Health systems are struggling to recover from the business impacts of COVID-19; in this presidential election year, some responses may be impacted by election results. Finalizing some important plans may wait for Nov. 3, but you can review scenarios now to enable faster decision-making when election outcomes are announced.
As preparation, check out comparisons of the presidential candidates’ positions to this point. In addition, take a look at likely responses from Congress, under the popular assumption that neither winner will enjoy a party sweep of the two houses. More on positions will be issued by the two parties in the coming weeks. In the meantime, this chart serves as a summary of what to expect after votes are tallied.
Strategies to take now
Even before the election outcome clarifies the way forward, take these key actions. They will benefit your organization in the short and long term, no matter who takes his seat in the Oval Office.
- Be honest and transparent with financial performance, particularly with your board and leadership
- Do not depend on Medicare Accelerated and Advanced Payments; recoupments by CMS will deplete this cash reserve
- Ensure revenue cycle collections are operating smoothly
- Comb the organization for cost reduction opportunities — labor and nonlabor
- Improve supply chain operational results — availability and cost
- Rebalance physician enterprise strategy; seek a return to volumes and fiscal responsibility
- Standardize and automate technology platforms (enterprise resource planning, telehealth, etc.)
For more on the issues, visit Election 2020.
David Tyler is a partner in Grant Thornton’s Health Care Advisory Services practice. Based in the firm’s Atlanta office, Tyler leads the national managed care services and the Health Care Advisory Services practice in the Mid-South market territory.
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