Decisive Actions to Improve Financial Performance
When a community hospital Chief Financial Officer (CFO) notices dwindling cash reserves and declining patient volume, it’s time to identify opportunities for financial improvement.
Unfortunately, in rapidly changing times like these, the financial position of many hospitals is a bit hazy. A variety of factors including COVID-19 surges, state staffing support, Federal CARES Act funding, increasing supply costs, contract labor and rising wages have created dynamics that have made it more difficult to budget and track financial performance.
Even with many challenges, community hospital closures diminished during the pandemic, due...