Long Way Back: Rebuilding Health System Finances
Long Way Back: Rebuilding Health System FinancesJune 2020
Earlier this year, HealthLeaders CFO Exchange participants gathered in New Orleans to share ideas for 2020, as the first COVID cases were appearing on the West Coast. Over the succeeding weeks as the pandemic spread, hospitals across the U.S. faced a downward spiral in operating margins. Four Exchange CFOs share their approach to rebuilding their organization’s financial strength in a healthcare environment that may never be the same.
• Be transparent with staff about the extent the financial hit the organization took, so everyone understands the scale and timeline of the rebuild.
• Get data and knowledge about the local economy, especially loss of commercial health coverage for large employers.
• Promote and advertise the safety measures your organization is putting in place above and beyond minimum regulatory requirements.