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Tri-State Hospitals and Health Systems on the Impact of the Pandemic and On What the Future Holds

Event Description

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 profitability.

Cash 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.

In 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.

CFAP 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’s in Specialized Knowledge for HFMA members.

Join our webinar to hear from the following hospital CFOs about the overall healthcare landscape in the Delaware Valley 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.

This 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 of this webinar:

Speaker

 

Event Type

Society; Educational; Featured

Education Topic

 

Start Time

3/29/2021 3:00 PM

End Time

3/29/2021 4:00 PM

Event City

virtual

Event State/Province

 

Location Info

 

CE Credits

1

Member Price

N/A

Non-Member Price

N/A

Candidate Price

N/A

Registration

All Day Event

 

Recurrence

 

Person or Group

 

Event Link

Click here to register.

Event Link Leads To New Tab

Yes

Event Short Info

Tri-State Hospitals and Health Systems on the Impact of the Pandemic and On What the Future Holds

Attachments

Content Type: MyCFA Calendar
Created at 3/29/2021 2:58 PM by pconners@cfaphil.org
Last modified at 3/29/2021 2:58 PM by pconners@cfaphil.org