Four Critical Actions to Improve Community Hospital Financial Performance
By Michael Morgan
At this stage of the pandemic, community hospital leaders are navigating new issues even as they continue to face familiar struggles. Currently, labor shortages and increasing staffing costs are two of the most significant challenges.
Labor shortages, long predicted by demographers, have been accelerated by the pandemic and are creating cost strains due to increased reliance on contract staff and staffing agencies. Inflation and low unemployment rates have further increased the need to pay higher wages. Hospitals in smaller communities are particularly challenged because these areas have a smaller untapped labor pool.