Remedying the Financial Impact of COVID-19 with a Measured Return to Financial Security
By: Tim Thomas
Taking a few steps to quantify the impact of COVID-19 can prepare one’s organization to take advantage of funding made available due to the pandemic. In an effort to get ahead of COVID-19’s financial toll, Engage is recommending steps to capture and document this impact for all our customers. Understanding where and how much of an impact COVID-19 has caused will enable one’s organization to focus on specific areas for remediation in a post-acute COVID-19 environment.
A few steps now can go a long way to position one’s organization with a proper accounting of the financial impact due to COVID-19. As we begin to emerge from the initial shock, it will become much clearer what the impact is to the US healthcare market overall. Funding is currently available, and more will become available over time. If the virus has had a significant negative impact to one’s bottom line, a proper account of that effect will be essential in soliciting relief.
Tim Thomas serves as the Director of Financial Systems for Engage. He leads a large team delivering quality Meditech Expanse implementations, revenue cycle performance improvement projects, enterprise resource planning (ERP) solutions and is also a key hospital CFO Liaison.
Tim has over 35 years of healthcare financial expertise with a special focus on the revenue cycle, maintaining its integrity and optimizing financial performance.