Hospital Finance Ed at Oi Health: Hospital Data During a Pandemic

Every month we cover a different educational topic to keep healthcare financial leaders on top of the challenges they face.

This Month’s Resources

• Oi Health Story: “We were ready for COVID.”
• Blog: 3 Ways COVID-19 is Complicating Hospital Finance Data
• Talk with other hospital finance leaders on LinkedIn
• Recommended Modules
  • Cost Accounting
  • Labor Productivity
  • Patient Utilization & Clinical Financial Performance

Oi Health: Healthcare News Roundup

HHS Provides Estimated U.S. Hospital Utilization Resource

HHS Protect Public Data Hub is maintaining estimated hospital utilization data for U.S. states and territories. The downloadable data set, which is estimated from hospital submissions reported through either respective states or through HHS Protect, includes historical data from the National Healthcare Safety Network (NHSN) system. 

The site features an interactive map that allows for viewability of state representative estimates for the percentage of inpatient beds occupied by COVID-19 patients. 

Deteriorating Payor Mix Expected by Hospital Finance Leaders

HFMA reports that around 70% of surveyed system finance leaders expect the payer balance to tilt toward Medicaid and individually insured patients. The survey covered over 150 hospital and health system CFOs and rev cycle executives about their predictions over the next 12 months. 

The survey also found that 48% of respondents plan to continue remote working arrangements post-pandemic, while only 12% plan to return to the approach they took before COVID-19. 

Healthcare CFOs Turn to Technology for Pandemic Recovery

Despite shrinking revenues and tightening margins, only 12% of CFOs expect they will need to reduce or put off spending on digital transformation. The Black Book survey additionally revealed that 93% of all providers reported missing capabilities and redundant or conflicting systems as drivers of “immediate financial systems rationalization and acquisitions.” 

The reason for these decisions? A search for opportunities within digital transformation to maximize revenue capture. 

Financial Strategies and Forecasting During COVID: On Demand Webinar

Targeted toward CFOs, HFMA is offering an on-demand webinar to support hospital financial leadership in preparing financial operating plans and leveraging support from banks, rating agencies, and other stakeholders. The webinar covers new financial planning and forecasting strategies to help validate and pressure test forecasting models from six months to three years.