As global cases of COVID-19 top 40 million and infections in the United States again breach 50,000 per day, the specter of a second wave in Europe and the United States hangs over the domestic economy. This points to significant economic scarring as the country heads into the final weeks of 2020. The economists David Cutler and Lawrence Summers of ... READ MORE >
Hospitals
After suffering losses, health care providers could face a reckoning on debt covenants
Few industries have felt as big an impact from the coronavirus pandemic as health care providers – not only from the risks taken on by front-line medical workers but also because of the significant disruption of their operations. On June 30, there will be a reckoning of sorts. That’s when the quarterly financial results from many health care providers ... READ MORE >
New relief is approved for hospitals, but challenges remain
Over the past few weeks, we have been reaching out to our clients as well as hosting several virtual CFO Forums. Through those interactions, our clients in the health care sector have been painting a grim picture of the financial effects of the coronavirus. As patients infected with the virus have flooded into hospitals, health care providers have ... READ MORE >
Some hospitals could be left out as second round of Provider Relief Fund is distributed
The $2.2 trillion CARES Act was passed to provide a range of financial assistance to Americans and businesses struggling with the economic fallout from the coronavirus. Included in this package was the $100 billion Provider Relief Fund to help America’s ailing health care sector. But not all hospitals benefited equally when the initial $30 billion of ... READ MORE >
How health systems can manage the financial impact of the coronavirus
The effects of the coronavirus on health systems will be far-reaching and long-lasting. Beyond the impact on front-line staff and the disruption of having many employees work remotely, health systems are also seeing a cloud loom when it comes to their finances. To seek relief from these headwinds, the chief executives of the American Hospital Association, ... READ MORE >
The mounting toll of cyberattacks on rural hospitals
Rural health providers are increasingly under cyberattack. Enticed by valuable stores of health records and sometimes porous security, hackers infiltrate a hospital’s IT system and encrypt its data, making it unusable until the provider pays a ransom. If the hospital doesn’t pay up, the hackers can sell the data on the dark web to those who use it for ... READ MORE >