While contending with plummeting revenue, US hospitals' expenses remained high in April — total expense per adjusted discharge rose nearly 60% from the prior year period — revealing the financial toll the novel coronavirus is taking on hospitals.
The pandemic has hit US hospitals hard — and while federal intervention has helped cushion the financial blow, health systems still face a long road ahead. The American Hospital Association estimates that the pandemic is draining US hospitals of per month, due to the costs associated with treating coronavirus patients and the substantial number of cancelled elective procedures. through the CARES Act to cover some expenses and help recoup lost revenue associated with pressing pause on nonurgent procedures, these funds simply aren't enough.
We think digital health solutions such as telemedicine and AI-powered analytics tools can help US hospitals retain patients and bolster their bottom lines — here's how: Telemedicine can help provider organizations extend the reach of their clinicians by enabling them to connect with patients virtually.
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