The COVID-19 pandemic has upended the healthcare industry as we know it.
From ramping up staffing and equipment to redirecting resources, hospitals are doing everything they can to address the spike in healthcare demand and maintain pre-pandemic levels of service quality. But the reality is they continue to grapple with staffing shortages, supply chain interruptions, and communication and monitoring issues several months into the pandemic. This comes at a time when they were already constrained by tightening cash flows and shrinking revenues due to lower reimbursement, higher uncompensated care cost, and growing bad-debts due to hard-to collect patient balances. The outcome: many Providers are faced with a financial crisis, given the reduction in elective procedures and the increased cost of COVID- related services.