7 Ways to Reduce Labor Costs - Without a Widespread Workforce Reduction
By David KimPartner
Moss Adams Health Care Consulting Practice
COVID-19 has put an unprecedented financial strain on health care organizations. To exacerbate matters, these institutions already face razor-thin margins as many hospitals are relying on non-operating and investment income to survive. To achieve financial stability, it may be necessary for organizations to cut operating costs quickly, which can be difficult and painful. Labor cost reductions in particular are hard to achieve and sustain, but important to manage; they still represent the single largest category of expense in a hospital—above 50% of total operating expenses, according to the Healthcare Management Financial Association. Read article
Finding Clarity and Courage in the Unknown: One Day at a Time
By Danna Beal, M.Ed. International Speaker Author and Coach
We have all been impacted during this global pandemic in ways we could never have imagined. Healthcare has been severely hit during these unfolding days, weeks, and months. We owe our continuing gratitude for the selflessness, courage, and sacrifice of so many people in all aspects of healthcare delivery. It has taken a toll on everyone, both here and around the world. How we emerge from all this is still evolving and lies in the realm of the unknown. Based on my experience with thousands of people, the unknown is cited as their greatest fear.
Navigating Through Health and Mental Health Challenges in a COVID-19 Environment
By John Feltz Vice President and Regional Benefits Director, Parker Smith & Feek
On the many calls and Zoom meetings I am having with friends, the inevitable question asked early in the conversation is simply, “How are you doing?” The intent isn’t to see if we have Covid-19; it is a recognition that this new environment is having a significant emotional impact on us all. It’s code. The expected response is that we are “not okay.” The hope on the other end of the line is that we will ask the question in return so that they can share that they are also “not okay.” Strangely enough, it turns out that being “not okay” right now is actually okay.
Thinking Ahead: Preparing for a Post-COVID World
By Allen Miller, Principal, COPE Health Solutions
By Sarin Khachatourians, Senior Consultant, COPE Health Solutions
As we begin to see the light at the end of the tunnel amidst what will likely be only the first wave of Covid-19 infections and economic impacts, it becomes clearer that health care will be forever changed and that many strategies that had not been universally accepted will now be critical success factors going forward. Read article