The latest wave of COVID-19 hospitalizations has healthcare systems nationwide once again struggling to stay afloat. Many indicating they are experiencing worse operating conditions and greater numbers of COVID cases than they did at the onset of the pandemic in the Spring of 2020. New, stronger variants are impacting more diverse patient populations and taking up more resources for care. With ICUs at capacity and a rising mental health crisis among staff, health systems will have to get creative in order to stay the course.
Early last month 6 states reported running out of ICU beds, 5 set records for the number of new COVID cases, and the American Nurses Association predicted that 500,000 nurses would retire by the end of the year due to the strain of working in pandemic conditions. These are uncharted waters. A quarter of healthcare workers are exhibiting signs of PTSD, while a third are experiencing anxiety and depression. States with the greatest need are experiencing a correlating staffing dilemma. In a recent interview, the CEO of Miller County Hospital in southwest Georgia, which ranks 6th in the country for the number of active cases, stated bluntly “every hospital in Georgia is critically short of staff.’’ A patient care service director from the same health system described the critical care unit as a “revolving door” they cannot get a handle on, pushing them to their “wit’s end.”
Many health systems are trying to combat staff burnout by offering higher wages and more appealing contracts, resulting in a job market for the sector that is more competitive than ever. But higher wages for many are not an answer, or not even an option, due to the budgetary strain created by the crisis. Hospitals in hard-hit states like Florida are already forced to postpone revenue-generating elective surgeries in order to devote more resources to COVID patients. The more non-urgent procedures are put off, the more urgent the budget quandary becomes.
With few options for conventional solutions, health systems will have to get creative. Outsourcing administrative and patient services may provide a temporary solution and relieve some of the burdens on in-house staff. Meanwhile, revenue can be generated by pursuing payment for previous procedures rather than new ones. Ramping up patient collections and giving more attention to existing accounts can be a reliable revenue stream when managed properly. Systems may want to consider conducting a full-scale assessment of their revenue cycle in order to tighten up the ship until cash flow improves.
With COVID driving hospital admissions up 42% nationwide according to the CDC, little is more important than ensuring continuity for our health systems at this critical time. Professional provides revenue cycle consulting and service solutions that may be able to assist your organization in turning the tide.