Many healthcare providers continue to feel the effects of the COVID-19 pandemic on their ability to provide timely services to their patients. This is further complicated by the different public health guidelines to help mitigate the spread of the virus, such as social distancing and raised preventative measures in hospitals and clinics.
However, many healthcare professionals are concerned about the growing instability on the healthcare industry’s financial side, namely the extra costs associated with COVID-19 preventive measures.
Fortunately, there are cost-effective measures found in IT solutions that can help healthcare professionals bolster their COVID-19 preparedness and daily operations. They just need to identify the pressing issues of the pandemic and what exactly IT solutions offer.
This article will discuss what critical financial restraints affect the healthcare industry due to COVID-19 and what health care professionals can expect from IT solutions in the so-called New Normal as an opportunity to re-imagine the future of healthcare.
The Healthcare Industry and Key Financial Challenges
According to the American Hospital Association (AHA), COVID-19 has led to an estimated 202.6 billion dollars in losses or an average of 50.7 billion dollars per month in American hospitals. These numbers continue to fluctuate, given the numerous adjustments in the healthcare systems and the continued spread of COVID-19 cases in the country.
However, it is fair to say that healthcare professionals find it challenging to budget due to the rising costs of essential resources. Take note of the following pressing financial variables regarding net losses in hospitals:
- Increased labor costs: Many hospitals had to increase their salary and wages costs due to the spread of COVID-19 among healthcare professionals. This has forced hospital management teams to either provide bonus pay for active professionals in hospitals or hire more through hospital staffing firms.
- Increased non-PPE medical equipment and supplies costs: There is an increasing demand for non-PPE medical supplies, like ventilators and testing apparatus for COVID-19. The storage of these crucial supplies and the pressure to procure more has burdened much of the healthcare industry to provide timely services to all patients. Hospitals often have to resort to quick solutions to accommodate COVID-19 patients. For instance, said patients have to be accommodated in ICUs reserved for other severe-case patients.
- Increased drug costs due to supply chain shortage: Many pharmaceutical companies go through a bottleneck in their supply chain due to the increased demand for medicines in hospitals. In effect, there is a significant increase in the cost of many drugs that put a premium on the price of timely healthcare.
IT Solutions and Telemedicine
Despite the recurring financial challenges of the COVID-19 pandemic, many healthcare professionals believe that IT solutions can bolster their efforts in providing much-needed services. This is through telemedicine, which the Center for Disease Control and Prevention defines as a technological solution that enables patients to seek timely healthcare advice to address their medical complications, including COVID-19 screening and guidance for isolation.
Telemedicine can enable hospitals to provide timely services to patients remotely while allowing healthcare professionals to maintain their good health and well-being. On the financial side, this means reduced pressure on hospitals to spend more on the upfront costs on resources. However, there is a definite learning curve for both the healthcare professionals and the general public towards telemedicine that may determine the healthcare industry’s future state.
Conclusion
Many healthcare professionals continue to feel the burden of the COVID-19 pandemic, but there are significant changes, like telemedicine, that can revitalize their efforts to champion better healthcare for all. These changes may be the so-called New Normal for healthcare that epidemiological experts and other key healthcare stakeholders anticipated.
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