Providers Forecast Declining Revenues and Elective Procedure Volumes, Telehealth Adoption Struggles due to Pandemic
Compared to pre-COVID-19 levels, 89% of hospital and health system executives predict their organizations’ revenues will be lower at the end of 2020, according to a survey from HFMA and Guidehouse. Among respondents, almost two-thirds project decreases of greater than 15% while one-in-five forecast decreases of more than 30%.
Results from the survey of 174 provider executives also show that:
See results of the survey in the slide deck below:
Providers are facing a long-term decrease in commercial payment coupled with a need to boost caregiver- and consumer-facing digital engagement, all during the highest unemployment rate the U.S. has seen since the Great Depression. For organizations in certain locations, it may seem like business as usual. For many others, these issues and greater competition will demand more significant, material change.”
David Burik, partner and payer/provider consulting division leader