A recent article in the Concord Monitor regarding the financial health of medical facilities states that New Hampshire “hospitals collectively lost $575 million in revenue between March and July, said Kathy Bizarro-Thunberg, executive vice president of the New Hampshire Hospital Association. The group estimates hospitals will lose $700 million by the end of the year.”
In Boston, MassLive reports that “Steve Walsh, CEO of the Massachusetts Health and Hospital Association, told a special state House of Representatives panel that Massachusetts hospitals will lose $6 billion by Labor Day.”
These are but two examples of states, hospitals, and providers nationwide struggling to retain revenue amid a worldwide pandemic. However, economic hope may be on the horizon as the Trump Administration has extended a life-line.
Last week President Trump signed an Executive Order to make regulatory reforms seen during the pandemic permanent stating, “Today, I’m taking action to ensure telehealth is here to stay.”
Additionally, rural hospitals were also the focus for the administration as a directive was issued to the Department of Health and Human Services that aims to pave the way to increase revenue for community providers.
In the last decade, more than 100 rural hospitals have shuttered their door and that number is likely to increase as the effects of Covid-19 roll into its sixth month here in the US.
To stave the financial bleed, a new payment model was introduced that would provide hospitals in rural communities a more consistent stream of Medicare payments based on delivering high-quality care.
Get Real Health is a proud part of CPSI, which through our family of companies continues to advocate for community healthcare and keep communities safe.
“We applaud these steps to bring not only telehealth as a component of mainstream healthcare but to address the disparity in revenue flow for community and rural providers,” said Robin Wiener, President of Get Real Health. “We have seen through our work with CPSI how vital these smaller facilities are to the circle of care for millions of Americans.”