How to Gauge Your Hospital’s Financial Health
Some rural hospitals that were already struggling are now in serious financial trouble due to the coronavirus. The suspension of elective surgery and non-urgent care in most states led to an abrupt drop in patient volumes and hospital revenue. That loss, combined with the cost of preparing for COVID-19 protections for patients and employees, has forced rural hospitals into deeper distress. It’s especially important in these challenging circumstances to keep a close eye on key metrics that gauge a hospital’s financial health.
By monitoring indicators, creating transparency and responding swiftly to warning signals of financial distress, hospitals can stave off bankruptcy or closure while states loosen restrictions on elective and non-urgent procedures.
See the full article in Hospital and Healthcare Management, June 16, 2020.