For hospitals, COVID-19 has created an unprecedented environment of financial upheaval and uncertainty. Many, if not most, hospitals have experienced a significant level of financial damage. The path to recover from that damage is unclear and complex.
In this environment, hospitals and health systems need to embark immediately on a structured financial plan for recovery. The plan requires data capture, demand modeling, data analysis, and scenario planning that is very likely more sophisticated than any most hospital organizations have ever undertaken.
This Kaufman Hall e-book explains each component of such as plan, including:
- Assessing financial damage
- Modeling demand changes
- Quantifying the gap from the existing plan
- Beginning to close the gap
- Reworking the strategic financial plan
This kind of timely, orderly, continual, financially grounded organizational thinking will make the difference between organizations that find themselves in a long slog toward an uncertain outcome, and those that emerge quickly and successfully, ready for the post-COVID world.