Budgeting
Margins will remain depressed throughout the year, and the percentage of hospitals with negative margins will likely increase.
The new hospital will include 264 private rooms, and 110 additional private rooms will be created in University Hospital.
Several factors are driving the increased need for wound care, including higher rates of chronic diseases and surgical procedures.
The cost of improving staffing would be offset by savings achieved through reducing readmissions and lengths of stay.
Prior authorizations in particular are a complex, time-consuming function that would be well served by technology.
Operating margin was -0.6% in January, not including CARES Act funding, while total expenses continue to rise.
The study suggests continued payment reforms and increasing computer-based decision-support tools.
Year-end financials are being watched closely as the healthcare system gets a handle on the full impact of COVID-19.
Budgets continue to be impacted by the increased use of high-cost drugs and critical care drugs for coronavirus patients.
Some organizations use up to four vendors, each of whom handles different components of the revenue cycle process.