Hospitals are clearly feeling the impact of financial market turmoil and the economic downturn, according to The Financial Health of U.S. Hospitals and Health Systems, a new report released today by HFMA.
The report is based on survey data from more than 300 healthcare finance executives across the country. A majority of respondents (55 percent) report declines in inpatient volumes, and a similar number (53 percent) plan to hold off or substantially cut back on new construction projects. The survey also finds that effects of the credit crunch have been widespread, with both financially strong and challenged hospitals reporting difficulties in accessing capital.
“Financial leaders need to work closely with all of the leadership within their organizations and their communities. They need to provide information about the seriousness of this downturn, the potential impact on their operations and communities, and possible solutions,” says HFMA President and CEO Richard L. Clarke. “One positive note is that the fundamental outlook for the healthcare sector still remains positive, in terms of long-term demand. While there are significant issues to grapple with in terms of payment, provision of healthcare services is a critical component of a vibrant economy and society.”
Read the report.
