Budgeting
From consolidation to divestiture of assets, standalone hospitals will need a strategic plan to emerge from the pandemic intact.
Healthcare and social assistance has so far received $67.4 billion of the $521 billion distributed by the program.
The CARES Act and the resumption of elective procedures have helped, but they're still baby steps on the road to recovery.
The coronavirus is mainly affecting the credit outlook for the rest of the year and beyond as hospitals adapt to new financial realities.
The cancellation of elective procedures and low patient volume are the main culprits, while analysts anticipate a modest rebound.
While volume and revenues plummeted to historic levels, expenses remained nearly flat, putting pressure on hospitals as the coronavirus spreads.
The stimulus and emergency response funding will blunt some of the losses, but hospitals won't be fully compensated, Moody's found.
Setting targets, focusing communication and getting buy-in from the entire organization will be necessary to succeed.
If 20% of the US population were to become infected with COVID-19, it would result in an average of $163.4 billion in direct medical costs.
Integrating cost and clinical-decision-support information reduced medication errors and burnout prevalence at Houston Methodist.