Financial Sustainability Report: April 2020

The April issue of the Financial Sustainability Report, sponsored by Kaufman Hall, offers healthcare finance leaders insights to help them guide their organizations through the COVID-19 crisis and develop long-term solutions in preparation for a new healthcare landscape in the aftermath.

COVID-19

Beyond COVID-19: A guide to economic recovery for health system CFOs
By Deirdre Baggot, PhD, Bruce Hamory, MD, John Rudoy, PhD, and Dan Shellenbarger
The COVID-19 pandemic has obliterated many strongly held beliefs regarding U.S. healthcare and accelerated long-awaited innovations. Forward-thinking CFOs should recognize the opportunities these changes present for the future and begin planning to make them permanent. 

5 ways hospitals should prepare to access COVID-19 disaster funding
By C. Duane Dauner, LFACHE,  Joel Perlman and Tom Dougherty, FACHE
It is imperative that hospitals not delay preparations to access financial relief made available under the CARES Act, including documenting any increased costs and losses due to COVID-19. Any delay could jeopardize a hospitals’ ability to gain full access to disaster funding.

Start scenario planning now for the impacts of COVID-19
From our sponsor, Kaufman Hall
By Jason Sussman
The global coronavirus pandemic and the resulting economic chaos has significantly heightened the risk and uncertainty facing all healthcare organizations.

Cost of COVID-19 cases likely to eclipse relief measures
By Eric C. Reese, PhD
To prepare for the significant challenges posed by the COVID-19 epidemic, hospitals and health systems must act quickly to develop a well-informed plan of action that considers both the immediate and long-term effects of the crisis.

Rescheduled HFMA event

The Financial Sustainability Summit has been rescheduled for Dec. 1-2, 2020. Visit the Summit’s site for up-to-date conference details.

How CFOs can protect clinicians during the COVID-19 pandemic
By Laura Hegwer
It will be critical in the challenging months ahead for CFOs and other finance leaders to find ways to support their clinical teams and patients.

Rural hospital finances hit hard by looming threat of COVID-19 as leaders scramble to preserve cash
By Susan Birk
Although most healthcare providers are likely to take a financial hit from the coronavirus pandemic, rural hospitals are especially vulnerable and are scrambling to preserve cash.

Get involved in your HFMA Community
Solve problems, collaborate, share best practices and network with other industry peers in the HFMA Community. Access to your 24/7 Community is included in your HFMA membership. If you have a burning question or are facing new challenges within your organization, go to community.hfma.org to join groups and start discussions.

Cost Management

Hospitals need engaged physicians to manage PPIs
By Anthony Long and Girard Senn 
Engaging physicians in efforts to reduce costs, particularly high costs associated with physician preference items, will be an important strategy for hospitals and health systems as the nation begins to emerge from the COVID-18 crisis.

HFMA recommended coronavirus resources

The coronavirus is affecting the healthcare industry in unprecedented ways, and HFMA wants to help you stay up to date on the latest news about the outbreak. Visit this page regularly for coronavirus resources, selected specifically for healthcare finance professionals, including Medicare information on regulations and guidelines, COVID-19 test pricing, COVID-19 coding, telehealth billing FAQs and more.