The COVID-19 pandemic has placed healthcare systems worldwide under extraordinary strain. In addition to battling a medical crisis they are also confronted by unprecedented business challenges: declining revenue sources, weakened financial positions, pressure on existing resources, and changing consumer patterns.
This paper offers practical suggestions for how healthcare organizations can thrive during the current crisis, and emerge stronger and better prepared to withstand similar challenges in the future.
How can healthcare organizations thrive during COVID-19? - Key takeaways from the paper
It has been estimated that the impact of COVID-19 can result in a reduction of net income of more than 5% for U.S. health systems. That means healthcare systems have to adapt to this new normal and in the US providers, payers, and regulators already work in partnership to shift operational models and change regulatory barriers.
Healthcare businesses will have to change to be financially stable, provide high value care and be set for the future.
The changes that come hand in hand with COVID-19 will shape the "new normal" in the healthcare landscape and this paper will help to clarify these two question:
- What are the implications for organizations in the immediate aftermath of the crisis?
- How can organizations position themselves to thrive under these new conditions?
This paper has been prepared by ECG Management Consulting.