3 Steps to Help Hospitals Improve Financial Health During the COVID Pandemic and Beyond

Healthcare organizations around the country are struggling financially as a result of the COVID-19 pandemic. According to the American Hospital Association (AHA), projected total losses for the nation’s hospitals and health systems are estimated to be at least $323.1 billion in 2020. While it may be difficult to focus on finances during this unprecedented health crisis, it is imperative to do so. 

Merging clinical and financial perspectives creates synergies in patient care, data management, and operational decision making that lead to health-fostering impacts for patients, physicians, and the health system alike. Equally important is leveraging the insight gained from data to implement and manage necessary changes to improve a healthcare organization’s processes, systems, and bottom line.