What happened during the pandemic? The
onset of the COVID-19 pandemic in early 2020 dramatically changed the
operating landscape of the entire US healthcare system, which quickly
pivoted to a wartime footing. The impact was rapid, material, and
widespread. In an effort to maintain capacity in the face of
accelerating COVID caseloads, hospitals utilized a range of creative
strategies to create more ICU capacity. Some went so far as to
reconfigure under-utilized and/or available real estate assets into
temporary COVID hospitals and wings. Most hospitals stopped all elective
and non-critical care procedures with an immediate negative impact on
flow plummeted at the same time that hospitals saw significant
increases in unbudgeted expenses for PPE, drugs, ventilators and other
supplies necessary to protect staff and treat COVID patients. And
overtime pay for frontline caregivers and the cost of temporary staffing
added to overall expense growth as many healthcare workers caught
coronavirus and too many died.
response, management teams at hospitals across our region had to make
hard choices to stave off severe financial stress, including furloughing
staff and curtailing capital spending. Despite their efforts operating
income was down significantly (even after accounting for the CARES Act
provider relief funds), driven by much lower revenues and much higher
expenses. The good news is that our hospitals came through the worst
part of the crisis.
and the Healthcare Financial Management Association Region 3 (HFMA)
will host a webinar organized by Vanguard on how tri-state hospitals and
health systems have coped with the pandemic and how they are
positioning themselves for the future.
The webinar qualifies for 1.0 CPE in Specialized Knowledge for HFMA members.
our webinar to hear from the following hospital CFOs about the overall
healthcare landscape and discuss some of the
challenges they are facing. They will talk about how their hospitals
survived the pandemic, how they see the immediate future, and the
strategic challenges they face:
Michael Buongiorno, CPA, Executive Vice President, Chief Financial Officer and Treasurer of Main Line Health System.
Timothy Fitzgerald, CFA, Vice President, Treasury & Financial Systems, Geisinger
Bonnie M. Graham, CPA, Senior Vice President, Finance, ChristianaCare
Moderating the panel is Craig Standen, Senior Healthcare Investment Consultant with Vanguard.
program is the first in a series of three monthly webinars dedicated to
identifying the challenges facing non-profit institutions during the
pandemic. In addition to this healthcare webinar, we will focus on
non-profit issues in the areas of higher education and the arts.
Registration is free of charge.
Thank you to our partners in this webinar: