The healthcare industry has been through the ringer over the past few months, as the battle against COVID-19 has raged on. In addition to a worldwide public health crisis, many facilities are feeling financial strain. Most, if not all, non-essential or elective procedures have been banned or postponed, both to limit the number of people going in and out of centers, and to focus efforts on treating those affected by COVID-19. Because of this, many facilities have seen a loss in revenue, which is concerning news, especially for smaller facilities. Although some centers are slowly beginning to move towards offering these procedures again over the coming weeks, the last few months have caused some significant damage – an estimated loss of $50 billion a month since March.
But, in the true spirit of the healthcare community, creativity, collaboration and selflessness have come out on top. Despite the harrowing circumstances that many facilities are facing, there is hope that actions made now will help them thrive moving forward. This is reassuring news for healthcare professionals that are worried about the future of their job security – if that sounds like you, keep reading.
Here are some of the ways that healthcare facilities across the country are generating revenue amid the COVID-19 crisis.
CEOs Taking Pay Cuts Across the Country
In an act of solidarity, many hospital CEOs across the country have taken pay cuts in order to help supplement losses in facility revenue, and to ensure front line workers are being paid or otherwise financially assisted. At some facilities, CEOs and other upper executives have graciously reduced their pay by up to 50%.
CEO of Pennsylvania-based WellSpan Roxanna Gapstur acknowledged the reality of the situation: “COVID-19 is more than just a public health crisis; it’s also a financial crisis for millions of Americans… we know our team members are not immune from the financial impacts of this pandemic.”
As permanent healthcare recruiters, acts such as these are the ones that make us proud to work in the healthcare industry, and with facilities that look out for their employees.
Reaching Out to Networks for Help
As one of the silver linings of the outbreak, the past few months have proven just how compassionate people can be in times of turbulence. Everyone is in this crisis together, and healthcare facilities have been encouraged to reach out to their networks for assistance in order to make ends meet for the time being.
Merlyn Knapp, FHFMA, CPA, and president of Rebound Health Resources, has over four decades of experience turning hospitals that were set to close into profitable operations, and suggests the following: asking vendors of essential goods and services for flexibility on payment or discounts, and to ask insurance representatives for temporary reductions on their premiums. Knapp says that in his 40 years of experience, many people will rise to the occasion in times of dire need – and COVID-19 is a prime example of such a time.
In another hopeful ask for generosity, some healthcare facilities have been asking their donors to make charitable or philanthropic donations that can help them ride out the COVID-19 revenue storm. It can be an uncomfortable question, as everyone is experiencing their own troubles in relation to the outbreak, financial and otherwise. However, there are actually some benefits for making charitable donations for the donors themselves, including tax-deductibility.
Of course, every facility’s individual situation will call for different measures, but COVID-19 has made everyone a little bit more understanding, so reaching out is never a bad idea.
During this time of uncertainty, it is essential that facilities remain resourceful, both for their own survival and the survival of operations nearby. Many non-essential healthcare services have been put on hold, meaning there are a good number of professionals without regular work, with little indication of when they can return to regular work hours.
Instead of putting these staff on furlough or letting them go entirely, some healthcare facilities have been redeploying staff whose services have been suspended during this time to help with COVID-19 related duties. A move like this is indicative of how valuable healthcare professionals truly are and how facilities will do all that they can to support them, even during a financial crisis.
Radius Staffing Solutions is a permanent healthcare placement agency based in Davie, FL, and is always eager to contribute to the COVID-19 conversation. You can contact us today if you have any questions or are looking for a new healthcare position.