As the pandemic enters its third year, hospitals continue to struggle financially. Despite the government’s efforts to support the healthcare industry, the financial performance of hospitals has yet to reach pre-pandemic levels.
According to the RevCycleIntelligence.com report, volume has been down across the board since the start of 2021, with January, February, and March all registering lower than 2020. While the government has provided healthcare facilities with additional funding and resources, this has not been enough to offset the overall financial losses incurred.
The report also found that many hospitals are facing an increase in operational costs due to the influx of new patients, as well as the additional staffing required to meet the rising demand. This has put a strain on the already tight budgets of hospitals, leading to further financial losses.
The situation is particularly dire for those hospitals that have had to close their doors due to the pandemic. With the loss of their primary source of revenue, these hospitals are struggling to stay afloat.
Though the government has provided some relief to hospitals, it has not been enough to make up for the financial losses incurred over the past three years. As the pandemic continues, hospitals will need to find ways to reduce costs and increase revenue in order to remain financially viable. Until then, the financial performance of hospitals will remain below pre-pandemic levels.