Many financial experts are projecting a recession next year, which would likely compound the economic challenges many hospitals and health systems face.
Al White, CFO of Crawford Memorial Hospital, a 25-bed nonprofit acute care facility in Robinson, Ill., told Becker's Hospital Review the six biggest challenges his organization is facing today:
1. Maintaining adequate staffing in key patient areas (nursing, ancillary services and clinics) as well as support services such as environmental services.
2. Controlling budget dollars related to staff compensation and incentive programs.
3. Ensuring adequate quantities of supplies are available as needed, as opposed to over stocking.
4. Negotiating fair deals with third-party payers. Achieving reimbursement rates that are sufficient to cover costs and allow for coverage of unpaid services that are required.
5. Keeping up with increasing IT demands for meaningful patient and related business data.
6. Correctly and sufficiently identifying community health and resource needs and determining appropriate funds allocation toward these.