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:
Half of executives anticipate it will take through the end of the year or longer for their organizations’ elective procedure volumes to return to pre-COVID levels.
While 67% of executives predict their organizations will use telehealth at least five times more than they did pre-pandemic, only one-third believe they have all needed telehealth capabilities.
Only one-of-five executives expect their organizations will return to the primarily onsite work arrangements established before the pandemic.
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