The COVID-19 pandemic is creating unprecedented cost pressures for hospitals and health systems nationwide as they struggle to balance staff, resources, and capacity with rising demand for COVID-19 care and significant decreases in elective care.
Cost-management tactics will differ depending on whether organizations are preparing for the COVID-19 surge, in the throes of the surge, or entering recovery mode. Regardless, the pandemic is driving a need for many healthcare leaders to make hard decisions to implement prompt, and often significant cost reductions to support critical operations and maintain financial stability in this time of upheaval.
Kaufman Hall’s Performance Improvement team has created this monitoring and planning guide to identify immediate- or near-term options for managing costs during and immediately after the pandemic in the areas of:
- Capital and Cash
- HR and Benefits
- Supplies and Equipment