Budgeting
The numbers don't necessarily reflect worse performance among system-affiliated groups, but rather a different mix of expenses and services.
Inpatient length of stay went up 8.7% year-over-year but ER visits fell 15.5% and operating room minutes declined 12.2%.
Patient volumes, adjusted admissions and federal funding contribute to the outlook, although outside factors could change this.
Health spending increased at a slightly faster rate than gross domestic product, but the report analyzed figures prior to the pandemic.
The system’s digital transformation achieved Stage 7 designation from the HIMSS Analytics Adoption Model for Analytics Maturity.
A positive side for Providence is its expanded virtual care offerings, which are expected to reach 1.4 million video visits by the end of the year.
Higher revenues through September were offset by rising expenses of 3.5% year-over-year, according to Kaufman Hall report.
Non-COVID-19 utilization is back to 95% of baseline, and, when coupled with the cost of COVID-19 care, overall utilization is above baseline.
The drop in admissions suggests revenue losses that may be difficult for some hospitals to weather.
Telehealth adoption under COVID-19 has provided a blueprint for wider implementation across ERs and other healthcare venues.