Impact of COVID-19: 2020 State of Healthcare Performance Improvement Report

What You Need to Know:

Nearly three-quarters
of healthcare facility leaders are either reasonably (52%) or very (22%) concerned
about the financial practicality of their companies without an efficient
treatment or vaccine for COVID-19, according to a new report from Kaufman Hall. One-third of participants
( 33%) saw running margin declines in excess of 100% in the second quarter of
2020 compared with the same duration of 2019.

— Nearly three-quarters of medical facility leaders are either
reasonably (52%) or extremely (22%) concerned about the financial viability of
their organizations without an efficient treatment or vaccine for COVID-19,
according to a new report from Kaufman Hall entitled, “2020 State of Healthcare
Performance Improvement Report: The Impact of COVID-19″

” The obstacles brought on by the COVID-19 pandemic have
affected nearly every aspect of medical facility financial and clinical
operations,” said Lance Robinson, handling director, Kaufman Hall. “Organizations have
reacted to the challenge by adjusting their operations and strengthening
essential neighborhood relationships.”

” 2020 State of Healthcare Performance Improvement Report: The
Impact of COVID-19″ is Kaufman Halls 4th yearly survey of medical facilities
and health systems on their efficiency enhancement and cost change
efforts.

— This years report findings were based on 64 responses
to a survey that Kaufman Hall fielded in August 2020.

— One-third of participants saw operating margin decreases
in excess of 100% in the 2nd quarter of 2020 compared with the exact same duration
of 2019.

Secret findings from this
years report include the following:

Health care workforce. Three-fourths of survey participants have actually increased monitoring and resources to attend to personnel burnout and mental health issues.

Competitors. Around one-third of survey respondents believe the pandemic has actually impacted competitive dynamics in their market by making customers more most likely to look for care at retail-based clinics.

Telehealth. More than half of our participants have seen the variety of telehealth visits at their company boost by more than 100% since the pandemic started. Payment variations in between telehealth and in-person visits are seen as the greatest barrier to more extensive adoption of telehealth.

Volumes. Volumes in most service areas are recuperating gradually. In just one location– oncology– have a majority of our participants seen volumes return to more than 90% of pre-pandemic levels.

Running margins. One-third of our participants saw year-over-year operating margin declines in excess of 100% from Q2 2019 to Q2 2020.

Expenditures. A bulk of survey respondents have actually seen their greatest portion expense increase in the expenses of supplying personal protective equipment. Nursing personnel labor remains in 2nd location, mentioned by 34% of respondents as their most substantial location of cost boost.

Financial viability. Roughly 3 fourths of study respondents are either very (22%) or moderately (52%) concerned about the financial viability of their organization in the absence of a reliable vaccine or treatment.

< To download a copy of the report, click the download now button below