Skip to Content

How hospitals can chart a path to financial recovery in 2021

February 18, 2021 Article 5 min read
Authors:
Sharon Ulep Bailey Benoit
After a financially disastrous 2020, the healthcare industry can afford to be more optimistic in 2021. Sharon Ulep and Bailey Benoit recommend developing a strong recovery plan to address the challenges and opportunities of a post-pandemic environment via FierceHealthcare.
Doctor standing in the corner of a patient room looking out the window.By any measure, 2020 was a disastrous financial year for U.S. healthcare providers.

As the COVID-19 pandemic overwhelmed their emergency capacity, hospitals and health systems saw their most profitable revenue pipelines dry up as patients delayed elective procedures and stayed home.

Calling it the “greatest financial crisis in our history,” the American Hospital Association estimated in June that healthcare providers would lose a total of at least $323 billion in 2020 — and that was before the country was hit with a late-year surge in coronavirus cases. Hospitals reported average declines of between 20% and 35% for inpatient and outpatient volumes, respectively, compared to 2019.

Related Thinking

Image of a digital LED wall
November 17, 2022

Seven-point cybersecurity assessment: Identify your organization’s digital risks

Article 3 min read
Video thumbnail introducing the HIMSSCast with Susan Morse.
October 28, 2022

Listen now: Healthcare organizations manage spike in high-acuity patients

Podcast 11 min listen
Nurse using a handheld tablet computer.
September 7, 2022

Maximize your hospital’s labor efficiency with a productivity benchmark report

Assessment