In interviews with more than 20 children’s hospitals, C-suite leaders weighed in on how the pandemic uniquely impacted them and how they are pivoting for a new normal. This report outlines benchmarks and imperatives for addressing these pressing issues.
In this Becker’s webcast, we are joined by CFO of OhioHealth, Mike Browning, and CHRO of HonorHealth, Wayne Frangesch, to discuss the keys to balancing workforce and financial health as we accelerate out of the pandemic.
Many organizations no longer have the workforce they need, thanks to the physical, emotional, and financial ramifications of the pandemic. On top of unprecedented exhaustion and burnout, staff are covering vacancies and doing more with less. This situation can rapidly become a downward cycle from which it is difficult to break free.
What does the path to financial stability look like? We have identified five imperatives organizations must address, along with tactics leading healthcare organizations have deployed to respond to the ongoing financial, operational, and emotional challenges of the pandemic.
A handful of organizations across the country already have figured out what it takes to unlock the transformative value of APPs and are forging a path that others can follow, based on six key elements.
Health system leaders must pull the right levers to 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.
COVID-19 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.
KLAS CATEGORY LEADER
“Any financial improvement usually means making tough decisions, so the process is a rough ride. There was never a time when we had to do a complete course correction, though. Chartis Group was willing to go above and beyond to keep our business and help us. It is easy for a vendor to just do their job and not care about other things, but Chartis Group really cared about our success.”
-VP/Other Executive, December 2020
KLAS CATEGORY LEADER
“Chartis Group develops deep and close working relationships with the client teams in a way that very few consulting firms do effectively. That goes a long way in their ability to make an impact. Chartis Group embeds themselves, and they treat projects as processes of discovery. They learn everything they can about an organization and what makes it tick. They very much treat their clients as their own. They assimilate themselves into their client environment in a way that is pretty unique.”
-VP/Other Executive, December 2020
KLAS CATEGORY LEADER
"The engagement we had with the vendor was excellent, and they did a really great job. The vendor consultants were top notch. They lived up to our expectations. That was extremely helpful in the space of clinical informatics. The vendor brings in high-quality physicians who have done the work before. They understand the work, and they add a lot to the conversation. The quality of the vendor's consultants is very high, and they understand the challenges we face in healthcare today. The vendor is very up-to-date and forward thinking, and that is helpful as well."
-VP/Other Executive, November 2020
