For many hospitals and health systems around the country, COVID-19 threatens to create long-term negative changes to volumes, revenues, and margins on top of the pressures that weighed on hospitals even before the pandemic.
In the roughly 12 months since the COVID-19 pandemic emerged, America’s hospitals have borne a huge amount of the pressure and accountability for managing the effects of an unknown and unpredictable virus, and more recently for the complex process of disseminating vaccines.
Never before have organizations been required to think more rapidly and radically than in the volatile environment of COVID-19, when existing business models are being decimated daily, and organizations need to hit a new target that is hazy at best.
For all organizations, the imperative is to ensure that women and people of color are placed in the most senior leadership positions—not just part of the broader leadership team, but in positions that will place them in the most exclusive groups making the most important decisions.
Healthcare organizations have rotated toward a transactional operating platform because that platform is highly correlated to efficient operations, consistent levels of clinical care, and excellent financial performance.
After several years of research and development, the automated teller machine made its first appearance in 1967 at a branch of London’s Barclay’s Bank. Two years later, the first U.S. ATM was installed at a branch of the Chemical Bank on Long Island.
The more we learn about the revenue shock that hospitals are experiencing from COVID-19, the clearer it becomes that recovering from that shock will require a rethinking of hospital operations. Read more.
The most dangerous fallacy about fighting the financial effects of COVID-19 is that it’s necessary to wait for the current uncertainty to clear before developing the financial foundation of an essential recovery plan. Read more.
Every day, as we scroll through our news feeds, we are confronted with headlines that paint a picture of what can appear to be business anarchy. Read more about the 5 organizing principles of the internet economy.
There was an attempt in a recent report to discredit consolidation in the hospital sector. The reality is it's impossible to determine from this opaque subset of hospital mergers that hospital consolidation as a whole is a good or a bad idea. Read more.
The instinct of legacy organizations, confronted with a new business model, is to close ranks. In many cases, this means first trying to save the existing culture. Read how your organization can learn and improve.
Hospitals’ traditional facility footprint simply is no longer aligned with the realities of how healthcare is being delivered today, or how it will be delivered in the future. Read more from Thoughts from Ken.
As Ken Kaufman speaks with healthcare executives around the country, he receives many questions about the CVS Health/Aetna and UnitedHealth/Optum business models. Read more about his take on the matter.