Hospitals, state associations and other stakeholders need to be prepared to address the negative financial impacts associated with the COVID-19 pandemic as it continues to have a widespread impact on our health care system. Many hospitals are likely to experience severe financial challenges, requiring financial assistance from federal, state and local governments in order to continue caring for patients. Although the federal government has taken action to allocate funding to health care organizations, it will be critical for hospitals to prepare appropriately to document the costs and revenue losses related to COVID-19 in order to draw down those funds. In this article, we take a look at these financial impacts and how hospitals should prepare for them.
Read more of this article as featured in HFMA.
For more information on how COPE Health Solutions can provide analytic and advisory services, staff expertise, and recommendations to assist hospitals in working through this pandemic and maximize their disaster relief support, please contact Tom Dougherty, FACHE, Principal at firstname.lastname@example.org or 909-238-9898.