate hospital costs by 15% or more, disrupting procurement and complicating supplier negotiations..

调查的一个重点是了解财务领导者认为哪些即将出台或潜在的政策变化将对其组织产生最重大的影响。关税和贸易政策的变化成为最大的担忧。鉴于处方药、医疗设备和其他医疗用品约占美国医院平均支出的20%，并且其中很大一部分是进口的，潜在的新关税可能使医院成本增加15%或更多，打乱采购并使供应商谈判复杂化。

Conversely, health plan finance leaders identified changes to drug-pricing policies, such as modifications to the Inflation Reduction Act (IRA), as the most impactful regulatory changes. Key IRA provisions for Medicare include capping annual out-of-pocket drug costs at US$2,000, eliminating the coverage gap (“donut hole”), and shifting a greater share of catastrophic drug costs from the government to health plans..

相反，健康计划的财务领导者认为，对药品定价政策的改变（如《通货膨胀削减法案》（IRA）的修改）是最具影响力的监管变化。IRA针对Medicare的主要条款包括将年度自付药品费用上限设定为2000美元，消除覆盖缺口（“甜甜圈洞”），并将更多的灾难性药品成本从政府转移到健康计划。

Both health system and health plan finance leaders ranked potential Medicaid reform as the second most impactful regulatory change. For health systems, concerns extend beyond lower reimbursement rates to potential uncompensated care if eligibility reductions or budget caps lead to an increase in uninsured patients..

医疗系统和健康计划的财务领导人都将潜在的医疗补助改革列为影响第二大的监管变革。对于医疗系统而言，担忧不仅限于较低的报销率，还包括如果资格缩减或预算上限导致未参保患者增加，可能带来的无偿护理问题。

Driving Impact Through Strategic Levers

通过战略杠杆推动影响

Findings from Deloitte’s 2024 US Health Care CFO Survey emphasized the benefits of a holistic approach to margin improvement, focusing collectively on strategic growth, revenue improvement, cost reduction, and efficient capital deployment. This year, while many finance leaders have increased their focus on these “high-impact levers,” most have not yet realized significant impact.

德勤2024年美国医疗保健首席财务官调查结果强调了采取整体方法来提升利润率的好处，重点关注战略增长、收入提升、成本削减和高效资本配置。今年，尽管许多财务主管已更加关注这些“高影响力杠杆”，但大多数人尚未实现显著效果。

In today’s dynamic environment, effectively leveraging these can significantly enhance financial performance..

在当今动态的环境中，有效利用这些可以显著提高财务业绩。

Driving Growth: M&As, Alliances, and Risk-Based Contracts

驱动增长：并购、联盟与基于风险的合同

Mergers and acquisitions (M&As) have historically been a primary driver of growth. However, only 28% of health system respondents and 25% of health plan respondents reported a strong impact from their M&A efforts. Strategic alliances and partnerships are gaining traction as opportunities for rapid, asset-light growth, with over 90% of respondents focusing on them, though only one-third have seen a strong impact.

历史上，合并与收购 (M&A) 一直是增长的主要驱动力。然而，仅有28%的卫生系统受访者和25%的健康计划受访者表示他们的并购努力产生了重大影响。战略联盟和合作伙伴关系作为快速、轻资产增长的机会正逐渐受到关注，超过90%的受访者对此表示关注，但只有三分之一的受访者表示看到了显著的影响。

These collaborations offer access to new markets without full-scale integration challenges..

这些合作提供了进入新市场的机会，而不会带来全面整合的挑战。

Nearly all respondents indicated their organizations are engaging in value-based contracts (VBCs) for strategic growth, but most haven’t seen a strong impact, citing payment challenges, data capability gaps, and insufficient change management as hurdles. Recent regulatory changes encouraging greater downside risk in government VBC programs may catalyze health care organizations to enhance their data and advanced tech capabilities, including artificial intelligence, particularly for early diagnosis and prevention..

几乎所有受访者都表示，他们的组织正在参与基于价值的合同（VBC），以实现战略性增长，但大多数人尚未看到显著影响，他们提到支付挑战、数据能力差距以及变革管理不足是主要障碍。近期监管政策的变化鼓励政府VBC项目承担更大的下行风险，这可能会促使医疗机构加强其数据和先进技术能力，包括人工智能，特别是在早期诊断和预防方面。

Strategic Cost Reduction: Service Optimization and Operating Model Rethinking

战略成本降低：服务优化与运营模式重构

Many service offerings for health systems and lines of business for health plans can be loss-making. Half of health plans, for instance, reported consistent underwriting losses in at least one major line of business over the past three years due to factors like pricing strategies, high costs, limited scalability, or unexpectedly high utilization.

许多针对健康系统的服务提供以及健康计划的业务线可能造成亏损。例如，一半的健康计划在过去三年中由于定价策略、高成本、有限的可扩展性或意外的高使用率等因素，在至少一条主要业务线上报告了持续的承保损失。

While 31% of health systems and 41% of health plans report strong impact from optimization efforts, organizations should consider divesting or reducing non-beneficial services, while also considering areas important for customer experience, retention, and loyalty..

尽管31%的卫生系统和41%的卫生计划报告称优化工作取得了显著成效，但各机构应考虑剥离或减少非有益的服务，同时兼顾对客户体验、留存率和忠诚度至关重要的领域。

Optimizing operating models, potentially through outsourcing noncore services, can yield significant cost savings (up to 28%). Despite this, 25% of health plan and 16% of health system finance leaders are not prioritizing outsourcing this year. Among those that are outsourcing, 22% of health systems and 31% of health plans have seen a strong impact, highlighting the need for strategic assessment of risks like quality concerns, workforce engagement, and data security..

优化运营模式，可能通过外包非核心服务，可以带来显著的成本节约（高达28%）。尽管如此，25%的健康计划和16%的卫生系统财务领导者今年并未将外包作为优先事项。在那些进行外包的机构中，22%的卫生系统和31%的健康计划已看到显著影响，突显了对质量担忧、员工参与度和数据安全等风险进行战略性评估的必要性。

Smart Capital Deployment: Data Modernization and Transformative Technologies

智能资本部署：数据现代化和变革性技术

To navigate the dynamic environment, health plan and health system respondents are prioritizing investments in technologies that improve data quality, reporting capabilities, and scenario planning. However, only one-third of respondents reported a strong impact from efforts to modernize core technologies like EHRs, ERP systems, and data infrastructure.

为了应对动态环境，健康计划和卫生系统的受访者正在优先投资于提高数据质量、报告能力和情景规划的技术。然而，只有三分之一的受访者表示，现代化核心技术（如电子健康记录系统、企业资源规划系统和数据基础设施）的努力产生了重大影响。

Data modernization, which enhances data accessibility and security, is fundamental for leveraging both core and transformative technologies and presents a significant opportunity for finance leaders to improve care delivery and streamline operations..

数据现代化能够增强数据的可访问性和安全性，是利用核心技术和变革性技术的基础，也为财务领导者提供了改善医疗交付和简化运营的重大机会。

Furthermore, 53% of health systems reported strong impacts from transformative technologies such as generative AI and cloud computing, while 72% of health plans saw only moderate to no impact. As organizations adopt these technologies, especially generative AI, a holistic, institutional approach addressing data, consumer, and workforce considerations is crucial to realize meaningful impact..

此外，53%的卫生系统报告称，生成式人工智能和云计算等变革性技术对其产生了重大影响，而72%的健康计划认为其影响仅为中等或无影响。随着各组织采用这些技术，尤其是生成式人工智能，必须采取一种整体性的、机构层面的方法，综合考虑数据、消费者和劳动力因素，以实现有意义的影响。