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.
The urgent need to respond to the magnitude of recent losses and new economic pressures to invest in maintaining dual systems of care create a complex series of trade-off decisions.
In this report, we highlight key findings from our Financial Recovery Survey and considerations for healthcare provider organizations as they forge ahead into an uncertain future.