Friday, February 3, 2023
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HomeNewsBusinessIn 2023, financial strain on hospitals expected to remain high

In 2023, financial strain on hospitals expected to remain high

The managing editors of Alvarez & Marsal, who counsel healthcare leaders on the best course of action, said that the financial problems hospitals started to experience at the beginning of the epidemic aren’t going away any time soon.

According to managing director Martin McGahan, the pandemic exposed the strains in the supply chain, challenges with staffing, and problems with creating safety nets.

Hospitals may need to reconsider trying to be all things to all people in order to save costs, according to managing director Peter Urbanowicz. In the end, he said, CEOs and CFOs must decide how to strike a balance between their service offers and finite financial resources.

Listen to a talk between Susan Morse, executive director of Healthcare Finance News, and McGahan and Urbanowicz to learn more about this other novel capital investment strategies.

Access to capital is becoming increasingly difficult due to higher interest rates.

Instead of carrying over the capital budget from year to year, rethink it.

CFOs should check their capital plans to make sure they aren’t older than three months.

High labour prices, inflation, and other stressors still exist in the post-pandemic environment despite the fact that federal funding has stopped flowing there.

Every strategic plan involves a delicate balance.

Surgery and procedure volumes have not reached their pre-pandemic levels.

Care provided outside of hospitals is the longer trend.

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