According to the most recent estimates in an American Hospital Association report, hospitals are expected to lose $323.1 billion this year as a result of COVID-19. Largely due to a sharp decline in elective and non-urgent procedures, industry experts do expect the restart of these services to help turn finances around, albeit slowly. Based on a recent survey conducted by Healthcare Financial Management Association (HFMA) half of the respondents anticipate that it will take through the end of the year or longer for their organizations’ elective procedure volumes to return to pre-COVID-19 levels.
As such, most health systems have disregarded their budgets and are rethinking how to best leverage constrained resources to optimize safety, preserve their values, and plan for the future.
This unexpected shift in priorities does however present a unique opportunity to redefine some one of the most critical factors for long-term growth. Safety infrastructure is at the top of that list.
Evaluate the current state of our safety infrastructure:
While hospitals in some states are taking steps to slowly resume non-urgent and elective procedures, others are facing record hospitalizations. The recovery timeline will continue to look different across states as the crisis continues to fluctuate. However, at some point, hospital executives on both sides will need to be prepared to implement the most effective approach to restore patient trust and patient volume for their organization. Those that are able to lead the ways, can help create a roadmap for others.
To help evaluate the current state of your safety infrastructure, SwipeSense has developed a roadmap, which provides a high-level starting point to assess the overall impact of COVID-19 on healthcare and what that means for your organization as you navigate the road ahead. As hospital leaders rethink their safety playbook, this resource can help determine the critical safety investments and solutions that might be missing in order to drive long-term improvements, such as:
Empowering positive safety behavior
Protecting staff from harm
Reducing costs and eliminating waste
Improving clinical workflow and nursing best practices
Effectively addressing consumer fears
Contact us to discuss your hospital's safety infrastructure and the ways safety technology can serve as a creative and effective way to improve care and reduce financial burden. We’re here to help the incredible healthcare heroes.