Government assistance in the form of CARES Act relief funds and PPP loans gives some hospitals an opportunity to revamp their financial future. Healthcare advocacy groups are calling on Congress to direct an additional $50 billion of COVID-19 relief funding to primary care, rural and safety-net hospitals. The first step toward hospital sustainability is managing government funding appropriately. CHC helps hospitals apply for federal funding and implement tracking systems to monitor how they use funds. This helps maximize the funding’s impact while complying with government restrictions and reporting requirements regarding how monies are spent.
While support funding can only go so far, an operational assessment can identify cost-saving and revenue-growing opportunities to put hospitals in the best possible position for whatever comes next.
Virus-induced supply shortages have underscored the need for supply chain efficiency as a critical area of focus. Hospitals must optimize their supply chain to better prepare for disruptions and reduce supply chain waste to help offset COVID-related costs. A strategic supply chain partner can help. In addition to offering significant product savings through its GPO, CHC Supply Trust has augmented its supply chain services to help hospitals save on purchased services by aggregating volume across multiple hospitals.
The pandemic is also validating telehealth as a potential means of recouping lost revenues as various factors erode inpatient volume. Policy changes help to reduce the barriers and prompt for continual adoption of telehealth among providers.
Economic pressures are causing more and more hospitals to consider the pros and cons of forming relationships with other institutions. CHC helps hospitals determine whether a partnership is in their best interest and, if so, what type.
Long-range planning for sustainability should not be on the sidelines, even during a virus surge. While hospitals may have been given a lifeline with government relief funding, CHC can help move the margin on operational and financial performance.