Issues Hospital CFOs Have To Be Ready For In 2023

Utilizing Finance To Maximize Efficiency

With the outbreak of Coronavirus, we have witnessed the scenes in the hospitals. The number of patients was so high that a time came when hospitals were out of beds. This came as a nightmare for both patients and hospitals as there were thousands of people dying every day due to a lack of medical care facilities.

In order to tackle this problem, the state’s chief ministers had to step in. To arrange enough beds in a city for the infected people, they turned schools, warehouses, etc. into Covid medical care centers. We are aware of the number of new Coronavirus strains coming out every year, so hospital CFOs have to make sure and be ready in the coming years for the worst-case scenarios as well as make sure that any infected person coming for treatment in the hospital gets the best medical care possible. To make sure of this, they have to allocate their finances accordingly.

Enough Staff For Better Workforce

Similarly to the bedding problem and according to a survey, it was revealed that there is only 1 doctor for more than 1500 patients and 1 nurse for more than 650 patients. It is not easy to manage the staffing because it leads back to the point of the number of medical institutions and the number of medical personnel being graduated.

Since it is the CFOs job to manage the budget and make sure that the hospitals have enough team of medical personnel to look after the number of patients admitted to the hospital. They need to take a different kind of approach and manage their hospitals and be prepared for the time of crisis.

Manage Revenue Cycle

To run a hospital smoothly, managing the revenue generated and utilizing it properly to make the cycle run properly is the most important thing that a CFO has to take care of. They have to majorly focus on the revenue along with ways of making payments, where is the revenue for the hospital is coming from, how they generate more revenue.

Once they get a hold of this, they can easily run the hospital, manage the revenue cycle and make sure that the hospital remains financially stable even at times when they have to put an extra amount to purchase medicines, medical equipment and yes the most important thing, Oxygen generator along with enough tanks to supply to their patients. We have seen the rise in demand for oxygen when Covid-19 brought the people down on their knees.

Go Digital

With the advancement in technology and the initiation of telehealth during the pandemic, it became safer for the doctors to not get contracted with the coronavirus and get infected. Telehealth is a procedure where patients can consult with the doctor on calls or video calls whatever is convenient.

Since it is a smart yet safe way to give medical advice to a patient online rather than offline, it is suggested to the CFOs of the hospitals to provide fast internet connection and invest in technology advancement. This strategy will contribute to the revenue as the patients living in different cities or states can consult with the specialist's doctor while sitting in the comfort of their homes.

Managing Data & Deeper Insight

In this online world, everything depends on the data. The CFOs have to be very keen on analyzing the data and plan accordingly. By analyzing the old data, they can plan for the coming year as the kind of supply they require to meet the demands of the patients as well as medical equipment for the doctors. Since there is more data in the healthcare sector than ever, It is vital to plan and make decisions for the future accordingly.

Conclusion

With the evolving world and the increasing requirement of medical care facilities along with people being very keen on getting the best of medical attention and care, CFOs have to make necessary changes for the betterment of the hospital, better delivery of medical care as well as generate enough revenue to provide better services to the patients.