According to a recent report, hospital operating margins were down 55.6% in 2020 compared with 2019, excluding federal CARES funding, and down 16.6% with CARES.
With President Biden now officially in office, the focus in health care turns to what he plans to accomplish. Let’s look at likely short-term and potential near-term and long-term changes in health care over the next few months and years, and who will be most likely affected.
The deadline for payers to comply with new interoperability rules is looming. Look past the technical aspects, focus on four key areas, and use compliance as a catalyst for deepening your patient relationships.
One of the greatest benefits of a custom solution is that it can be initially built to fulfill the minimum requirements needed now, but later expanded or tweaked to meet additional or changed requirements.
Your projected telehealth use will also impact your future facility needs, and you will want to plan accordingly.
Organizations which follow these steps are more likely to complete their projects on-time, on-budget and to everyone’s satisfaction.
Incrementally working to enhance your care coordination can positively contribute to the long-term success of your organization.
Providers are realizing that in order to effectively impact patient care, they must first help patients address their most basic needs. As a result, providers are increasingly partnering with community resources to ensure that patients get the care coordination they need.
The hospital’s CFO and financial team should be regularly communicating with clinical leadership to detail the dynamics of the system’s finances and care and solicit one another’s support during Covid19.
Based on the clinic’s new emphasis on COVID-19 safety and communication, with data-driven metrics and dashboards guiding the way, the department has been able to successfully return to 80 percent of its prior daily patient volume.
By using some of the patient input strategies outlined here, providers and health plans can potentially mitigate the business challenges of health care consumerism and help shape a more cost-effective, value-based health system that benefits all stakeholders involved.