Financial Bounce Back for Healthcare Organizations After COVID

Financial Bounce Back for Healthcare Organizations After COVID

Financial Bounce Back for Healthcare Organizations After COVID

The dramatic rise in hospitalizations during the COVID pandemic put enormous pressure on hospitals and clinics to mobilize existing staff, fill positions quickly, and think outside the box,

The pandemic really took its toll on health providers – financially and on a human level.

What the pandemic also did was uncover new and better strategies for making the healthcare system more effective. This included improved methodologies to help providers maintain a healthy bottom line – while continuing to furnish the highest levels of patient care. For example:

Hiring Contingent Workers

Due to the overwhelming need to hire trained health workers, contingent healthcare workers – also known as locum tenens – were able to meet the short-term demands presented by COVID-19.

The COVID crisis showed that temporarily expanding the healthcare workforce doesn’t have to result in increased hiring risk. Healthcare employers can work with reputable placement services to pre-screen contingent workers and gain peace of mind knowing that all hires, whether temporary, permanent, or contract, are at a high level of quality – saving the provider time and money.

Maintaining a Stable Workforce

Due to the ongoing shortage of healthcare workers, maintaining an existing workforce post-COVID is vital. Training new employees is time-consuming and expensive, and it can take months for new employees to fit in. 

One of the most effective ways for hospitals, clinics and practices to prevent staff turnover is to provide a supportive and positive work environment. Health providers who offer competitive salaries, flexible schedules, and opportunities for career development have a greater chance of retaining staff.

Embracing Telemedicine

The technology for video healthcare visits has existed for years, but providers and patients resisted virtual care – until the onset of COVID-19 and social distancing.

Patients now view telemedicine as a convenience, and hospitals can leverage this new reality to expand virtual care options, enhance remote monitoring capabilities, and improve patient access to healthcare services.

Whether it’s virtual check-in, online appointment booking systems, virtual appointments, or appointment reminder notifications, the adoption of technology in healthcare can have a positive impact on patients as well as staff. Systems, processes and tests can run smoothly without an employee having to complete simple, mundane tasks – meaning they can use their time on more complex processes.

Leveraging Electronic Payment Practices

COVID-19 uncovered the industry’s problems with manual, paper-based and in-person payment practices. It eventually compelled providers to streamline their revenue cycle practices.

A recent study showed that 85% of patients prefer an electronic payment method for their medical bills and premiums. And the demand for digital payments shows no signs of dwindling—78% of consumers surveyed reported that they want contactless payment options to remain in place. Consumers are definitely saying “I like this!”

It’s also a win for providers – digital payment solutions are less time-intensive and can be completed more effectively and efficiently.

Currently, the top digital payment methods patients want their providers to optimize are patient portals, mobile apps and contactless digital wallets. Health providers can also ensure they’re keeping up with the latest features and capabilities by working with a payment processing partner that prioritizes seamless, secure and innovative healthcare-industry solutions.

Contact Annashae Today

At Annashae we’re dedicated to the placement of highly-skilled clinical practitioners in short and long-term positions. As a nationwide medical staffing and consulting firm, we provide a range of services that enable our candidates to quickly find the career opportunity that fits their needs. For information on how you can further your clinical career, contact us today.