Natural disaster costs increased from $37.8 billion in 2016 to $195.2 billion in 2017, according to the PwC Health Research Institute. To enhance disaster preparedness, hospitals should consider these actions.
Bolster physical emergency resources. Place power generators and other critical systems in underground concrete locations or in nonvulnerable regions. Evaluate insurance policies, including coverage, indemnity periods, and limitations.
Conduct scenario planning. Prepare for loss of market share and consider the impact of a credit rating downgrade. Aim for ample days of cash on hand.
Develop a public relations plan. Consider how to address the disaster’s aftermath with patients, employees, insurers, vendors, credit rating agencies, investors, and creditors. Include social media strategies.
Disasters Cost U.S. Almost $200B in 2017