The impact of the Cost-of-Living Crisis on the healthcare industry - Latus Health

The impact of the Cost-of-Living Crisis on the healthcare industry

  • October 31, 2022
  • By Latus Health

Jack Latus, CEO of Latus Health speaking at the House of Commons

I recently had the honour of being asked to speak to the British Health Alliance committee at the House of Commons.

I was asked to give my view on the impact of the Cost-of-Living Crisis on the healthcare industry and what insights the NHS could perhaps take from the private sector. I highlighted some of the major challenges healthcare is currently facing… and no surprise, it doesn’t make easy listening.

Whilst I wanted to highlight the issues, my main aim for the talk was to highlight the opportunity. Because I firmly believe that challenge is what creates change and develops resilience.

If we can build a resilient workforce and resilient organisations in this testing economy, then we will be flying when the tide turns, and life becomes a little easier.

So, my advice was clear… now is the time when you will get a greater return than ever on investing in your employee wellbeing programme to increase resilience. Here are four key areas I advised leaders to focus on to create a working environment to support overall well-being and performance:

  • Home energy education and resources
  • Increase financial well-being support
  • Stress awareness, sleep and nutrition advice (don’t assume your employees know how to look after themselves – even healthcare workers)
  • More robust remote well-being support system

All healthcare leaders, right now, are looking for operational and energy efficiencies to save costs and maintain budgets. Still, there are huge gains to be made in the short and long term by focusing on building the resilience of our people. Fundamentally, healthcare is a people business, so let’s keep focusing on supporting our people.

Jack Latus, CEO Latus Health

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