As the COVID-19 pandemic endures, health systems across the country head into the second half of 2020 with margin improvement as a top priority. The first six months of the year brought the “perfect storm” of financial disruption – loss of elective procedures, reduced patient volumes and increased costs to manage dual systems of care for both COVID and non-COVID patients. Amid the fallout, hospitals face an immediate need to reduce costs by year-end.
Health system leaders who act quickly have an opportunity to be proactive in this next phase of the crisis and build back the balance sheet. Resizing the enterprise to new volumes, restructuring costs, realigning operations and establishing the right infrastructure to support and monitor change will be required to return margin.
In February 2020, we published a paper, “Building an Effective Cost to Collect Strategy.” The paper is focused on guiding revenue cycle leaders to finding the best way to maximize their yield. The COVID-19 pandemic has put many healthcare provider organizations in an unprecedented, compromised financial position that will take a great deal of time to recover from.
Non-traditional entities are capturing the value void through innovative models, partnering with funding entities to receive compensation for addressing needs. What activities and strategies should health systems consider?
A robust plan to safely serve oncology demand is necessary to support timely patient access and
avoid lasting financial repercussions
The surge in Medicare Advantage enrollment has masked a concerning trend: For-profit health plans are far outpacing non-profits in capturing market share. With a renewed strategy, non-profits can narrow this gap.
Maximizing cash flow at this critical time is a priority. A targeted effort focused on cash acceleration and conservation can help organizations get through this time of severe financial strain.
The Chartis Group, Jarrard Phillips Cate & Hancock, and McDermott Will & Emery provide valuable insights for optimizing the role of the board in the midst of COVID-19.
In this new analysis, The Chartis Center for Rural Health explores key factors in assessing the potential impact of the COVID-19 pandemic on the rural health safety net, including access to intensive care unit beds, the reliance on outpatient service revenues and rural provider days cash on hand.
In the moment of pandemic crisis, it is unwise to implement fundamental changes to physician compensation models. However, some considerations and short-term actions are warranted and necessary. Health systems, medical groups and faculty practices should consider four essential steps.
Intelligent automation (IA), artificial intelligence (AI), robotic process automation (RPA) and machine learning (ML) are all hot buzzwords in today’s healthcare industry, and while slower to adopt, the healthcare sector is gradually embracing this technology.
Over the past 20 years, the percentage of the nation’s hospitals over 200 beds that are part of health systems has risen from 5 to 77. From 2006 to 2016 alone, the number of independent hospitals over 200 beds declined nearly 40 percent from 502 to 308.