Sixth Annual GlobalSTL Health Innovation Summit Delivers Healthcare Workforce Solutions to Address National Emergency

ST. LOUIS, Aug. 16, 2022 /PRNewswire/ -- The sixth annual GlobalSTL Health Innovation Summit (GHIS) on Workforce offers solutions for the healthcare workforce crisis that is impacting access to care and quality of care and is estimated to have reduced health systems' profitability by $54 billion in 2021. The challenges are larger than what HR alone can address and require innovative workforce solutions.

In a continuous effort to drive solutions to GlobalSTL's healthcare partners, the GlobalSTL Health Innovation Summit, August 17, 2022, will focus exclusively on meeting workforce challenges with actionable, innovative solutions to the industry's most difficult current problems. Register now for virtual or in-person attendance at Hillman Hall, Washington University in St. Louis.

The significance of the healthcare workforce shortage by the numbers (American Hospital Association):

• 20 percent of the healthcare workforce has quit; 33 percent of the remaining workforce contemplate quitting
• 132 percent increase in the use of agency and temporary workers; 52 percent jump in overtime (2021)
• $54 billion in reduced profitability after $176 billion CARES Act funding; $24 billion increase in labor costs (2021)

GlobalSTL, an initiative of BioSTL, is the premier business development platform for digital health companies looking to access Midwest customers. The GlobalSTL platform of strategic business development partners includes 18 healthcare organizations from five Midwestern states whose combined revenues are $410 billion (10% US healthcare spend).

GlobalSTL has a proven track record of sourcing cutting-edge innovations from around the globe to solve pain points related to healthcare and delivery and hospital operations for regional hospital systems and providers, payers, and pharmacy benefits managers. Overwhelming, GlobalSTL's partners stated the number one concern is retaining and attracting a workforce to handle the ever-shifting healthcare needs, especially since the height of the pandemic.

"Today's healthcare workforce crisis affecting the cost of care and increasingly access to care will not go away with the same thinking that we have used in the past," said Vijay Chauhan, GlobalSTL Lead. "The workforce landscape will not look the same as it did pre-pandemic. Health systems must adapt and implement innovative solutions in addition to developing their own change-management strategies. Our Summit showcases curated case studies of health systems addressing the workforce challenges head-on and in a 'no spin-zone' environment with healthcare's key decision makers to provide a one-of-a-kind learning experience for attendees."

BioSTL's international initiative recruits high-growth companies from around the world that enrich and expand St. Louis' innovation economy and bring competitive advantage to local corporations and health systems. Globalstl.org and on twitter @global_stl.

SOURCE BioSTL