Impact of the COVID-19 pandemic impact could cause more hospitals to breach debt covenants
If Congress does not take action to prevent financial penalties for already financially distressed hospitals, another financial hit could be the final blow for many healthcare organizations already feeling the financial impact of the pandemic.
Building a healthcare finance center of excellence: a view from the C-suite
Finance centers of excellence are not necessarily physical locations but rather a collection of the right people, tools and practices to help organizations achieve better financial performance.
COVID-19 Hospital & Health System Survey: The Impact of the Pandemic on Provider Revenues, Elective Procedure Volumes, Telehealth Use, and Working Arrangements
The results of a May 2020 HFMA study about the impacts of COVID-19 and the challenges it has caused in terms of revenue, volume, care delivery, and business operations.
‘A mountain of work’: Lessons from 2 organizations that restarted elective procedures after the COVID-19 moratorium
Leaders with two provider organizations that resumed elective procedures as COVID-19 began to ebb in their markets describe the most important considerations.
The slow transition back to normal after COVID-19: How leaders can help their teams
Several guiding principles can help leaders steer their teams and organizations back to something approaching normalcy following the COVID-19 pandemic.
Rolling forecasting will help get hospitals through the COVID-19 crisis
The upheaval hospitals and health systems are experiencing as a result of the COVID-19 pandemic has made traditional annual budgeting processes inadequate. Organizations should consider adopting instead a budgeting process based on rolling forecasting.
Guest commentary: COVID-19 allows no time for hesitation among healthcare finance professionals
Kaufman Hall's managing director and chair, Ken Kaufman, says leaders of healthcare provider organizations must act now with speed and sophistication to develop the financial foundation for an effective COVID-19 recovery.
Possible ‘silver lining’ for rural hospitals seen in attention generated by COVID-19
The COVID-19 pandemic creates an opportunity to focus attention on the fragility of rural hospitals, which may be able to secure needed support as a result.
Health systems may require a smaller real estate footprint post-pandemic
Although there's an opportunity to reduce facility costs and generate revenue by selling idle real estate as a result of telework and virtual care delivery post-pandemic, the transition to virtual visits may have a negative impact on provider revenue that exceeds the savings.
Decline in healthcare spending contributing to economic downturn
HFMA's Chad Mulvany says the nation's economy and the health of its citizens could suffer if regular healthcare services continue to lag due to ongoing public concerns about COVID-19.