Hospital capital spending is expected to rise 14% annually for the next five years, compared with 1% annual increases from 1997 to 2001, according to a survey of 460 hospital and system chief financial officers conducted by the Healthcare Financial Management Association.
Technology tops the list of anticipated capital projects, with 71.7% of CFOs anticipating investments in digital radiology systems, 64.1% in computerized physician order entry systems and 61.3% in other major information technology.
All told, nearly three in four CFOs said they anticipate capital spending at their institutions to increase in the next five years. The survey is included in a report, The Future of Capital Spending, to be released next week.
The report is based on research by HFMA and PricewaterhouseCoopers, with funding from GE Healthcare Financial Services.
Increased capacity for emergency rooms and operating rooms were the most commonly anticipated physical plant improvements, cited by 50.7% and 49.6% of CFOs, respectively.
Some 35% of CFOs said they expect their institutions to increase bed capacity in the next five years, and 23% expected their institutions to build new hospitals.