Michael Allen says proactive forecasting in mid-March following the outbreak and subsequent shutdowns allowed OSF to navigate a challenging financial time.
About four months into the coronavirus disease 2019 (COVID-19) pandemic, hospital finance leaders have had to reconfigure their strategies to adapt to the ‘new normal’ and guide their respective organizations through unprecedented challenges.
Since the domestic spread of the virus began in mid-March, compounded by the subsequent cancellation of elective procedures to handle the influx of patients infected with COVID-19, several new market dynamics have appeared before health system CFOs along with an acceleration of existing trends.
Michael Allen, FHFMA, CPA is the CFO at OSF HealthCare, a 14-hospital integrated health system based in Peoria, Illinois, and operated by The Sisters of the Third Order of St. Francis. In fiscal year 2019, OSF reported total net revenue exceeding $3 billion.
In an interview with HealthLeaders, Allen details how his organization dealt with the significant financial disruption and revenue declines that began in mid-March and how the outbreak has redefined the traditional budgeting process.
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Source: Health Leaders Media