Financial Survival Strategies: Taking the Long View
Healthcare leaders will recall the margin pressures they faced pre COVID-19, the result of increasing expenses and decreasing reimbursement. The COVID-19 pandemic worsened these hardships by forcing hospitals to cancel (and patients to delay) elective procedures, which in turn resulted in a significant loss of revenue as labor and supplies costs rose at an accelerated pace. Temporary federal relief through the CARES (Coronavirus Aid, Relief, and Economic Security) Act has come and gone. So now, amid continuing economic pressures, the question persists: What are the financial strategies that can help healthcare providers survive?